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Fitch Affirms 2 Classes of BAFC 2012-R4 and BAFC 2012-R5

CHICAGO--(BUSINESS WIRE)--Fitch Ratings has affirmed two classes of notes from Banc of America Funding 2012-R4 Trust (BAFC 2012-R4) and Banc of America Funding 2012-R5 Ltd. (BAFC 2012-R5):

Banc of America Funding 2012-R4 Trust

--$195,537,489 class A notes at 'Asf', Outlook Stable;

Banc of America Funding 2012-R5 Ltd.

--$381,734,291 class A notes at 'Asf', Outlook Stable.

Fitch does not rate the class M certificates of BAFC 2012-R4 or the class M1, M2, M3, and M4 certificates of BAFC 2012-R5.

KEY RATING DRIVERS

The affirmations are attributed to the stable performance of the underlying portfolios as well as continued principal amortization over the last year.

The class A notes of BAFC 2012-R4 have received approximately $125.9 million, or 39.2% of their previous balance, in principal redemptions over the last year. This is in line with Fitch's projections at the initial rating and has led to a 10.0% increase in the notes' credit enhancement to 73.6% since last review.

The class A notes of BAFC 2012-R5 have received approximately $219.1 million, or 36.5% of their previous balance, in principal redemptions over the last year. This is in line with Fitch's projections at the initial rating and has led to a 10.3% increase in the notes' credit enhancement to 68.1% since last review.

RATING SENSITIVITIES

The ratings of the BAFC 2012-R4 and BAFC 2012-R5 class A notes remain sensitive to any potential changes of Fitch's future recovery expectations for the underlying assets.

BAFC 2012-R4 is a re-securitization of 82.6% of the class A-1 notes issued by Triaxx Prime CDO 2006-1, Ltd., with the current notional value of $652.2 million.

BAFC 2012-R5 is collateralized by 43.1% of the class A-1A notes and 96.2% of the A-1B2 notes issued by Triaxx Prime CDO 2006-2, Ltd. The classes' current outstanding balance is $337.7 million and $675.3 million, respectively.

A comparison of the transaction's Representations, Warranties, and Enforcement Mechanisms (RW&Es) to those of typical RW&Es for that asset class is available by accessing the report and link indicated below.

Additional information is available at 'www.fitchratings.com'.

Applicable Criteria and Related Research:

--'Global Structured Finance Rating Criteria' (May 20, 2014);

--'Rating Criteria for Repackaged Senior Structured Finance Notes' (Aug. 02, 2013);

--'Global Rating Criteria for Structured Finance CDOs' (Sept. 12, 2013).

--'Representations, Warranties, and Enforcement Mechanisms in Global Structured Finance Transactions' (Apr. 17, 2012).

Applicable Criteria and Related Research:

Representations, Warranties, and Enforcement Mechanisms in Global Structured Finance Transactions

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=676496

Global Rating Criteria for Structured Finance CDOs

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=718027

Rating Criteria for Repackaged Senior Structured Finance Notes

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=715506

Global Structured Finance Rating Criteria

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

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=839163

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Contacts

Fitch Ratings, Inc.
Primary Surveillance Analyst
Geoffrey Ostosh, +1-312-368-2072
Analyst
70 West Madison St.
Chicago, Illinois 60602
or
Committee Chairperson
Alina Pak, CFA, +1-312-368-3184
Senior Director
or
Media Relations
Sandro Scenga, New York
+1-212-908-0278
sandro.scenga@fitchratings.com