CHICAGO, December 04 (Fitch) Fitch Ratings has issued a
presale report on Deutsche Bank Securities, Inc.'s COMM
2012-CCRE5 Commercial Mortgage Pass-Through Certificates.
Fitch expects to rate the transaction and assign Outlooks as
--$85,349,000 class A-1 'AAAsf'; Outlook Stable;
--$159,765,000 class A-2 'AAAsf'; Outlook Stable;
--$90,894,000 class A-SB 'AAAsf'; Outlook Stable;
--$100,000,000 class A-3 'AAAsf'; Outlook Stable;
--$357,557,000 class A-4 'AAAsf'; Outlook Stable;
--$916,852,000a class X-A 'AAAsf'; Outlook Stable;
--$52,432,000ab class X-B 'AAsf'; Outlook Stable;
--$123,287,000b class A-M 'AAAsf'; Outlook Stable;
--$52,432,000b class B 'AAsf'; Outlook Stable;
--$211,146,000b class PEZ 'Asf'; Outlook Stable;
--$35,427,000b class C 'Asf'; Outlook Stable;
--$22,673,000b class D 'BBB+sf'; Outlook Stable;
--$32,593,000b class E 'BBB-sf'; Outlook Stable;
--$21,256,000b class F 'BBsf'; Outlook Stable;
--$18,422,000b class G 'Bsf'; Outlook Stable.
a Notional amount and interest only.
b Privately placed pursuant to Rule 144A
The expected ratings are based on information provided by
the issuer as of Dec. 3, 2012. Fitch does not expect to rate the
$34,010,559 class H.
The certificates represent the beneficial ownership in the
trust, primary assets of which are 63 loans secured by 98
commercial properties having an aggregate principal balance of
approximately $1.13 billion as of the cutoff date. The loans
were contributed to the trust by German American Capital
Corporation, Cantor Commercial Real Estate Lending, L.P., and
KeyBank National Association.
Fitch reviewed a comprehensive sample of the transaction's
collateral, including site inspections on 78.6% of the
properties by balance, cash flow analysis of 70.2%, and asset
summary reviews on 74.4% of the pool.
The transaction has a Fitch stressed debt service coverage
ratio (DSCR) of 1.26 times (x), a Fitch stressed loan-to-value
(LTV) of 96.9%, and a Fitch debt yield of 9.4%. Fitch's
aggregate net cash flow represents a variance of 9% to issuer
The master servicer and special servicer will be Midland
Loan Services, a Division of PNC Bank, National Association,
rated 'CMS1' and 'CSS1', respectively, by Fitch.