Fitch Ratings has issued a presale report on Morgan Stanley Bank of America Merrill Lynch Trust 2012-C5 Commercial Mortgage Pass-Through Certificates.
Fitch expects to rate the transaction and assign Outlooks as follows:
--$86,000,000 class A-1 'AAAsf'; Outlook Stable;
--$221,800,000 class A-2 'AAAsf'; Outlook Stable;
--$149,600,000 class A-3 'AAAsf'; Outlook Stable;
--$489,820,000 class A-4 'AAAsf'; Outlook Stable;
--$59,204,000b class A-S 'AAAsf'; Outlook Stable;
--$32,984,000b class B 'AAsf'; Outlook Stable;
--$116,714,000b class PST 'Asf'; Outlook Stable;
--$24,526,000b class C 'Asf'; Outlook Stable;
--$1,065,628,000a,c class X-A 'AAAsf'; Outlook Stable;
--$65,968,000a,c class X-B 'AAsf'; Outlook Stable;
--$27,064,000a class D 'BBB+sf'; Outlook Stable;
--$49,053,000a class E 'BBB-sf'; Outlook Stable;
--$8,457,000a class F 'BBB-sf'; Outlook Stable;
--$18,607,000a class G 'BB+sf'; Outlook Stable;
--$23,680,000a class H 'Bsf'; Outlook Stable.
a Privately placed pursuant to Rule 144A.
b Class A-S, class B, and class C certificates may be exchanged for class PST certificates, and class PST certificates may be exchanged for class A-S, class B and class C certificates.
c Notional amount and interest only.
The expected ratings are based on information provided by the issuer as of July 6, 2012. Fitch does not expect to rate the $221,583,509 interest-only class X-C or the $45,670,509 class J.
The certificates represent the beneficial ownership in the trust, primary assets of which are 72 loans secured by 98 commercial properties having an aggregate principal balance of approximately $1.35 billion as of the cutoff date. The loans were contributed to the trust by Morgan Stanley Mortgage Capital Holdings LLC and Bank of America, National Association.
Fitch reviewed a comprehensive sample of the transaction's collateral, including site inspections on 80.5% of the properties by balance, cash flow analysis of 86%, and asset summary reviews on 86% of the pool.
The transaction has a Fitch stressed debt service coverage ratio (DSCR) of 1.15 times (x), a Fitch stressed loan-to-value (LTV) of 102.7%, and a Fitch debt yield of 9.2%. Fitch's aggregate net cash flow represents a variance of 5.6% to issuer cash flows.
The Master Servicer and Special Servicer will be Bank of America, National Association and Midland Loan Services, a Division of PNC Bank, National Association, rated 'CMS2+' and 'CSS1', 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);
--'Criteria for Analyzing Large Loans in U.S. Commercial Mortgage Transactions' (Sep. 26, 2011);
--'Global Structured Finance Rating Criteria' (June 6, 2012);
--'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. 16, 2011);
--'Counterparty Criteria for Structured Finance Transactions' (March 14, 2011).
Applicable Criteria and Related Research: MSBAM 2012 -- C5 (US CMBS)
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=683419
Criteria for Special-Purpose Vehicles in Structured Finance Transactions
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=680591
U.S. Commercial Mortgage Servicer Rating Criteria
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=584005
Surveillance Methodology for U.S. Fixed-Rate CMBS Transactions
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=662869
Counterparty Criteria for Structured Finance Transactions
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=678938
Criteria for Analyzing Multiborrower U.S. Commercial Mortgage Transactions
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=647671
Criteria for Analyzing Large Loans in U.S. Commercial Mortgage Transactions
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=651703
Global Structured Finance Rating Criteria
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=679923
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