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Fitch Affirms 11 Classes of WFRBS 2012-C6

February 5, 2014

CHICAGO --(BUSINESS WIRE)-- Fitch Ratings has affirmed 11 classes of Wells Fargo Commercial Mortgage Securities, Inc. (WFRBS) commercial mortgage pass-through certificates series 2012-C6 due to stable performance since issuance. A detailed list of rating actions follows at the end of this press release. KEY RATING DRIVERS The affirmations are based on continued stable performance of the underlying pool since issuance. The pool has experienced no realized losses to date. Fitch has designated two loans (4.4%) as Fitch Loans of Concern, which does not include any specially serviced loans. As of the January 2014 distribution date, the pool's aggregate principal balance has been reduced by 2.3% to $904 million from $925 million at issuance. No loans are defeased. The largest loan of the pool (8.4%) is secured by National Cancer Institute (NCI) Center, a 341,271-square foot (sf) office and lab facility in Frederick, MD approximately 50 miles northwest of Washington, D.C. and 50 miles west of Baltimore . The three-story building, which was constructed in 2011, is 100% leased to the Science Applications International Corporation-Frederick (SAIC-F) until the year 2021. The second largest loan (7.2%), Windsor Hotel Portfolio II , is secured by four full-service hotels, located in California , Nevada , Georgia , and North Carolina , totaling 901 rooms. The third largest loan (5.3%), WPC Self Storage Portfolio, is secured by 26 self-storage properties, encompassing 16,101 units. The properties are located throughout California , Illinois , Hawaii , and Texas . The sponsor of the loan is WP Carey Storage. Occupancy at the properties was 72% in September 2013 compared to 69% in December 2012 . RATING SENSITIVITY The Rating Outlook for all classes remain Stable. Due to the recent issuance of the transaction and stable performance, Fitch does not foresee positive or negative ratings migration until a material economic or asset level event changes the transaction's overall portfolio-level metrics. Additional information on rating sensitivity is available in the report 'WFRBS Commercial Mortgage Trust 2012-C6' ( June 5, 2012 ) at www.fitchratings.com . Fitch affirms the following classes and Outlooks: -- $36.4 million class A1 at 'AAAsf'; Outlook Stable; -- $136.8 million class A2 at 'AAAsf'; Outlook Stable; -- $67.8 million class A3 at 'AAAsf'; Outlook Stable; -- $385.4 million class A4 at 'AAAsf'; Outlook Stable; -- $727.1 million class X-A at 'AAAsf'; Outlook Stable; -- $100.6 million class AS at 'AAAsf'; Outlook Stable; -- $42.8 million class B at 'AAsf'; Outlook Stable; -- $31.2 million class C at 'Asf'; Outlook Stable; -- $47.4 million class D at 'BBB-sf'; Outlook Stable; -- $13.9 million class E at 'BBsf'; Outlook Stable; -- $13.9 million class F at 'Bsf'; Outlook Stable. Fitch does not rate the classes X-B or G certificates. A comparison of the transaction's representations, warranties, and enforcement mechanisms to those of typical representations, warranties, and enforcement Mechanisms for CMBS transactions is available by accessing the reports and links below. Additional information on Fitch's criteria for analyzing U.S. CMBS transactions is available in the Dec. 11, 2013 report, 'U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria', which is available at ' www.fitchratings.com ' under the following headers: Structured Finance >> CMBS >> Criteria Reports Additional information is available at ' www.fitchratings.com '. Applicable Criteria and Related Research : --'Global Structured Finance Rating Criteria' ( May 24, 2013 ); --'U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria' ( Dec. 11, 2013 ). Applicable Criteria and Related Research : Global Structured Finance Rating Criteria http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=708661 U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=724961 Additional Disclosure Solicitation Status http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=819676 ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS . IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE ' WWW.FITCHRATINGS.COM '. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE. Fitch Ratings Primary Analyst R. Brook Sutherland Director +1-312-606-2346 Fitch Ratings, Inc. 70 West Madison Chicago, IL 60602 or Committee Chairperson Mary MacNeill Managing Director +1-212-908-0785 or Media Relations: Sandro Scenga , New York , +1 212-908-0278 Email: sandro.scenga@fitchratings.com Source: Fitch Ratings


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