CHICAGO--(BUSINESS WIRE)--Link to Fitch Ratings' Report: UBS-Barclays Commercial Mortgage Trust
2012-C2 (US CMBS)
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=682396
Fitch ratings has issued a presale report on UBS-Barclays Commercial Mortgage Trust 2012-C2 (UBS-B 2012-C2) Commercial Mortgage Pass-Through Certificates.
Fitch expects to rate the transaction and assign Outlooks as follows:
-- $80,451,000 class A-1 'AAAsf'; Outlook Stable;
-- $174,804,000 class A-2 'AAAsf'; Outlook Stable;
-- $116,311,000 class A-3 'AAAsf'; Outlook Stable;
-- $479,671,000 class A-4 'AAAsf'; Outlook Stable;
-- $945,482,000a,c class X-A 'AAAsf'; Outlook Stable;
-- $94,245,000a,b class A-S-EC 'AAAsf'; Outlook Stable;
-- $63,842,000a,b class B-EC 'AAsf'; Outlook Stable;
-- $203,689,000a,b class EC 'Asf'; Outlook Stable;
-- $45,602,000a,b class C-EC 'Asf'; Outlook Stable;
-- $24,322,000a class D 'BBB+sf'; Outlook Stable;
-- $47,122,000a class E 'BBB-sf'; Outlook Stable;
-- $22,801,000a class F 'BBsf'; Outlook Stable;
-- $24,321,000a class G 'Bsf'; Outlook Stable.
a. Privately placed pursuant to Rule 144A.
b. Class A-S-EC, Class B-EC and Class C-EC certificates may be exchanged for Class EC Certificates, and Class EC Certificates may be exchanged for Class A-S-EC, Class B-EC and Class C-EC certificates.
c. Notional amount and interest only.
The expected ratings are based on information provided by the issuer as of June 22, 2012. Fitch does not expect to rate the $270,572,149 interest-only class X-B or the $42,562,149 class H.
The certificates represent the beneficial ownership in the trust, primary assets of which are 54 loans secured by 83 commercial properties having an aggregate principal balance of approximately $1.2 billion as of the cutoff date. The loans were contributed to the trust by UBS Real Estate Securities, Inc., Barclays Bank PLC, Archetype Mortgage Funding II LLC and KeyBank, National Association.
Fitch reviewed a comprehensive sample of the transaction's collateral, including site inspections on 77.6% of the properties by balance, cash flow analysis of 87.6%, and asset summary reviews on 90.3% of the pool.
The transaction has a Fitch stressed debt service coverage ratio (DSCR) of 1.18 times (x), a Fitch stressed loan-to-value (LTV) of 98.7%, and a Fitch debt yield of 9.0%. Fitch's aggregate net cash flow represents a variance of 7.1% to issuer cash flows.
The Master Servicer and Special Servicer will be Wells Fargo Bank, N.A. and CWCapital Asset Management, LLC, rated 'CMS2' and 'CSS1-', respectively, by Fitch.
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 Multiborrower U.S. Commercial Mortgage Transactions' (Aug. 12, 2011);
-- 'Criteria for Analyzing Large Loans in U.S. Commercial Mortgage Transactions' (Sep. 26, 2011);
-- 'Global Structured Finance Rating Criteria' (Aug. 4, 2011);
-- 'Criteria for Special-Purpose Vehicles in Structured Finance Transactions' (June 13, 2011);
-- 'U.S. Commercial Mortgage Servicer Rating Criteria' (Feb. 18, 2011);
-- 'Surveillance Methodology for U.S. Fixed-Rate CMBS Transactions' (Nov. 16, 2011);
-- 'Counterparty Criteria for Structured Finance Transactions' (March 14, 2011).
Applicable Criteria and Related Research:
Criteria for Analyzing Multiborrower U.S. Commercial Mortgage
Transactions
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=647671
Criteria for Analyzing Large Loans in U.S. Commercial Mortgage
Transactions
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=651703
Global Structured Finance Rating Criteria
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=679923
Criteria for Special-Purpose Vehicles in Structured Finance Transactions
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=680591
U.S. Commercial Mortgage Servicer Rating Criteria
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=584005
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