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Fitch Affirms Americold 2010 LLC Trust, Series 2010-ART

CHICAGO--(BUSINESS WIRE)-- Fitch Ratings has affirmed all classes of Americold 2010 LLC Trust, commercial mortgage pass-through certificates, series 2010-ART as follows:

--$135,975,809 class A-1 notes at 'AAAsf'; Outlook Stable;

--$150,334,000 class A-2-FX notes at 'AAAsf'; Outlook Stable;

--$87,600,000 class A-2-FL notes at 'AAAsf'; Outlook Stable;

--$60,000,000 class B notes at 'AAsf'; Outlook Stable;

--$62,400,000 class C notes at 'Asf'; Outlook Stable;

--$82,600,000 class D notes at 'BBB-sf'; Outlook Stable.

The affirmations and Stable Outlooks are the result of stable portfolio performance. As of year-to-date June 2012, the servicer-reported net cash flow (NCF) debt service coverage ratio (DSCR) was 2.40 times (x) compared to a 2.12x Fitch stressed DSCR at issuance. The transaction has amortized by 3.5% since issuance.

The transaction represents a securitization of the beneficial interest in a 10-year loan, cross-collateralized first lien mortgage secured by 53 temperature-controlled warehouses (also referred to as cold storage facilities) owned collectively by three property companies (the PropCo borrowers). The collateral for the note also includes the PropCo borrowers' interest in the leases and rents, three operating companies (the OpCo borrowers) interest in the handling fees and contract rights in the properties, and the assignment of the collateral accounts and the rate cap.

Proceeds from the notes, together with additional equity, were used by the sponsor, Americold Realty Operating Partnership, L.P. (Americold), to consummate the acquisition of all the non-Canadian facilities and operations of Versacold International Corporation (Versacold), a Canadian subsidiary, pay off existing debt secured by 30 properties included in the portfolio, and for general corporate purposes. The ratings reflect an analysis of the cash flows from the assets of the trust, not an assessment of the corporate default risk of the ultimate parent.

The loan is expected to mature in January 2021. The Fitch stressed loan-to-value (LTV) ratio is approximately 51.2% based on capitalization of the Fitch-adjusted net cash flow at a rate of 10.11%.

Additional information is available at 'www.fitchratings.com'. The ratings above were solicited by, or on behalf of, the issuer, and therefore, Fitch has been compensated for the provision of the ratings.

Applicable Criteria and Related Research:

--'Global Structured Finance Rating Criteria' (June 6, 2012);

--'Criteria for Analyzing Large Loans in U.S. Commercial Mortgage Transactions' (Sept. 21, 2012).

Applicable Criteria and Related Research:

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=679923

Criteria for Analyzing Large Loans in U.S. Commercial Mortgage Transactions

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=688831

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Fitch Ratings
Primary Analyst
Britt Johnson, +1 312-606-2341
Senior Director
Fitch, Inc.
70 W. Madison St
Chicago, IL 60602
or
Committee Chairperson
Mary MacNeill, +1 212-908-0785
Managing Director
or
Media Relations:
Sandro Scenga, +1 212-908-0278
Email: sandro.scenga@fitchratings.com

Source: Fitch Ratings