Powered by Business Wire
Search Results for Topix.net

Fitch Affirms WFRBS 2012-C8

CHICAGO--(BUSINESS WIRE)--Fitch Ratings has affirmed 15 classes of Wells Fargo Bank, National Association WFRBS Commercial Mortgage Trust 2012-C8 commercial mortgage pass-through certificates (WFRBS 2012-C8). A detailed list of rating actions follows at the end of this press release.

KEY RATING DRIVERS

The affirmations are based on the stable performance of the underlying collateral pool. Fitch has not designated any loans as Fitch Loans of Concern, and no loans are delinquent or in special servicing. According to the master servicer reporting, one loan (0.6%) is on the watchlist due to a slight decline in both occupancy and the debt service coverage ratio (DSCR).

As of the June 2014 distribution date, the pool's aggregate principal balance has been reduced by 1.7% to $1.28 billion from $1.3 billion at issuance. No loans are defeased.

The largest loan of the pool (11.7%) is secured by a 1.1 million square foot (sf) office building located two blocks from City Hall and the World Trade Center site in downtown Manhattan. The property was constructed in 1958 and has undergone approximately $22 million in renovations and updates since 2005. Major tenants include the City of New York, HF Management Services and the State of New York. As of year-end (YE) 2013, the property was 86% occupied. And the DSCR was reported to be 1.54x at YE 2013.

The second largest loan (8%) is collateralized by a mix of 20 single-tenant industrial and office properties located in 12 different states. The portfolio consists of 17 industrial properties and two flex/lab buildings occupied by 12 unique tenants, eight of which are headquartered at their respective facilities. The portfolio was 100% occupied as of YE 2013. The DSCR was reported to be 2.94x at YE 2013

Fitch is currently monitoring the performance of the Plaza on Richmond loan (3.4%) which is secured by a 193,636 sf retail property located in Houston, TX in the heart of the Galleria/Uptown submarket. The subject property is anchored by a 24- Hour Fitness with other major tenants consisting of T.J. Maxx, Office Depot and Golf Galaxy. The Office Depot lease expires Aug. 31, 2014, and Fitch will continue to monitor the lease renewal and performance of the asset. As of YE 2013, occupancy was reported at 86% and the DSCR was 1.69x.

RATING SENSITIVITY

Rating Outlooks on classes A-1 through G remain Stable due to increasing credit enhancement and continued paydown. No rating actions are expected unless there are material changes to property occupancies or cash flows, increased delinquencies, or loans transferred to special servicing. The pool has maintained performance consistent with issuance. Additional information on rating sensitivity is available in the report 'WFRBS Commercial Mortgage Trust 2012-C8' (Aug. 31, 2012), available at www.fitchratings.com

Fitch affirms the following classes:

--$74.4 million class A-1 at 'AAAsf', Outlook Stable;

--$187.7 million class A-2 at 'AAAsf', Outlook Stable;

--$414.1 million class A-3 at 'AAAsf', Outlook Stable;

--$96.9 million class A-SB at 'AAAsf', Outlook Stable;

--$115 million class A-FL at 'AAAsf', Outlook Stable;

--$0 class A-FX at 'AAAsf', Outlook Stable;

--$113.8 million class A-S at 'AAAsf', Outlook Stable;

--$1,001.9 million class X-A at 'AAAsf', Outlook Stable;

--$66.7 million class X-B at 'AAsf', Outlook Stable;

--$66.7 million class B at 'AAsf', Outlook Stable;

--$43.9 million class C at 'Asf', Outlook Stable;

--$26 million class D at 'BBB+sf', Outlook Stable;

--$45.5 million class E at 'BBB-sf', Outlook Stable;

--$22.8 million class F at 'BBsf', Outlook Stable;

--$26 million class G at 'Bsf', Outlook Stable.

Fitch does not rate the class H certificates.

Wells Fargo Bank, N.A. is the swap counterparty for the floating rate class A-FL. In the event breakage costs are due to the swap counterparty from the trust, any breakage costs will only be paid after all payments on the class A-FL certificates are paid in full. The aggregate balance of the class A-FL may be adjusted as a result of the exchange of all or a portion of the class A-FL certificates for the fixed rate class A-FX.

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:

--'WFRBS Commercial Mortgage Trust 2012-C8' (Aug. 31, 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 20, 2014);

--'U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria' (Dec. 11, 2013);

--'WFRBS Commercial Mortgage Trust 2012-C8' (Aug. 31, 2012).

Applicable Criteria and Related Research:

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=748821

U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=724961

WFRBS Commercial Mortgage Trust 2012-C8 (US CMBS)

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=686179

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=836547

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

Contacts

Fitch Ratings, Inc.
Primary Analyst
Daniel Anderson, +1-312-606-2305
Associate Director
Fitch Ratings, Inc.
70 West Madison Street
Chicago, IL 60602
or
Committee Chairperson
Britt Johnson, +1-312-606-2341
Senior Director
or
Media Relations
Sandro Scenga, +1-212-908-0278
sandro.scenga@fitchratings.com