DBRS Confirms Ratings of FREMF 2012-K19 Mortgage Trust

DBRS has today confirmed the ratings of FREMF 2012-K19 Mortgage Trust, Series 2012-K19, as follows:

-- Class A-1 at AAA (sf)
-- Class A-2 at AAA (sf)
-- Class B at AA (low) (sf)
-- Class C at A (sf)
-- Class X1 at AAA (sf)
-- Class X2-A at AAA (sf)

All trends are Stable.

The collateral consists of 83 fixed-rate loans secured by 83 multifamily properties. As of the May 2013 remittance report, the pool has a balance of approximately $1.26 billion, representing a collateral reduction of approximately 0.65% since issuance in August 2012. Overall, the loans in the pool have reported stable performance since issuance. According to YE2012 reporting, the pool had a weighted-average debt service coverage ratio (DSCR) of 1.44 times (x). The transaction also benefits from loans structured with significant amortization, as 16.1% of the pool amortizes down by maturity.

As of the June 2013 remittance report, there is one loan on the servicer’s watchlist, representing 2.3% of the current pool balance. The loan remains current but is being monitored for a low occupancy rate.

The DBRS analysis included an in-depth review of the top 15 loans and the loan on the servicer’s watchlist, which represents approximately 41.2% of the current pool balance.

DBRS continues to monitor this transaction in its Monthly CMBS Surveillance Report, with additional information on the DBRS viewpoint for this transaction, including details on the largest loans in the pool and loans on the servicer’s watchlist. The June 2013 Monthly CMBS Surveillance Report for this transaction will be published shortly. If you are interested in receiving this report, contact us at info@dbrs.com.

Notes:
All figures are in U.S dollars unless otherwise noted.

The applicable methodologies are CMBS Rating Methodology (January 2012) and CMBS North American Surveillance Methodology (November 2012), which can be found on our website under Methodologies.

This rating is endorsed by DBRS Ratings Limited for use in the European Union.