NEW YORK--()--Fitch Ratings has issued a presale report on the Banc of America Merrill Lynch Commercial Mortgage Inc. MSBAM 2013-C8 commercial mortgage pass-through certificates.
Fitch expects to rate the transaction and assign Rating Outlooks as follows:
--$75,700,000 class A-1 'AAAsf'; Outlook Stable;
--$145,900,000 class A-2 'AAAsf'; Outlook Stable;
--$98,964,000 class ASB 'AAAsf'; Outlook Stable;
--$140,000,000 class A-3 'AAAsf'; Outlook Stable;
--$335,996,000 class A-4 'AAAsf'; Outlook Stable;
--$108,105,000b class A-S 'AAAsf'; Outlook Stable;
--$68,276,000b class B 'AA-sf'; Outlook Stable;
--$219,054,000b class PST 'A-sf'; Outlook Stable;
--$42,673,000b class C 'A-sf'; Outlook Stable;
--$904,665,000c class X-A 'AAAsf'; Outlook Stable;
--$68,276,000a,c class X-B 'AA-sf'; Outlook Stable;
--$48,363,000a class D 'BBB-sf'; Outlook Stable;
--$19,914,000a class E 'BBsf'; Outlook Stable;
--$12,802,000a class F 'Bsf'; Outlook Stable;
a Privately placed pursuant to Rule 144A.
b Class A-S, class B, and class C certificates may be exchanged for class PST Certificates, and class PST Certificates may be exchanged for class A-S, class B and class C certificates.
c Notional amount and interest-only.
The expected ratings are based on information provided by the issuer as of Jan. 24, 2013. Fitch does not expect to rate the $21,336,000 class G or the $19,914,694 class H.
The certificates represent the beneficial ownership in the trust, primary assets of which are 54 loans secured by 62 commercial properties having an aggregate principal balance of approximately $1.138 billion as of the cutoff date. The loans were contributed to the trust by Bank of America, National Association and Morgan Stanley Mortgage Capital Holdings LLC.
Fitch reviewed a comprehensive sample of the transaction's collateral, including site inspections on 86.2% of the properties by balance, cash flow analysis of 87.8%, and asset summary reviews on 87.8% of the pool.
The transaction has a Fitch stressed debt service coverage ratio (DSCR) of 1.37x, a Fitch stressed loan-to-value (LTV) of 99.1%, and a Fitch debt yield of 9.9%. Fitch's aggregate net cash flow represents a variance of 8.3% to issuer cash flows.
The Master Servicer and Special Servicer will be Wells Fargo Bank, National Association and NS Servicing II, LLC, National Association, rated 'CMS2' and 'CSS3+', 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);
--'Criteria for Analyzing Large Loans in U.S. Commercial Mortgage Transactions' (Sep. 21, 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' (May 30, 2012).
Applicable Criteria and Related Research: Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C8 (US CMBS)
Criteria for Analyzing Multiborrower U.S. Commercial Mortgage Transactions
U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria
Counterparty Criteria for Structured Finance Transactions
U.S. Commercial Mortgage Servicer Rating Criteria
Global Structured Finance Rating Criteria
Criteria for Analyzing Large Loans in U.S. Commercial Mortgage Transactions