Fitch Affirms UBSBB 2012-C2

NEW YORK--(BUSINESS WIRE)-- Fitch Ratings has affirmed 12 classes of UBS-Barclays Commercial Mortgage Trust 2012-C2 (UBSBB 2012-C2) commercial mortgage pass-through certificates due to stable performance of the underlying pool. A detailed list of rating actions follows at the end of this press release.

KEY RATING DRIVERS

The affirmations of UBSBB 2012-C2 are based on the stable performance of the underlying collateral pool. As of the May 2015 distribution date, the pool's aggregate principal balance has been reduced by 3.5% to $1.17 billion from $1.22 billion at issuance. The pool has experienced no realized losses to date. Approximately 29% of the portfolio consists of regional malls, including five of the top 15 loans. Fitch has not designated any Fitch Loans of Concern, and no loans are currently in special servicing. Per the servicer reporting, two loans (0.9% of the pool) are defeased.

The largest loan in the pool is the 110 William Street loan (11.9% of the pool), which is collateralized by an 874,426 sf, 35-story building located in New York, NY at the intersection of William Street and John Street. The property is located five blocks north of the New York Stock Exchange and has direct access to the newly constructed Fulton Street Transit Center. As of the Feb. 2015 rent roll, the property was 95.3% occupied with approximately 7% tenant roll over the next year. The largest tenants are New York City Economic Development (28.4% of net rentable area [NRA]) and the NYS Superintendent of Insurance (12.6%). The year-end 2014 servicer reported debt service coverage ratio (DSCR) was 1.52x.

The next largest loan is secured by a 518,000 sf portion of the Crystal Mall (8% of the pool), a two-story enclosed regional mall located in Waterford, CT. Per the servicer, the YTD 2014 DSCR and occupancy were 2.44x and 88.3%, respectively. There are four anchors at the property, two of which, Macy's and Sear's, are not part of the collateral. The third anchor, JC Penney (17.1% of the collateral NRA), recently renewed its lease through 2019; and Bed Bath & Beyond/Christmas Tree Shops (12.7%) has a lease through 2024. Approximately 24% of the collateral square footage (16% of total mall sf) rolls over the next year. Annualized in-line comparable sales for 2014 were reported at $294 psf, which is in line with the 2013 average.

RATING SENSITIVITIES

Rating Outlooks remain Stable for all classes. No rating actions are expected unless there are material changes to property occupancies or cash flows. The pool has maintained performance consistent with issuance. Additional information on rating sensitivity is available in the report 'UBS-Barclays Commercial Mortgage Trust 2012-C2 ' (July 23, 2012), available at www.fitchratings.com.

Fitch affirms the following classes as indicated:

--$38 million class A-1 at 'AAAsf'; Outlook Stable;

--$174.8 million class A-2 at 'AAAsf'; Outlook Stable;

--$116.3 million class A-3 at 'AAAsf'; Outlook Stable;

--$479.7 million class A-4 at 'AAAsf'; Outlook Stable;

--$94.2 million class A-S-EC at 'AAAsf'; Outlook Stable;

--$63.8 million class B-EC at 'AAsf'; Outlook Stable;

--$45.6 million class C-EC at 'Asf'; Outlook Stable;

--$203.7 class EC at 'Asf'; Outlook Stable;

--$24.3 million class D at 'BBB+sf'; Outlook Stable;

--$47.1 million class E at 'BBB-sf'; Outlook Stable;

--$22.8 million class F at 'BBsf'; Outlook Stable;

--$24.3 million class G at 'Bsf'; Outlook Stable.

The class A-S-EC, class B-EC and class C-EC certificates may be exchanged for class EC certificates, and class EC certificates may be exchanged for class A-S-EC, class B-EC and class C-EC certificates. As of the June 2013 remittance, all of the class A-S-EC, class B-EC and class C-EC certificates had been exchanged for class EC certificates.

Fitch does not rate the interest-only class X-B or class H certificates.

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:

--'UBS-Barclays Commercial Mortgage Trust 2012-C2 -- Appendix' (July 23, 2012).

Additional information on Fitch's criteria for analyzing U.S. CMBS transactions is available in the Dec. 10, 2014 report, 'U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria', which is available at 'www.fitchratings.com' under the following headers:

Structured Finance >> CMBS >> Criteria Reports

Additional information is available on www.fitchratings.com

Applicable Criteria and Related Research:

--'Global Structured Finance Rating Criteria' (March 31, 2015);

--'U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria' (Dec. 10, 2014);

--'UBS-Barclays Commercial Mortgage Trust 2012-C2' (July 23, 2012).

Applicable Criteria and Related Research:

UBS-Barclays Commercial Mortgage Trust 2012-C2 -- Appendix

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=684226

U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=812608

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=864268

UBS-Barclays Commercial Mortgage Trust 2012-C2

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=684225

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=985153

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

View source version on businesswire.com: http://www.businesswire.com/news/home/20150521006288/en/

Fitch Ratings
Primary Analyst
Stacey McGovern
Director
+1-212-908-0722
Fitch Ratings, Inc.
33 Whitehall Street
New York, NY 10004
or
Committee Chairperson
Mary MacNeill
Managing Director
+1-212-908-0785
or
Media Relations:
Sandro Scenga, New York, +1 212-908-0278
Email: [email protected]

Source: Fitch Ratings

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