-- 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
The Standard & Poor's 17g-7 Disclosure Report included in this credit rating
report is available at "RELATED CRITERIA AND RESEARCH
-- 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.
-- 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
-- Presale: BAMLL Commercial Mortgage Securities Trust 2012-PARK, Nov.
-- U.S. And Canadian CMBS Diversity Adjustment Factor Matrices, Sept. 5,
-- 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.