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Fitch Affirms Institutional Mortgage Capital 2012-2

NEW YORK--(BUSINESS WIRE)--Fitch Ratings has affirmed all rated classes of Institutional Mortgage Capital, commercial mortgage pass-through certificates, series 2012-2 (IMSCI 2012-2). A detailed list of rating actions follows at the end of this release.

KEY RATING DRIVERS

The affirmations of IMSCI 2012-2 are based on the stable performance of the underlying collateral pool. As of the June 2014 remittance, the pool's aggregate principal balance has been paid down by 6% to C$225.8 million from C$240.2 million at issuance. One loan has paid off since issuance after transferring to special servicing in late 2013. The trust did not incur a loss upon disposition.

There are currently no delinquent loans as of the June 2013 remittance date. In addition, there are no interest-only loans in the pool. Approximately 74% of the remaining pool provides for full or partial recourse to the borrowers and/or to the guarantor of a loan.

Fitch reviewed the year-end (YE) 2013 operating statements, rent rolls and interim reports, if available, provided for the top 15 assets, which represent 77% of the pool by balance. For those loans in the pool without updated financials and occupancy information, Fitch applied an additional haircut to prior reported income for modeling purposes.

RATINGS SENSITIVITY

The Rating Outlook remains Stable for all classes. No rating actions are expected unless there are material changes to property occupancies or cash flows, increased delinquencies, or additional loans transferred to special servicing. The pool has maintained performance consistent with issuance. Additional information on rating sensitivity is available in the report 'IMSCI 2012-2' (Jul. 12, 2012), available at www.fitchratings.com.

The largest loan in the pool, Cedars Apartments (9.4% of the pool balance), is secured by a 276-unit apartment complex located in Calgary, Alberta. The reported occupancy has remained stable since issuance at approximately 97%.

The second largest loan in the pool, Chateau Janeville Apartments (8.3% of the pool balance), is secured by a 271-unit apartment complex located in Ottawa, Ontario. The reported occupancy as of YE 2013 was approximately 95.5%, compared with 97.4% at issuance.

Fitch affirms the following classes as indicated:

--C$126.7 million class A-1 at 'AAAsf'; Outlook Stable;

--C$63.0 million class A-2 at 'AAAsf'; Outlook Stable;

--Interest-only class XP at 'AAAsf'; Outlook Stable;

--C$6.0 million class B at 'AAsf'; Outlook Stable;

--C$8.4 million class C at 'Asf'; Outlook Stable;

--C$7.2 million class D at 'BBBsf'; Outlook Stable;

--C$3.6 million class E at 'BBB-sf'; Outlook Stable;

--C$3 million class F* at 'BBsf'; Outlook Stable;

--C$2.4 million class G* at 'Bsf'; Outlook Stable.

* Non-offered certificates.

Fitch does not rate the C$5.4 million class H or the interest-only class XC.

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:

--'IMSCI 2012-2 -- Appendix' (Jul. 13, 2012).

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);

--'IMSCI 2012-2' (July 12, 2012);

--'IMSCI 2012-2 -- Appendix' (July 13, 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

IMSCI 2012-2 (US CMBS)

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=683252

IMSCI 2012-2 -- Appendix

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=684132

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=837701

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
Sandro Scenga, New York, +1-212-908-0278
sandro.scenga@fitchratings.com
or
Primary Analyst
Jeffrey Diliberto, +1-212-908-9173
Director
Fitch Ratings, Inc.
33 Whitehall Street
New York, NY 10004
or
Committee Chairperson
Mary MacNeill, +1-212-908-0785
Managing Director