Fitch Affirms MSBAM 2012-C6

NEW YORK--(BUSINESS WIRE)-- Fitch Ratings has affirmed 15 classes from Morgan Stanley Capital I, Inc. MSBAM 2012-C6 commercial mortgage pass-through certificates (MSBAM 2012-C6). A detailed list of rating actions follows at the end of this press release.

KEY RATING DRIVERS

The affirmation of MSBAM 2012-C6 is based on the stable performance of the underlying collateral pool. As of the July 2015 distribution date, the pool's aggregate principal balance has been reduced by 4.1% to $1.08 billion from $1.12 billion at issuance. There are no loans in special servicing. Fitch has designated four loans (3.9%) as a Fitch Loans of Concern.

Fitch is monitoring the Cumberland Mall loan (4.5%), which is secured by is a 943,897 sf (670,667 sf is collateral) regional mall located in Vineland, NJ, approximately 44 miles south of Philadelphia. J.C. Penney recently vacated a 51,352 sf anchor space which had a lease expiration of July 2015. After J.C. Penney vacated the overall mall occupancy was 88% and the collateral occupancy was 83% as of April 2015. The shopping center is anchored by Home Depot (ground lease), Burlington Coat Factory, and Regal Cinemas. BJ's Wholesale Club and Boscov's serve as non-owned anchors. The NOI DSCR as of year-end 2014 was 1.56x and 1.54x as of first quarter 2015.

The largest loan of the pool (11.6%) is collateralized by 1880 Broadway/15 Central Park West Retail, a 84,240 square foot (sf) retail condominium unit located on the eastern side of Broadway between West 61st Street and West 62nd Street in Manhattan's Upper West Side neighborhood. The property is 100% occupied and the major tenants that occupy the space are Best Buy (54.4% of net rentable area [NRA]), West Elm (30.3% of NRA), and JP Morgan Chase (12.9% of NRA). Above the ground floor retail collateral are luxury residential units that are not part of the collateral. As of year-end 2014, the servicer reported net operating income (NOI) debt service coverage ratio (DSCR) was 1.91x.

The second largest loan in the pool (7.0%) is collateralized by the Chelsea Terminal Building, a 1,054,442 sf series of contiguous mixed-use buildings located in Manhattan's Chelsea neighborhood. The property is located two blocks west of the elevated Highline Park and two blocks south of the Javits Convention Center and Hudson Yards redevelopment project. The building was mainly being used as mini-storage for many years before being redeveloped to a mixed-use office and retail product in recent years. The property had substantial damage from Hurricane Sandy but according to the servicer, the borrower has completed all repairs and loan is pending removal from the watchlist. As of year-end 2014 the DSCR is 2.78x with an occupancy of 89%.

RATING SENSITIVITIES

The Rating Outlooks remain Stable for all classes even with the conservative assumptions that were applied to the Cumberland Mall. No rating actions are expected unless a material economic or asset level event changes the transaction's portfolio-level metrics. Additional information on key rating drivers and rating sensitivities are further described in the new issue report Morgan Stanley Bank of America Merrill Lynch Trust 2012-C6' (Nov. 20, 2012), available at www.fitchratings.com.

DUE DILIGENCE USAGE

No third-party due diligence was provided or reviewed in relation to this rating action.

Fitch affirms the following classes as indicated:

--$21.2 million class A-1 at 'AAAsf'; Outlook Stable;

--$236 million class A-2 at 'AAAsf'; Outlook Stable;

--$72 million class A-3 at 'AAAsf'; Outlook Stable;

--$411.4 million class A-4 at 'AAAsf'; Outlook Stable;

--$98.3 million class A-S at 'AAAsf'; Outlook Stable;

--$50.6 million class B at 'AAsf'; Outlook Stable;

--$43.5 million class C at 'Asf'; Outlook Stable;

--$0 class PST (Exchangeable) at 'Asf'; Outlook Stable;

--$21.1 million class D at 'BBB+sf'; Outlook Stable;

--$40.7 million class E at 'BBB-sf'; Outlook Stable;

--$9.8 million class F at 'BBB-sf'; Outlook Stable;

--$19.7 million class G at 'BBsf'; Outlook Stable;

--$12.6 million class H at 'Bsf'; Outlook Stable;

--$838.9 million class X-A at 'AAAsf'; Outlook Stable;

--$94.1 million class X-B at 'Asf'; Outlook Stable.

The class PST certificates are exchangeable for the class A-S, class B, and class C certificates.

Fitch does not rate the class J and X-C certificates.

Additional information is available at www.fitchratings.com.

Applicable Criteria

Global Structured Finance Rating Criteria (pub. 06 Jul 2015)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=867952

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

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

Related Research

Morgan Stanley Bank of America Merrill Lynch Trust 2012-C6: Appendix

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=695660

Additional Disclosures

Dodd-Frank Rating Information Disclosure Form

https://www.fitchratings.com/creditdesk/press_releases/content/ridf_frame.cfm?pr_id=989122

Solicitation Status

https://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=989122

Endorsement Policy

https://www.fitchratings.com/jsp/creditdesk/PolicyRegulation.faces?context=2&detail=31

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/20150806006227/en/

Fitch Ratings
Primary Analyst
Darren Liss
Director
+1-212-908-0753
Fitch Ratings, Inc.
33 Whitehall Street
New York, NY 10004
or
Committee Chairperson
Robert Sutherland
Senior Director
+1-312-606-2346
or
Media Relations
Sandro Scenga, +1 212-908-0278
[email protected]

Source: Fitch Ratings

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