Fitch Rates FREMF 2012-K18 and Freddie Mac Structured Pass-Through Certificates, Series K-018

Fitch Ratings has assigned the following ratings to Freddie Mac's FREMF 2012-K18 multifamily mortgage pass-through certificates and Freddie Mac Structured Pass-Through Certificates, Series K-018:

FREMF 2012-K18 Multifamily Mortgage Pass-Through Certificates

--$159,759,000 class A-1 'AAAsf'; Outlook Stable;

--$887,460,000 class A-2 'AAAsf'; Outlook Stable;

--$1,047,219,000* class X1 'AAAsf'; Outlook Stable;

--$1,047,219,000* class X2-A 'AAAsf'; Outlook Stable;

--$74,260,000 class B 'A-sf'; Outlook Stable.

Freddie Mac Structured Pass-Through Certificates, Series K-018

--$159,759,000 class A-1 'AAAsf'; Outlook Stable;

--$887,460,000 class A-2 'AAAsf'; Outlook Stable;

--$1,047,219,000* class X1 'AAAsf'; Outlook Stable.

*Notional amount and interest only.

Fitch does not rate the following classes of FREMF 2012-K18: the $165,191,362 interest-only class X2-B, the $165,191,362 interest-only class X3, or the $90,931,362 class C. Fitch does not rate the $165,191,362 interest-only class X3 of the Structured Pass-Through Certificates, Series K-018.

The certificates represent the beneficial interests in a pool of 75 commercial mortgages secured by 79 properties. The Freddie Mac Structured Pass-Through Certificates, Series K-018 (Freddie Mac SPC K-018) represents a pass-through interest in the corresponding class of securities issued by FREMF 2012-K18. Each Freddie Mac SPC K-018 security has the same designation as its underlying FREMF 2012-K18 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 and Special Servicer are KeyCorp Real Estate Capital Markets, Inc. and Wells Fargo Bank, N.A., rated 'CMS1' and 'CSS2-', respectively, by Fitch.

The new issue 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);

--'Structured Finance Tranche Thickness Metrics' (July 29, 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' (Nov. 17, 2011).

Applicable Criteria and Related Research:

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

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

Criteria for Analyzing Multiborrower U.S. Commercial Mortgage Transactions

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

Global Structured Finance Rating Criteria

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

Structured Finance Tranche Thickness Metrics

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=646951

Criteria for Special-Purpose Vehicles in Structured Finance Transactions

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

U.S. Commercial Mortgage Servicer Rating Criteria

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

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