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TEXT-S&P rates BAMLL Commercial Mortgage 2012-PARK notes
November 27, 2012 / 7:01 PM / 5 years ago

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.

Our Standards:The Thomson Reuters Trust Principles.
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