Fitch Rates FREMF 2012-K705 and Freddie Mac Structured Pass-Through Certificates, Series K-705

Fitch Ratings has rated Freddie Mac FREMF 2012-K705 Multifamily Mortgage Pass-Through Certificates and Freddie Mac Structured Pass-Through Certificates, Series K-705 as follows:

FREMF 2012-K705 Multifamily Mortgage Pass-Through Certificates

--$95 million class A-1 'AAAsf'; Outlook Stable;

--$936.3 million class A-2 'AAAsf'; Outlook Stable;

--$1,031.3 million* class X1 'AAAsf'; Outlook Stable;

--$68.8 million class B 'Asf'; Outlook Stable.

--$30.6 million class C 'BBB+sf'; Outlook Stable.

Freddie Mac Structured Pass-Through Certificates, Series K-705

--$95 million class A-1 'AAAsf'; Outlook Stable;

--$936.3 million class A-2 'AAAsf'; Outlook Stable;

--$1,031.3 million* class X1 'AAAsf'; Outlook Stable.

*Notional amount and interest only.

Of FREMF 2012-K705, Fitch does not rate the $1,222.3 million interest-only class X2, the $191 million interest-only class X3 or the $91.7 million class D. Of the Freddie Mac Structured Pass-Through Certificates, Series K-705, Fitch does not rate the $191 million interest-only class X3.

The certificates represent the beneficial interests in a pool of 70 commercial mortgages secured by 70 properties. The Freddie Mac Structured Pass-Through Certificates, Series K-705 (Freddie Mac SPC K-705) represents a pass-through interest in the corresponding class of securities issued by FREMF 2012-K705 Mortgage Trust. Each Freddie Mac SPC K-705 security has the same designation as its underlying FREMF 2012-K705 class. All loans were originated by various seller/servicers according to the guidelines of the Freddie Mac Capital Markets Execution (CME) product. The certificates follow a sequential-pay structure.

The Master Servicer will be Bank of America, National Association and the Special Servicer will be KeyCorp Real Estate Capital Markets, Inc., rated 'CMS2+' and 'CSS2+,' respectively, by Fitch.

The presale report is available at 'www.fitchratings.com'.

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:

--'Criteria for Analyzing Multiborrower U.S. Commercial Mortgage Transactions', Aug. 12, 2011;

--'Global Structured Finance Rating Criteria', Aug. 4, 2011;

--'Criteria for Special-Purpose Vehicles in Structured Finance Transactions', June 13, 2011;

--'U.S. Commercial Mortgage Servicer Rating Criteria', Feb. 18, 2011;

--'Surveillance Methodology for U.S. Fixed-Rate CMBS Transactions', Dec. 21, 2011;

--'Counterparty Criteria for Structured Finance Transactions', March 14, 2011.

Applicable Criteria and Related Research:

Counterparty Criteria for Structured Finance Transactions

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=605425

Surveillance Methodology for U.S. Fixed-Rate CMBS Transactions

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=662869

U.S. Commercial Mortgage Servicer Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=584005

Criteria for Special-Purpose Vehicles in Structured Finance Transactions

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=635249

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=646569

Criteria for Analyzing Multiborrower U.S. Commercial Mortgage Transactions

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=647671

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