Fitch Assigns Final Ratings to Oaktree Real Estate Investments/Sabal, Series 2012-LV1

Fitch Ratings has assigned the following rating to Oaktree Real Estate Investments/Sabal's (ORES NPL), series 2012-LV1 notes:

--$195,000,000 class A notes 'BBB-sf'; Outlook Stable.

A detailed description of Fitch's rating analysis including key rating drivers, stresses, rating sensitivity, analysis, model, criteria application and data adequacy is available in Fitch's New Issue Report.

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:

--'Global Rating Criteria for Non-Performing Loan Securitisations', Feb. 3, 2012;

--'Counterparty Criteria for Structured Finance Transactions', May 30, 2012;

--'Global Structured Finance Rating Criteria', June 6, 2012;

--'Criteria for Rating Caps in Global Structured Finance Transactions', Aug. 2, 2012;

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

Applicable Criteria and Related Research:

Global Rating Criteria for Non-Performing Loan Securitisations

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=664889

Counterparty Criteria for Structured Finance Transactions

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=678938

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=679923

Criteria for Rating Caps in Global Structured Finance Transactions

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=684737

U.S. Commercial Mortgage Servicer Rating Criteria

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

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Fitch Ratings
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