Fitch Affirms GTP Cellular Sites, LLC Secured Cellular Sites Revenue Notes, Series 2012-1 and 2012-2

CHICAGO--()--Fitch Ratings has affirmed the GTP commercial mortgage pass-through certificates, series 2012-1 and 2012-2 as follows:

--$100 million 2012-1 class A at 'Asf', Outlook Stable;
--$114 million 2012-2 class A at 'Asf', Outlook Stable;
--$41 million 2012-2 class B at 'BBB-sf', Outlook Stable;
--$27 million 2012-2 class C at 'BB-sf', Outlook Stable.

The affirmations are due to the stable performance of the collateral since issuance.

SENSITIVITY/RATING DRIVERS

As part of its review, Fitch analyzed the financial and site information provided by the master servicer, Midland Loan Services. As of January 2013, aggregate annualized run rate net cash flow increased 1.5% from issuance to $32.5 million. The Fitch stressed debt service coverage ratio (DSCR) of 1.21 times (x) remained the same since issuance.

The tenant type concentration is stable. At issuance total revenue contributed by telephony tenants was 98.5%. Lease revenues from telephony tenants have more stable income characteristics than other tenant types due to the strong end-use customer demand for wireless services.

The certificates represent beneficial ownership interest in the cellular sites, primary assets of which are 1,177 wireless communication sites leased to 2,116 cellular tower tenants. As of the January 2013 distribution date, the aggregate principal balance of the notes remains unchanged at $282 million since issuance.

The series 2012-1 class A and series 2012-2 class A notes are interest only for the first year and subsequently amortize by 6% of the total principal amount through year five. No other principal will be required to be paid prior to the anticipated repayment date of the applicable series, which is in March 2017 for 2012-1 class A and March 2019 for the remaining classes.

Additional information on Fitch's criteria for analyzing U.S. Wireless Tower Transactions is available in the Dec. 4, 2012 report, 'Criteria for Analyzing U.S. Wireless Tower Transactions,' which is available at www.fitchratings.com under the following headers:

Structured Finance >> CMBS >> Criteria Reports

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 U.S. Wireless Tower Transactions' (Dec. 4, 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 U.S. Wireless Tower Transactions
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=696123
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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Contacts

Fitch Ratings
Primary Analyst:
David Ro, +1-312-368-3132
Associate Director
Fitch Ratings, 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
sandro.scenga@fitchratings.com

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Contacts

Fitch Ratings
Primary Analyst:
David Ro, +1-312-368-3132
Associate Director
Fitch Ratings, 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
sandro.scenga@fitchratings.com