NEW YORK--(BUSINESS WIRE)--Fitch Ratings has affirmed 12 classes of COMM 2012-CCRE1 commercial mortgage pass-through certificates. A detailed list of rating actions follows at the end of this press release.
KEY RATING DRIVERS
Fitch's affirmations are based on the stable performance of the underlying collateral pool. There are currently no delinquent or specially serviced loans. Fitch reviewed servicer-provided year-end (YE) 2012 and partial YE 2013 financial performance of the collateral pool in addition to updated rent rolls for the top 15 loans representing 64.5% of the transaction.
As of the April 2014 distribution date, the pool's aggregate principal balance has been reduced by 2.2% to $912.6 million from $932.8 million at issuance. No loans are defeased. The pool has experienced no realized losses to date. Fitch has designated one loan (0.8%) as a Fitch Loan of Concern.
The largest loan in the pool (12.8%) is secured by a portion of a 1.7 million square foot (sf) regional mall (1.3 million-sf of collateral) located in Albany, NY. The mall is anchored by Macy's (non-collateral), J.C.Penney, Dick's Sporting Goods, and Best Buy. As of year-end (YE) 2013, the occupancy was 92.8% compared to 90.3% at issuance. The servicer-reported year-end 2013 debt service coverage ratio (DSCR) was 1.47x, compared to 1.40x at issuance.
The second largest loan in the pool (6.0%) is secured by a 227,707-sf office property located in San Leandro, CA. As of third quarter 2013 (3Q'13), the occupancy remains at 100% with limited lease rollover until 2017. The servicer-reported YTD (year to date) 3Q'13 DSCR was 1.63x, compared to 1.76x at issuance.
The third largest loan in the pool (5.9%) is secured by a portion of a 1.3 million sf (635,769 sf owned) regional mall located in Grandville, MI, approximately 10 miles southwest of Grand Rapids, MI. The mall features five non-collateral anchors, including Macy's, Younkers, Sears, JC Penney, and Kohls. The 3Q'13 occupancy was 94.4% compared to 90.6% at issuance. The servicer-reported 3Q'13 DSCR was 2.02, compared to 1.77x at issuance.
RATING SENSITIVITY
All classes maintain Stable Outlooks. Due to the recent issuance of the transaction and stable performance, Fitch does not foresee positive or negative ratings migration until a material economic or asset- level event changes the transaction's portfolio-level metrics. Additional information on rating sensitivity is available in the report 'COMM 2012-CCRE1' (July 17, 2012), available at www.fitchratings.com
Fitch affirms the following classes:
--$34.7 million class A-1 at 'AAAsf'; Outlook Stable;
--$116.7 million class A-2 at 'AAAsf'; Outlook Stable;
--$409.2 million class A-3 at 'AAAsf'; Outlook Stable;
--$72.1 million class A-SB at 'AAAsf'; Outlook Stable;
--$95.6 million class A-M at 'AAAsf'; Outlook Stable;
--$728.4 million class X-A* 'AAAsf'; Outlook Stable;
--$43.1 million class B at 'AAsf'; Outlook Stable;
--$32.6 million class C at 'Asf'; Outlook Stable;
--$50.1 million class D at 'BBB-sf'; Outlook Stable;
--$2.3 million class E at 'BBB-sf'; Outlook Stable;
--$14 million class F at 'BBsf'; Outlook Stable;
--$15.2 million class G at 'Bsf'; Outlook Stable.
*Notional amount and interest only.
Fitch does not rate the $184.2 million interest-only class X-B, or the $26.8 million class H.
A comparison of the transaction's Representations, Warranties, and Enforcement (RW&E) mechanisms to those of typical RW&Es for the asset class is available in the following report:
--'COMM 2012-CCRE1 -- Appendix' (July 17, 2012).
Additional information on Fitch's criteria for analyzing U.S. CMBS transactions is available in the Dec. 11, 2013 report, 'U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria', which is available at 'www.fitchratings.com' under the following headers:
Structured Finance >> CMBS >> Criteria Reports
Additional information is available at 'www.fitchratings.com'.
Applicable Criteria and Related Research:
--'Global Structured Finance Rating Criteria' (May 24, 2013);
--'U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria' (Dec. 11, 2013).
Applicable Criteria and Related Research:
Global Structured Finance Rating Criteria
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=708661
U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=724961
Additional Disclosure
Solicitation Status
http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=827559
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