TEXT-Fitch affirms COMM 2012-LC4

Thu Feb 21, 2013 1:34pm EST

Feb 21 - Fitch Ratings has affirmed 11 classes of German American Capital
Corp.'s COMM 2012-LC4 commercial mortgage pass-through certificates. A detailed
list of rating actions follows at the end of this release.

KEY RATING DRIVERS

Fitch's affirmations are based on the stable performance of the underlying
collateral pool. There have been no delinquent or specially serviced loans since
issuance. Fitch reviewed the most recently available quarterly financial
performance of the pool as well as updated rent rolls for the top 15 loans,
which represent 69.3% of the transaction.

As of the February 2012 distribution date, the pool's aggregate principal
balance has been reduced by 1% to $942.3 million from $951.3 million at
issuance.

The largest loan in the pool is secured by 541,128 square feet (sf) of a 928,667
sf two-level regional mall located in Saugus, MA (10.5% of the pool),
approximately 10 miles north of Boston. The collateral is shadow anchored by
Sears and Macy's, which own their own stores. Largest tenants include Dick's
Sporting Goods (12.7% of NRA) and Best Buy (11.1%). Per the servicer, the Best
Buy lease expires on Feb. 28, 2013 and negotiations for an extension are
underway. As of third quarter 2012, the property was 88% occupied, compared to
90% at UW.

The second largest loan is secured by the leasehold interest in a 236,215 sf
multi-level anchored retail center located in the Union Square area of Manhattan
(8%). The property is 100% occupied by seven tenants, including a 14-screen
Regal Cinemas theater (50.3%), Best Buy (19.5%), and Nordstrom Rack (13.6%). The
earliest lease expiration date is January 2017. The loan has an investment grade
credit opinion by Fitch.

Fitch affirms the following classes and maintains the Stable Outlook:

--$40.1 million class A-1 at 'AAAsf', Outlook Stable;
--$77.8 million class A-2 at 'AAAsf', Outlook Stable;
--$115.6 million class A-3 at 'AAAsf', Outlook Stable;
--$416.5 million class A-4 at 'AAAsf', Outlook Stable;
--$93 million class A-M at 'AAAsf', Outlook Stable;
--Interest-Only class X-A at 'AAA', Outlook Stable;
--$44.7 million class B at 'AAsf', Outlook Stable;
--$32.9 million class C at 'Asf', Outlook Stable;
--$52.9 million class D at 'BBB-sf', Outlook Stable;
--$15.3 million class E at 'BBsf', Outlook Stable;
--$11.8 million class F at 'Bsf', Outlook Stable.

Fitch does not rate the class G and HP certificates, or the interest-only class
X-B.

Additional information on Fitch's criteria for analyzing U.S. CMBS transactions
is available in the Dec. 18, 2012 report, 'U.S. Fixed-Rate Multiborrower CMBS
Surveillance and Re-REMIC Criteria', which is available at
'www.fitchratings.com' under the following headers:

Structured Finance >> CMBS >> Criteria Reports


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:
--'Global Structured Finance Rating Criteria' (June 6, 2012);
--'U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria' (Dec.
18, 2012).

Applicable Criteria and Related Research:
Global Structured Finance Rating Criteria
U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria
FILED UNDER:
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