Fitch Rates FREMF 2012-K23 & Freddie Mac SPCs, Series K-023

  Fitch Rates FREMF 2012-K23 & Freddie Mac SPCs, Series K-023

Business Wire

NEW YORK -- December 21, 2012

Fitch Ratings has rated FREMF 2012-K23 multifamily mortgage pass-through
certificates and Freddie Mac structured pass-through certificates, series
K-023 as follows:

FREMF 2012-K23 Multifamily Mortgage Pass-Through Certificates

--$202,136,000 class A-1 'AAAsf'; Outlook Stable;

--$944,939,000 class A-2 'AAAsf'; Outlook Stable;

--$1,147,075,000* class X1 'AAAsf'; Outlook Stable;

--$1,147,075,000* class X2-A 'AAAsf'; Outlook Stable;

--$85,602,000 class B 'A-sf'; Outlook Stable;

--$34,241,000 class C 'BBBsf'; Outlook Stable.

Freddie Mac Structured Pass-Through Certificates, Series K-023

--$202,136,000 class A-1 'AAAsf'; Outlook Stable;

--$944,939,000 class A-2 'AAAsf'; Outlook Stable;

--$1,147,075,000* class X1 'AAAsf'; Outlook Stable.

*Notional amount and interest only.

Of the FREMF 2012-K23 Multifamily Mortgage Pass-Through Certificates, Fitch
did not rate the $222,566,927 interest-only class X2-B, the $222,566,927
interest-only class X3 or the $102,723,927 class D. Of the Freddie Mac
Structured Pass-Through Certificates, series K-023, Fitch did not rate the
$222,566,927 interest-only class X3.

The FREMF 2012-K23 Multifamily Mortgage Pass-Through Certificates (FREMF
2012-K23) represent the beneficial interests in a pool of 76 commercial
mortgages secured by 76 properties. The Freddie Mac Structured Pass-Through
Certificates, series K023 (Freddie Mac SPC K023) represent a pass-through
interest in the corresponding class of securities issued by FREMF 2012-K23.
Each Freddie Mac SPC K23 security has the same designation as its underlying
FREMF 2012-K23 class. All loans were originated by various seller/servicers
according to the guidelines of Freddie Mac Capital Markets Execution (CME)
product. The certificates follow a sequential-pay structure.

Fitch reviewed a comprehensive sample of the transaction's collateral,
including site inspections on 73.1% of the properties by balance and cash flow
analysis of 73.8% of the pool.

The transaction has a Fitch stressed debt service coverage ratio (DSCR) of
1.03x, a Fitch stressed loan-to value (LTV) of 115.1%, and a Fitch debt yield
of 7.27%. Fitch's aggregate net cash flow represents a variance of 5.92% to
issuer cash flows.

The Master Servicer will be Wells Fargo Bank, National Association, rated
'CMS2' by Fitch. The Special Servicer will be Midland Loan Services, a
division of PNC bank, National Association, rated 'CSS1' 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. 8, 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, 2012;

--'Criteria for Special-Purpose Vehicles in Structured Finance Transactions',
May 30, 2012.

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PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK:
HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING
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COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM
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Contact:

Fitch Ratings
Primary Analyst
Michelle Gilbert, +1-212-908-0892
Director
Fitch, Inc.
One State Street Plaza
New York, NY 10004
or
Secondary Analyst
Clement Okeke, +1-312-606-2323
Analyst
or
Committee Chairperson
Eric Rothfeld, +1-212-908-0761
Managing Director
or
Media Relations
Sandro Scenga, +1-212-908-0278 (New York)
sandro.scenga@fitchratings.com
 
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