Fitch Rates FREMF 2012-K709 and Freddie Mac Structured Pass-Thru Ctfs, Series K-709

Fitch has rated FREMF 2012-K709 Multifamily Mortgage Pass-Through Certificates and Freddie Mac Structured Pass-Through Certificates, Series K-709 as follows:

FREMF 2012-K709 Multifamily Mortgage Pass-Through Certificates
--$104,649,000 class A-1 'AAAsf'; Outlook Stable;
--$932,290,000 class A-2 'AAAsf'; Outlook Stable;
--$1,036,939,000* class X1 'AAAsf'; Outlook Stable;
--$1,036,939,000* class X2-A 'AAAsf'; Outlook Stable;
--$80,720,000 class B 'A-sf'; Outlook Stable;
--$31,046,000 class C 'BBBsf'; Outlook Stable.

Freddie Mac Structured Pass-Through Certificates, Series K-709
--$104,649,000 class A-1 'AAAsf'; Outlook Stable;
--$932,290,000 class A-2 'AAAsf'; Outlook Stable;
--$1,036,939,000* class X1 'AAAsf'; Outlook Stable.

*Notional amount and interest-only.

Of the FREMF 2012-K709 Multifamily Mortgage Pass-Through Certificates, Fitch does not rate the $204,904,746 interest-only class X2-B, the $204,904,746 interest-only class X3 or the $93,138,746 million class D.

Of the Freddie Mac Structured Pass-Through Certificates, Series K-709, Fitch does not rate the $204,904,746 interest-only class X3.

The certificates represent the beneficial interests in a pool of 54 commercial mortgages secured by 54 properties. The Freddie Mac structured pass-through certificates, series K-709 (Freddie Mac SPC K-709) represents a pass-through interest in the corresponding class of securities issued by FREMF 2012-K709 Mortgage Trust. Each Freddie Mac SPC K-709 security has the same designation as its underlying FREMF 2012-K709 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 Midland Loan Services, Inc., rated 'CMS1' by Fitch. The Special Servicer will be Key Bank Real Estate Capital, rated 'CSS2+' 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;
--'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=678938
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=680591
Global Structured Finance Rating Criteria
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=679923
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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