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TEXT-S&P rates 2012-LTRT certificates
October 4, 2012 / 8:26 PM / 5 years ago

TEXT-S&P rates 2012-LTRT certificates

OVERVIEW
     -- COMM 2012-LTRT's issuance is a CMBS transaction backed by two 
commercial mortgage loans totaling $259 million secured by two regional 
shopping malls: Westroads Mall (first mortgage balance: $140.7 million; 
mezzanine debt balance: $16.3 million; fee interest) and Oaks Mall (first 
mortgage balance: $118.3 million; mezzanine debt balance: $20.7 million; fee 
interest). Westroads Mall is located in Omaha, Neb., with total mall square 
footage of 1.07 million; 540,304 sq. ft. of which serves as loan collateral. 
Oaks Mall is located in Gainesville, Fla., with total mall square footage of 
906,349; 581,849 sq. ft. of which serves as the loan collateral. 
     -- We assigned our ratings to the class A, B, C, D, E, X-A, and X-B 
certificates.
     -- The ratings reflect our view of the transaction's structure, the 
collateral's historical and projected experience, and the sponsor's and 
manager's experience, among other factors.
 
NEW YORK (Standard & Poor's) Oct. 4, 2012--Standard & Poor's Ratings Services 
today assigned its ratings to COMM 2012-LTRT's $259 million commercial 
mortgage pass-through certificates (see list).

The issuance is a commercial mortgage-backed securities transaction backed by 
two commercial mortgage loans totaling $259 million secured by two regional 
shopping malls: Westroads Mall (first mortgage balance: $140.7 million; 
mezzanine debt balance: $16.3 million; fee interest) and Oaks Mall (first 
mortgage balance: $118.3 million; mezzanine debt balance: $20.7 million; fee 
interest). Westroads Mall is located in Omaha, Neb., with total mall square 
footage of 1.07 million; 540,304 sq. ft. of which serves as loan collateral. 
Oaks Mall is located in Gainesville, Fla., with total mall square footage of 
906,349; 581,849 sq. ft. of which serves as the loan collateral. 

The ratings reflect our view of the collateral's historical and projected 
performance, the sponsor's and manager's experience, the trustee-provided 
liquidity, the loans' terms, and the transaction's structure. Standard & 
Poor's determined that the loans have a beginning loan-to-value (LTV) ratio of 
66.2% and an ending LTV ratio of 52.5% based on Standard & Poor's values.
 
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 atRELATED CRITERIA AND RESEARCH
     -- Presale: COMM 2012-LTRT, Sept. 10, 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
     -- Standard & Poor's Counterparty Risk Framework Methodology And 
Assumptions, May 31, 2012
     -- Global Structured Finance Scenario And Sensitivity Analysis: The 
Effects Of The Top Five Macroeconomic Factors, Nov. 4, 2011
     -- 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
 
RATINGS ASSIGNED
COMM 2012-LTRT

Class       Rating             Amount ($)
A-1         AAA (sf)           49,141,000
A-2         AAA (sf)          130,859,000
X-A         AAA (sf)         180,000,000*
X-B         BBB (sf)          79,000,000*
B           AA (sf)            28,423,000
C           A (sf)             25,303,000
D           A- (sf)            13,488,000
E           BBB (sf)           11,786,000
R           NR                        N/A
LR          NR                        N/A

*Notional balance. NR--Not rated .N/A--Not applicable.

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