Fitch Ratings has issued a presale report on UBS Real Estate Securities Inc.'s UBS-B 2012-C4 Commercial Mortgage Pass-Through Certificates.
Fitch expects to rate the transaction and assign Outlooks as follows:
--$84,000,000 class A-1 'AAAsf'; Outlook Stable;
--$73,267,000 class A-2 'AAAsf'; Outlook Stable;
--$132,000,000 class A-3 'AAAsf'; Outlook Stable;
--$150,000,000 class A-4 'AAAsf'; Outlook Stable;
--$476,000,000 class A-5 'AAAsf'; Outlook Stable;
--$104,000,000 class A-AB 'AAAsf'; Outlook Stable;
--$145,610,000 class A-S 'AAAsf'; Outlook Stable;
--$1,164,877,000a,b class X-A 'AAAsf'; Outlook Stable;
--$134,689,000a,b class X-B 'A-sf'; Outlook Stable;
--$69,164,000a class B 'AA-sf'; Outlook Stable;
--$65,525,000a class C 'A-sf'; Outlook Stable;
--$61,884,000a class D 'BBB-sf'; Outlook Stable;
--$25,481,000a class E 'BBsf'; Outlook Stable;
--$18,202,000a class F 'Bsf'; Outlook Stable.
a Privately placed pursuant to Rule 144A.
b Notional amount and interest only.
The expected ratings are based on information provided by the issuer as of Dec. 4, 2012. Fitch does not expect to rate the $50,963,493 class G.
The certificates represent the beneficial ownership in the trust, primary assets of which are 89 loans secured by 131 commercial properties having an aggregate principal balance of approximately $1.5 billion as of the cutoff date. The loans were contributed to the trust by UBS Real Estate Securities, Inc., Barclays Bank PLC, Natixis Real Estate Capital LLC., General Electric Capital Corporation, RAIT Partnership L.P., and Redwood Commercial Mortgage Corporation.
Fitch reviewed a comprehensive sample of the transaction's collateral, including site inspections on 73.8% of the properties cash flow analysis on 75% of the collateral pool by balance.
The transaction has a Fitch stressed debt service coverage ratio (DSCR) of 1.34 times (x), a Fitch stressed loan-to-value (LTV) of 100.5%, and a Fitch debt yield of 7.9%. Fitch's aggregate net cash flow represents a variance of 8.4% to issuer cash flows.
The Master Servicer and Special Servicer will be Wells Fargo Bank, N.A. Rialto Capital Advisors, LLC, 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);
--'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: UBS-Barclays Commercial Mortgage Trust 2012-C4 (US CMBS)
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=696310
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=685995
Criteria for Analyzing Large Loans in U.S. Commercial Mortgage Transactions
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=688831
Global Structured Finance Rating Criteria
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=679923
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
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Fitch Ratings
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212-908-0761
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