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TEXT-S&P rates BAMLL Commercial Mortgage 2012-PARK notes
OVERVIEW -- BAMLL Commercial Mortgage Securities Trust 2012-PARK's issuance is a CMBS securitization backed by a $300.0 million commercial mortgage loan secured by the fee interest in 101 Park Avenue, a 1.2 million-sq.-ft. class A high-rise office building located in Midtown Manhattan. -- We assigned our preliminary ratings to the class A and X notes. -- The preliminary ratings reflect our view of the transaction's credit support, underlying collateral, trustee-provided liquidity, and the relative diversity of the collateral pool, among other factors. Nov 27 - Standard & Poor's Ratings Services today assigned its preliminary ratings to BAMLL Commercial Mortgage Securities Trust 2012-PARK's $300 million commercial mortgage pass-through certificates series 2012-PARK (see list). The note issuance is a commercial mortgage-backed securities transaction backed by a $300.0 million commercial mortgage loan secured by the fee interest in 101 Park Avenue, a 1.2 million-sq.-ft. class A high-rise office building located in Midtown Manhattan. The preliminary ratings are based on information as of Nov. 27, 2012. Subsequent information may result in the assignment of final ratings that differ from the preliminary ratings. The preliminary ratings reflect our view of the collateral's historical and projected performance, the sponsor's and manager's experience, the trustee-provided liquidity, the loan's terms, and the transaction's structure. We determined that the loan has a beginning and ending loan-to-value ratio of 42.9% based on Standard & Poor's value. STANDARD & POOR'S 17G-7 DISCLOSURE REPORT SEC Rule 17g-7 requires an NRSRO, for any report accompanying a credit rating relating to an asset-backed security as defined in the Rule, to include a description of the representations, warranties and enforcement mechanisms available to investors and a description of how they differ from the representations, warranties and enforcement mechanisms in issuances of similar securities. The Standard & Poor's 17g-7 Disclosure Report included in this credit rating report is available at "RELATED CRITERIA AND RESEARCH Related Criteria -- Application Of CMBS Global Property Evaluation Methodology In U.S. And Canadian Transactions, Sept. 5, 2012 -- CMBS Global Property Evaluation Methodology, Sept. 5, 2012 -- Rating Methodology And Assumptions For U.S. And Canadian CMBS, Sept. 5, 2012 -- Criteria Methodology Applied To Fees, Expenses, And Indemnifications, July 12, 2012 -- Methodology And Assumptions: Assigning Ratings To Bonds In The U.S. Based On Escrowed Collateral, May 31, 2012 -- Counterparty Risk Framework Methodology And Assumptions, May 31, 2012 -- U.S. Government Support In Structured Finance And Public Finance Ratings, Sept. 19, 2011 -- Principles Of Credit Ratings, Feb. 16, 2011 -- Global Methodology For Rating Interest-Only Securities, April 15, 2010 -- Understanding Standard & Poor's Rating Definitions, June 3, 2009 -- U.S. CMBS Legal And Structured Finance Criteria: Pool Transactions, May 1, 2003 -- U.S. CMBS Legal And Structured Finance Criteria: Property-Specific And Large Loan Transactions, May 1, 2003 -- U.S. CMBS Legal And Structured Finance Criteria: Appendix I: Insurance Criteria For U.S. CMBS Transactions, May 1, 2003 Related Research -- Presale: BAMLL Commercial Mortgage Securities Trust 2012-PARK, Nov. 27, 2012 -- U.S. And Canadian CMBS Diversity Adjustment Factor Matrices, Sept. 5, 2012 -- Global Structured Finance Scenario And Sensitivity Analysis: The Effects Of The Top Five Macroeconomic Factors, Nov. 4, 2011 PRELIMINARY RATINGS ASSIGNED BAMLL Commercial Mortgage Securities Trust 2012-PARK Class(i) Rating Amount A AAA (sf) 300,000,000 X AAA (sf) 300,000,000(ii) R NR N/A (i)The certificates will be issued to qualified institutional buyers according to Rule 144A of the Securities Act of 1933. (ii)Notional balance. NR--Not rated. N/A--Not applicable.
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