TEXT-S&P assigns COMM 2012-MVP notes prelim ratings

Fri Dec 7, 2012 5:32pm EST

OVERVIEW
     -- COMM 2012-MVP Mortgage Trust's issuance is a CMBS securitization 
backed by one three-year, floating-rate commercial mortgage loan totaling 
$294.7 million, secured by the fee and leasehold interests in three 
full-service hotels.
     -- We assigned our preliminary ratings to the class A, B, C, D, E, and X 
certificates.
     -- 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, among other factors.
    
     Dec 7 - Standard & Poor's Ratings Services today assigned its preliminary
ratings to COMM 2012-MVP Mortgage Trust's $294.7 million commercial mortgage
pass-through certificates, series 2012-MVP (see list).

The new issuance is a CMBS securitization backed by one three-year, 
floating-rate commercial mortgage loan totaling $294.7 million, secured by the 
fee and leasehold interests in three full-service hotels.

The preliminary ratings are based on information as of Dec. 7, 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 beginning and ending loan-to-value (LTV) 
ratios of 59.1% and 56.8%, respectively, based on our value of the properties 
backing the transaction.
 
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
     -- Presale: COMM 2012-MVP Mortgage Trust, Dec. 7, 2012
     -- Standard & Poor's North American CMBS Monthly Snapshot - October 2012, 
Nov. 29, 2012
     -- CMBS Quarterly Insights: CMBS Inflection Point Reached In 2012, Credit 
Pendulum Swings Forward In 2013, Nov. 16, 2012
     -- U.S. Commercial Real Estate Trends Are Improving And CMBS Performance 
Is Stabilizing, Nov. 5, 2012
     -- Industry Economic and Ratings Outlook: U.S. Commercial Real Estate 
Trends Are Improving And CMBS Performance Is Stabilizing, Nov. 5, 2012
     -- 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
     -- U.S. And Canadian CMBS Diversity Adjustment Factor Matrices, 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

 
PRELIMINARY RATINGS ASSIGNED
COMM 2012-MVP Mortgage Trust
 
Class           Rating                        Amount
                                             (mil. $)(i)
A               AAA (sf)                     $157,200,000 
X-A-CP          AAA (sf)                     $157,200,000(ii) 
X-A-EXT         AAA (sf)                     $157,200,000(ii) 
X-B-CP          BBB- (sf)                    $137,506,326(ii) 
X-B-EXT         BBB- (sf)                    $137,506,326(ii) 
B               AA- (sf)                     $56,392,000 
C               A (sf)                       $26,408,000 
D               BBB+ (sf)                    $25,000,000 
E               BBB- (sf)                    $29,706,326 
R               NR                           N/A
LR              NR                           N/A

(i) The issuer will issue the certificates to qualified institutional buyers 
in line with Rule 144A of the Securities Act of 1933. (ii) Notional balance. 
The notional amount of the X-A-CP, X-A-EXT, X-B-CP, X-B-EXT certificates will 
be reduced by the aggregate amount of principal distributions and realized 
losses allocated to the class A, B, C, D, and E certificates. NR--Not rated. 
N/A--Not applicable.
FILED UNDER:
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