NEW YORK--()--Fitch Ratings--07 March 2013: Fitch Ratings has issued a presale report on COMM 2013-GAM Mortgage Trust commercial mortgage pass-through certificates.
Fitch expects to rate the transaction and assign Outlooks as follows:
--$55,145,000 class A-1 'AAAsf'; Outlook Stable;
--$154,855,000 class A-2 'AAAsf'; Outlook Stable;
--$210,000,000* class X-A 'AAAsf'; Outlook Stable;
--$26,000,000** class X-B 'AA-sf'; Outlook Stable;
--$26,000,000 class B 'AA-sf'; Outlook Stable;
--$17,000,000 class C 'Asf'; Outlook Stable;
--$24,754,000 class D 'BBBsf'; Outlook Stable;
--$19,024,000 class E 'BBB-sf'; Outlook Stable;
--$27,642,482 class F 'BB-sf'; Outlook Stable.
* Interest-only class; notional balance of class A.
** Interest-only class; notional balance of class B.
The expected ratings are based on information provided by the issuer as of Jan. 31, 2013.
The certificates represent the beneficial ownership in the trust, the primary asset of which is one loan having an aggregate principal balance of approximately $324,420,482 as of the cutoff date and primarily secured by the Green Acres Mall in Valley Stream, New York. The loan was originated by German American Capital Corporation.
The Master Servicer and Special Servicer will be KeyCorp Real Estate Capital Markets, Inc. rated 'CMS1' and 'CSS2+', respectively, by Fitch.
Fitch reviewed the transaction's collateral, including cash flow analysis, third party reports, loan documents, an asset summary review and site inspections. The presale report also details how Fitch addresses the key rating drivers for the COMM 2013-GAM.
The transaction has a Fitch stressed debt service coverage ratio (DSCR) of 1.11 times, a Fitch stressed loan-to value (LTV) of 79.6%, and a Fitch debt yield of 8.6%. Fitch's net cash flow represents a variance of approximately 5.9% to the issuer cash flow.
Fitch evaluated the sensitivity of the ratings assigned to COMM 2013-GAM to determine how the ratings would react to further declines below Fitch's NCF. The implied rating sensitivities are only indicative of some of the potential outcomes and do not consider other risk factors to which the transaction is exposed. For further discussion of Fitch's sensitivity analysis please see the presale report titled 'COMM 2013-GAM' dated March 7, 2013.
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 Large Loans in U.S. Commercial Mortgage Transactions' (Sept. 21, 2012);
--'Global Structured Finance Rating Criteria' (June 6, 2012);
--'Criteria for Special-Purpose Vehicles in Structured Finance Transactions' (June 30, 2012);
--'U.S. Commercial Mortgage Servicer Rating Criteria' (Feb. 18, 2011);
--'Surveillance Methodology for U.S. CMBS Fixed-Rate CMBS Transaction' (Nov. 17 2010);
--'Counterparty Criteria for Structured Finance Transactions' (May 30, 2012);
--'U.S. Commercial Mortgage Originator Review Criteria' (Feb. 18, 2011).
Applicable Criteria and Related Research COMM 2013-GAM
Criteria for Analyzing Large Loans in U.S. Commercial Mortgage Transactions
Global Structured Finance Rating Criteria
Criteria for Special-Purpose Vehicles in Structured Finance Transactions
U.S. Commercial Mortgage Servicer Rating Criteria
Counterparty Criteria for Structured Finance Transactions