KEY RATING DRIVERS
The affirmations are based on overall stable performance of the underlying collateral pool. There have been no loan defaults since issuance. Fitch has identified two loans (1.5%) as Fitch loans of concern (LOC).
As of the
The Rating Outlooks 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 'COMM 2012-LC4 Commercial Mortgage Certificates (
The first Fitch LOC (0.8% of the pool) is secured by a 68,090 SF office property located in
The second Fitch LOC (0.7%) is secured by a 152-unit, Class B student housing community located in
The largest loan in the pool is secured by 541,128 square foot (sf) of a 928,667 sf two-level regional mall located in
The second largest loan is secured by the leasehold interest in a 236,215 sf multi-level anchored retail center located in the
Fitch affirms the following classes and maintains the Stable Outlook:
--Interest-Only class X-A at 'AAA'; Outlook Stable;
Fitch does not rate the class G and HP certificates, or the interest-only class X-B.
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
Structured Finance >> CMBS >> Criteria Reports
Additional information is available at 'www.fitchratings.com'.
--'Global Structured Finance Rating Criteria' (
--'U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria' (
Global Structured Finance Rating Criteria
U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria
Source: Fitch Ratings
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