Fitch Rates FREMF 2012-K21 and Freddie Mac Structured Pass-Through Certificates, Series K-021

  Fitch Rates FREMF 2012-K21 and Freddie Mac Structured Pass-Through
  Certificates, Series K-021

Business Wire

NEW YORK -- November 08, 2012

Fitch Ratings has rated FREMF 2012-K21 Multifamily Mortgage Pass-Through
Certificates and Freddie Mac Structured Pass-Through Certificates, Series
K-021 as follows:

FREMF 2012-K21 Multifamily Mortgage Pass-Through Certificates
--$194,200,000 class A-1 'AAAsf'; Outlook Stable;
--$968,215,000 class A-2 'AAAsf'; Outlook Stable;
--$1,162,415,000* class X1 'AAAsf'; Outlook Stable;
--$1,162,415,000* class X2-A 'AAAsf'; Outlook Stable;
--$68,377,000 class B 'Asf'; Outlook Stable;
--$34,189,000 class C 'BBB+sf'; Outlook Stable.

Freddie Mac Structured Pass-Through Certificates, Series K-021
--$194,200,000 class A-1 'AAAsf'; Outlook Stable;
--$968,215,000 class A-2 'AAAsf'; Outlook Stable;
--$1,162,415,000* class X1 'AAAsf'; Outlook Stable.

*Notional amount and interest only.

Of the FREMF 2012-K21 Multifamily Mortgage Pass-Through Certificates, Fitch
does not rate the $205,132,680 interest-only class X2-B, the $205,132,680
interest-only class X3 or the $102,566,680 class D.

Of the Freddie Mac Structured Pass-Through Certificates, Series K-021, Fitch
does not rate the $205,132,680 interest-only class X3.

The certificates represent the beneficial interests in a pool of 80 commercial
mortgages secured by 80 properties. The Freddie Mac structured pass-through
certificates, series K-021 (Freddie Mac SPC K-21) represents a pass-through
interest in the corresponding class of securities issued by FREMF 2012-K21
Mortgage Trust. Each Freddie Mac SPC K-021 security has the same designation
as its underlying FREMF 2012-K21 class. All loans were originated by various
seller/servicers according to the guidelines of the Freddie Mac Capital
Markets Execution (CME) product. The certificates follow a sequential-pay
structure.

The Master Servicer will be Wells Fargo Bank, National Association, rated
'CMS2' by Fitch. The Special Servicer will be KeyCorp Real Estate Capital
Markets, Inc., rated 'CSS2+' by Fitch.
The new issue 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. 8, 2012;
--'Criteria for Analyzing Large Loans in U.S. Commercial
Mortgage Transactions', Sept. 21, 2012;
--'U.S. Commercial Mortgage Servicer Rating Criteria', Feb. 18, 2011;
--'Surveillance Methodology for U.S. Fixed-Rate CMBS Transactions', Dec. 21,
2011;
--'Global Structured Finance Rating Criteria', June 6, 20112
--'Criteria for Special-Purpose Vehicles in Structured Finance Transactions',
May 30, 2012.

Applicable Criteria and Related Research:
U.S. Commercial Mortgage Servicer Rating Criteria
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=584005
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
Surveillance Methodology for U.S. Fixed-Rate CMBS Transactions
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=662869
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

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Contact:

Fitch Ratings
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Michelle Gilbert, +1-212-908-0892
Director
Fitch, Inc.
One State Street Plaza
New York, NY 10004
or
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or
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