Fitch Affirms WFRBS 2012-C6

NEW YORK--(BUSINESS WIRE)-- Fitch Ratings has affirmed 11 classes of Wells Fargo Commercial Mortgage Securities Inc. (WFRBS) commercial mortgage pass-through certificates series 2012-C6. A detailed list of rating actions follows at the end of this release.

KEY RATING DRIVERS

The affirmations are based on continued stable performance of the underlying pool since issuance. The pool has experienced no realized losses to date. Fitch has designated two loans (1.7%) as Fitch Loans of Concern, which includes one specially serviced asset (0.2%).

As of the November 2015 distribution date, the pool's aggregate principal balance has been reduced by 5.2% to $876.8 million from $925 million at issuance. Per the servicer reporting, two loans (1.3% of the pool) are defeased. Interest shortfalls are currently affecting class G.

The specially serviced asset (0.2% of the pool) is secured by a 541-unit self-storage facility located in Ft. Worth, TX. The loan transferred in April 2015 due to the bankruptcy filing of a guarantor. The loan has remained current as the guarantor's bankruptcy case is still pending. A rent roll dated May 2015 indicates that the property is 83% occupied. The debt-service coverage ratio (DSCR) as of March 2015 was reported to be 1.38x.

The other Fitch Loan of Concern (1.5%) is secured by a 206-unit multi-family building located in St. Louis, MO, in the Central West End submarket. Occupancy at the property has been on a steady decline since issuance, dropping to 54% as of June 2015 from 86% in 2012. The decline in occupancy has also affected the DSCR, which was reported to be 0.75x at year-end (YE) 2014 compared to 1.37x at issuance. The servicer reports that units are being upgraded on an ongoing basis with roughly 90 of the units off-line according to the June 2015 rent roll.

The largest loan in the pool (8.4%) is secured by the National Cancer Institute (NCI) center, a 341,271-square foot (sf) office and lab facility in Frederick, MD, approximately 50 miles northwest of Washington D.C. and 50 miles west of Baltimore. The three-story building, which was constructed in 2011, is 100% leased to the Science Applications International Corporation-Frederick (SAIC-F) through September 2021. The servicer reported DSCR was 1.45x as of June 2015.

RATING SENSITIVITIES

The Rating Outlooks for all classes remain Stable due to stable collateral performance. Fitch does not foresee positive or negative ratings migration until a material economic or asset level event changes the transaction's overall portfolio-level metrics.

DUE DILIGENCE USAGE

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

Fitch affirms the following classes:

--$9.3 million class A1 at 'AAAsf'; Outlook Stable;

--$136.8 million class A2 at 'AAAsf'; Outlook Stable;

--$67.8 million class A3 at 'AAAsf'; Outlook Stable;

--$385.4 million class A4 at 'AAAsf'; Outlook Stable;

--$700 million class X-A at 'AAAsf'; Outlook Stable;

--$100.6 million class AS at 'AAAsf'; Outlook Stable;

--$42.8 million class B at 'AAsf'; Outlook Stable;

--$31.2 million class C at 'Asf'; Outlook Stable;

--$47.4 million class D at 'BBB-sf'; Outlook Stable;

--$13.9 million class E at 'BBsf'; Outlook Stable;

--$13.9 million class F at 'Bsf'; Outlook Stable.

Fitch does not rate the class X-B or G 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. and Canadian Fixed-Rate Multiborrower CMBS Surveillance and U.S. Re-REMIC Criteria (pub. 13 Nov 2015)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=873395

Related Research

WFRBS Commercial Mortgage Trust 2012-C6 -- Appendix

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=677232

Additional Disclosures

Dodd-Frank Rating Information Disclosure Form

https://www.fitchratings.com/creditdesk/press_releases/content/ridf_frame.cfm?pr_id=996350

Solicitation Status

https://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=996350

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/20151209006387/en/

Fitch Ratings
Primary Analyst
Daniel Anderson
Associate Director
+1-312-606-2305
Fitch Ratings, Inc.
70 West Madison Street
Chicago, IL 60602
or
Committee Chairperson
Chris Bushart
Senior Director
+1-212-908-0606
or
Media Relations:
Sandro Scenga, +1 212-908-0278
[email protected]

Source: Fitch Ratings

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