Fitch Rates FREMF 2012-K20 and Freddie Mac Structured Pass-Through Certificates, Series 2012-K020

NEW YORK--(BUSINESS WIRE)--Fitch Ratings has rated FREMF 2012-K20 multifamily mortgage pass-through certificates and Freddie Mac structured pass-through certificates, series 2012-K020 as follows:

FREMF 2012-K20 Multifamily Mortgage Pass-Through Certificates

--$197,800,000 class A-1 'AAAsf'; Outlook Stable;

--$889,700,000 class A-2 'AAAsf'; Outlook Stable;

--$1,097,500,000* class X1 'AAAsf'; Outlook Stable;

--$1,097,500,000* class X2-A 'AAAsf'; Outlook Stable;

--$71,435,000 class B 'A-sf'; Outlook Stable;

--$32,470,000 class C 'BBBsf'; Outlook Stable.

Freddie Mac Structured Pass-Through Certificates, Series 2012-K020

--$197,800,000 class A-1 'AAAsf'; Outlook Stable;

--$889,700,000 class A-2 'AAAsf'; Outlook Stable;

--$1,097,500,000* class X1 'AAAsf'; Outlook Stable.

*Notional amount and interest only.

Of the FREMF 2012-K20 multifamily mortgage pass-through certificates, Fitch does not rate the $201,317,111 interest-only class X2-B, the $201,317,111 interest-only class X3 or the $97,412,111 class D.

Of the Freddie Mac structured pass-through certificates, series 2012-K020, Fitch does not rate the $201,317,111 interest-only class X3.

The certificates represent the beneficial interests in a pool of 77 commercial mortgages secured by 77 properties. The Freddie Mac structured pass-through certificates, series 2012-K020 (Freddie Mac SPC K-020) represents a pass-through interest in the corresponding class of securities issued by FREMF 2012-K20 Mortgage Trust. Each Freddie Mac SPC 2012-K020 security has the same designation as its underlying FREMF 2012-K20 class. All loans were originated by various seller/servicers according to the guidelines of the Freddie Mac Capital Markets Execution (CME) product. The certificates follow a sequential-pay structure.

The master servicer will be Wells Fargo Bank, National Association, rated 'CMS2' by Fitch. The special servicer will be KeyCorp Real Estate Capital Markets, Inc., rated 'CSS2+' by Fitch.

The new issue report is available at 'www.fitchratings.com'.

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:

--'Criteria for Analyzing Multiborrower U.S. Commercial Mortgage Transactions', Aug. 12, 2011;

--'Global Structured Finance Rating Criteria', Aug. 4, 2011;

--'Criteria for Special-Purpose Vehicles in Structured Finance Transactions', June 13, 2011;

--'U.S. Commercial Mortgage Servicer Rating Criteria', Feb. 18, 2011;

--'Surveillance Methodology for U.S. Fixed-Rate CMBS Transactions', Dec. 21, 2011;

--'Counterparty Criteria for Structured Finance Transactions', March 14, 2011.

Applicable Criteria and Related Research:

Criteria for Analyzing Multiborrower U.S. Commercial Mortgage Transactions

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=685995

Global Structured Finance Rating Criteria

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

Criteria for Special-Purpose Vehicles in Structured Finance Transactions

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=680591

U.S. Commercial Mortgage Servicer Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=584005

Surveillance Methodology for U.S. Fixed-Rate CMBS Transactions

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=662869

Counterparty Criteria for Structured Finance Transactions

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=678938

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