Fitch to Rate COMM 2012-CCRE5 Commercial Mortgage Pass-Through Certificates; Presale Issued

CHICAGO--()--Fitch Ratings has issued a presale report on Deutsche Bank Securities, Inc.'s COMM 2012-CCRE5 Commercial Mortgage Pass-Through Certificates.

Fitch expects to rate the transaction and assign Outlooks as follows:

--$85,349,000 class A-1 'AAAsf'; Outlook Stable;

--$159,765,000 class A-2 'AAAsf'; Outlook Stable;

--$90,894,000 class A-SB 'AAAsf'; Outlook Stable;

--$100,000,000 class A-3 'AAAsf'; Outlook Stable;

--$357,557,000 class A-4 'AAAsf'; Outlook Stable;

--$916,852,000a class X-A 'AAAsf'; Outlook Stable;

--$52,432,000ab class X-B 'AAsf'; Outlook Stable;

--$123,287,000b class A-M 'AAAsf'; Outlook Stable;

--$52,432,000b class B 'AAsf'; Outlook Stable;

--$211,146,000b class PEZ 'Asf'; Outlook Stable;

--$35,427,000b class C 'Asf'; Outlook Stable;

--$22,673,000b class D 'BBB+sf'; Outlook Stable;

--$32,593,000b class E 'BBB-sf'; Outlook Stable;

--$21,256,000b class F 'BBsf'; Outlook Stable;

--$18,422,000b class G 'Bsf'; Outlook Stable.

a Notional amount and interest only.

b Privately placed pursuant to Rule 144A

The expected ratings are based on information provided by the issuer as of Dec. 3, 2012. Fitch does not expect to rate the $34,010,559 class H.

The certificates represent the beneficial ownership in the trust, primary assets of which are 63 loans secured by 98 commercial properties having an aggregate principal balance of approximately $1.13 billion as of the cutoff date. The loans were contributed to the trust by German American Capital Corporation, Cantor Commercial Real Estate Lending, L.P., and KeyBank National Association.

Fitch reviewed a comprehensive sample of the transaction's collateral, including site inspections on 78.6% of the properties by balance, cash flow analysis of 70.2%, and asset summary reviews on 74.4% of the pool.

The transaction has a Fitch stressed debt service coverage ratio (DSCR) of 1.26 times (x), a Fitch stressed loan-to-value (LTV) of 96.9%, and a Fitch debt yield of 9.4%. Fitch's aggregate net cash flow represents a variance of 9% to issuer cash flows.

The master servicer and special servicer will be Midland Loan Services, a Division of PNC Bank, National Association, rated 'CMS1' and 'CSS1', respectively, by Fitch.

The presale 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. 8, 2012);

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

--'Criteria for Special-Purpose Vehicles in Structured Finance Transactions' (May 30, 2012);

--'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 12, 2012).

Applicable Criteria and Related Research: COMM 2012-CCRE5 (US CMBS)

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=696229

Criteria for Analyzing Multiborrower U.S. Commercial Mortgage Transactions

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

Counterparty Criteria for Structured Finance Transactions

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

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

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Contacts

Fitch Ratings
Primary Analyst
Gregg Katz, +1 312-606-2343
Director
Fitch, Inc.
70 W Madison
Chicago, IL 60602
or
Committee Chairperson
Robert Vrchota, +1 312-368-3336
Managing Director
or
Sandro Scenga, +1 212-908-0278 (New York)
Media Relations
sandro.scenga@fitchratings.com

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Contacts

Fitch Ratings
Primary Analyst
Gregg Katz, +1 312-606-2343
Director
Fitch, Inc.
70 W Madison
Chicago, IL 60602
or
Committee Chairperson
Robert Vrchota, +1 312-368-3336
Managing Director
or
Sandro Scenga, +1 212-908-0278 (New York)
Media Relations
sandro.scenga@fitchratings.com