Fitch to Rate MSBAM 2013-C8 Commercial Mortgage Pass-Through Certificates;
NEW YORK -- January 29, 2013
Fitch Ratings has issued a presale report on the Banc of America Merrill Lynch
Commercial Mortgage Inc. MSBAM 2013-C8 commercial mortgage pass-through
Fitch expects to rate the transaction and assign Rating Outlooks as follows:
--$75,700,000 class A-1 'AAAsf'; Outlook Stable;
--$145,900,000 class A-2 'AAAsf'; Outlook Stable;
--$98,964,000 class ASB 'AAAsf'; Outlook Stable;
--$140,000,000 class A-3 'AAAsf'; Outlook Stable;
--$335,996,000 class A-4 'AAAsf'; Outlook Stable;
--$108,105,000b class A-S 'AAAsf'; Outlook Stable;
--$68,276,000b class B 'AA-sf'; Outlook Stable;
--$219,054,000b class PST 'A-sf'; Outlook Stable;
--$42,673,000b class C 'A-sf'; Outlook Stable;
--$904,665,000c class X-A 'AAAsf'; Outlook Stable;
--$68,276,000a,c class X-B 'AA-sf'; Outlook Stable;
--$48,363,000a class D 'BBB-sf'; Outlook Stable;
--$19,914,000a class E 'BBsf'; Outlook Stable;
--$12,802,000a class F 'Bsf'; Outlook Stable;
a Privately placed pursuant to Rule 144A.
b Class A-S, class B, and class C certificates may be exchanged for class PST
Certificates, and class PST Certificates may be exchanged for class A-S, class
B and class C certificates.
c Notional amount and interest-only.
The expected ratings are based on information provided by the issuer as of
Jan. 24, 2013. Fitch does not expect to rate the $21,336,000 class G or the
$19,914,694 class H.
The certificates represent the beneficial ownership in the trust, primary
assets of which are 54 loans secured by 62 commercial properties having an
aggregate principal balance of approximately $1.138 billion as of the cutoff
date. The loans were contributed to the trust by Bank of America, National
Association and Morgan Stanley Mortgage Capital Holdings LLC.
Fitch reviewed a comprehensive sample of the transaction's collateral,
including site inspections on 86.2% of the properties by balance, cash flow
analysis of 87.8%, and asset summary reviews on 87.8% of the pool.
The transaction has a Fitch stressed debt service coverage ratio (DSCR) of
1.37x, a Fitch stressed loan-to-value (LTV) of 99.1%, and a Fitch debt yield
of 9.9%. Fitch's aggregate net cash flow represents a variance of 8.3% to
issuer cash flows.
The Master Servicer and Special Servicer will be Wells Fargo Bank, National
Association and NS Servicing II, LLC, National Association, rated 'CMS2' and
'CSS3+', respectively, 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);
--'Criteria for Analyzing Large Loans in U.S. Commercial Mortgage
Transactions' (Sep. 21, 2012);
--'Global Structured Finance Rating Criteria' (June 6, 2012);
--'Criteria for Special-Purpose Vehicles in Structured Finance Transactions'
(May 30, 2012);
--'U.S. Commercial Mortgage Servicer Rating Criteria' (Feb. 18, 2011);
--'Surveillance Methodology for U.S. Fixed-Rate CMBS Transactions' (Dec. 21,
--'Counterparty Criteria for Structured Finance Transactions' (May 30, 2012).
Applicable Criteria and Related Research: Morgan Stanley Bank of America
Merrill Lynch Trust, Series 2013-C8 (US CMBS)
Criteria for Analyzing Multiborrower U.S. Commercial Mortgage Transactions
U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria
Counterparty Criteria for Structured Finance Transactions
U.S. Commercial Mortgage Servicer Rating Criteria
Global Structured Finance Rating Criteria
Criteria for Analyzing Large Loans in U.S. Commercial Mortgage Transactions
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George Kaleh, +1-212-908-9140
One State Street Plaza
New York, NY 10004
Eric Rothfeld, +1-212-908-0761
Sandro Scenga, New York, +1 212-908-0278
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