Fitch Affirms WFRBS 2012-C8

CHICAGO--(BUSINESS WIRE)-- Fitch Ratings has affirmed 15 classes of Wells Fargo Bank, National Association, WFRBS Commercial Mortgage Trust 2012-C8 commercial mortgage pass-through certificates (WFRBS 2012-C8). A list of rating actions follows at the end of this press release.

KEY RATING DRIVERS

The affirmations are based on the stable performance of the underlying collateral pool. Fitch has designated two loans as Fitch Loans of Concern due to a decline in occupancy. No loans are delinquent, but one loan is in special servicing due to the bankruptcy filing of a guarantor.

As of the April 2015 distribution date, the pool's aggregate principal balance has been reduced by 3% to $1.26 billion from $1.3 billion at issuance. Per the servicer reporting, one loan (3.2% of the pool) is defeased. Interest shortfalls are currently affecting class H.

The specially serviced loan (0.2% of the pool) is secured by a 463-unit self-storage facility in Houston, TX. In April 2015 the master servicer received notice that one of the loan guarantors filed for voluntary bankruptcy. The loan remains current. As of September 2014 the property was 89% occupied and had a debt service coverage ratio (DSCR) of 1.65x.

The largest loan of the pool (10.5%) is secured by a 1.1 million square foot (sf) office building located two blocks from City Hall and the World Trade Center site in downtown Manhattan. The property was constructed in 1958 and has undergone approximately $22 million in renovations and updates since 2005. Major tenants include the City of New York, HF Management Services and the State of New York. As of year-end (YE) 2014, the property was 96% occupied and the DSCR was reported to be 2.03x.

The second largest loan (8.1%) is collateralized by a mix of 20 single-tenant industrial and office properties located in 12 different states. The portfolio consists of 17 industrial properties and two flex/lab buildings occupied by 12 unique tenants, eight of which are headquartered at their respective facilities. The portfolio was 100% occupied as of YE 2014 and DSCR was reported to be 3.02x.

RATING SENSITIVITIES

The Rating Outlook for all classes remains Stable. Fitch does not foresee positive or negative ratings migration unless a material economic or asset level event changes the underlying transaction's portfolio-level metrics. The pool has maintained performance consistent with issuance. Additional information on rating sensitivity is available in the report 'WFRBS Commercial Mortgage Trust 2012-C8' (Aug. 31, 2012), available at www.fitchratings.com.

Fitch affirms the following classes as indicated:

--$58.2 million class A-1 at 'AAAsf'; Outlook Stable;

--$187.7 million class A-2 at 'AAAsf'; Outlook Stable;

--$414.1 million class A-3 at 'AAAsf'; Outlook Stable;

--$96.9 million class A-SB at 'AAAsf'; Outlook Stable;

--$115 million class A-FL at 'AAAsf'; Outlook Stable;

--$0 class A-FX at 'AAAsf'; Outlook Stable;

--$113.8 million class A-S at 'AAAsf'; Outlook Stable;

--$985.7 million interest-only class X-A at 'AAAsf'; Outlook Stable;

--$66.7 million interest-only class X-B at 'AAsf'; Outlook Stable;

--$66.7 million class B at 'AAsf'; Outlook Stable;

--$43.9 million class C at 'Asf'; Outlook Stable;

--$26 million class D at 'BBB+sf'; Outlook Stable;

--$45.5 million class E at 'BBB-sf'; Outlook Stable;

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

--$26 million class G at 'Bsf'; Outlook Stable.

Fitch does not rate the class H certificates.

Wells Fargo Bank, N.A. is the swap counterparty for the floating-rate class A-FL. In the event breakage costs are due to the swap counterparty from the trust, any breakage costs will only be paid after all payments on the class A-FL certificates are paid in full. The aggregate balance of the class A-FL may be adjusted as a result of the exchange of all or a portion of the class A-FL certificates for the fixed-rate class A-FX.

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:

--'WFRBS Commercial Mortgage Trust 2012-C8' (Aug. 31, 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 then CMBS then Criteria Reports

Additional information is available at 'www.fitchratings.com'.

Applicable Criteria and Related Research:

--'Global Structured Finance Rating Criteria' (Aug. 4, 2014);

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

Applicable Criteria and Related Research:

Global Structured Finance Rating Criteria

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

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

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

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=984205

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.

Fitch Ratings
Primary Analyst
R. Brook Sutherland
Director
+1 312-606-2346
Fitch Ratings, Inc.
70 West Madison
Chicago, IL 60602
or
Committee Chairperson
Karen Trebach
Senior Director
+1 212-908-0215
or
Media Relations:
Sandro Scenga, +1 212-908-0278
[email protected]

Source: Fitch Ratings

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