KEY RATING DRIVERS
The affirmations are the result of stable performance of the underlying collateral since issuance. As of the
The affirmations of the Freddie Mac series K-019 certificates are based on the pass-through nature of the certificates, as they are dependent on the underlying ratings of the corresponding classes of FREMF 2012-K19.
The largest loan of the pool (8.5% of the pool), is secured by a 372-unit, class-A, midrise apartment building located in
The second largest loan (4.2%),
The Fitch Loan of Concern and seventh largest loan,
The Rating Outlooks for all classes remains 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 'FREMF 2012-K19 Multifamily Mortgage Pass-Through Certificates and Freddie Mac Structured Pass-Through Certificates, Series K-019' (
Fitch affirms the following classes as indicated:
FREMF 2012-K19 Multifamily Mortgage Pass-Through Certificates
Fitch does not rate the class D and the interest-only classes X2-B and X3 certificates.
Freddie Mac Structured Pass-Through Certificates, Series K-019
Fitch does not rate the interest-only class X3 certificates.
*Notional and interest-only.
A comparison of the transaction's Representations, Warranties, and Enforcement (RW&E) mechanisms to those of typical RW&Es for the asset class is available in the following report:
--'FREMF 2012-K19 Multifamily Mortgage Pass-Through Certificates and Freddie Mac Structured Pass-Through Certificates, Series K-019-- Appendix' (
Additional information on Fitch's criteria for analyzing U.S. CMBS transactions is available in the
Structured Finance then CMBS then 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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