NEW YORK--(BUSINESS WIRE)--
Kroll Bond Rating Agency (KBRA) assigned its final ratings to seven
classes of UBS-BAMLL Trust 2012-WRM certificates issued in a $415.0
million CMBS large loan transaction. Concurrently, we have withdrawn our
preliminary ratings on the certificates, which were assigned on June 18,
2012 (see our ratings listed below).
The transaction is collateralized by two non-recourse first lien
mortgage loans; however the loans are not cross-collateralized or
cross-defaulted. Each loan is secured by a super-regional mall that is
owned and managed by Westfield America Inc. or its affiliates. The
larger of the two loans has a balance of $275.0 million and is secured
by the borrower’s fee simple and leasehold interests in 678,494 sf of
Galleria at Roseville, a 1.3 million sf super-regional mall located in
Roseville, California. The second loan has a balance of $140.0 million
and is secured by the borrower’s fee simple interest in 616,591 sf of
MainPlace Mall, a 1.1 million sf super-regional mall located in Santa
Ana, California.
KBRA’s analysis of the transaction included a detailed evaluation of
each mall's cash flow using our CMBS Property Evaluation Guidelines and
the application of our CMBS Single Borrower & Large Loan Rating
Methodology. To value the properties, we selected capitalization rates
of 8.0% and 8.75% for the Galleria at Roseville and MainPlace Mall,
respectively. The results of our analysis yielded an aggregate KBRA Net
Cash Flow (KNCF) of $51.4 million and KBRA value of $622.8 million. The
resulting KBRA Loan to Value (KLTV) was 66.6% and the KBRA Debt Service
Coverage during the term (KDSCt) was 2.88x. Our analysis of the
transaction also included an evaluation of third party engineering and
environmental reports, as well as our site inspections of the properties
and their competitors.
For complete details on the analysis, please see our Presale Report, UBS-BAMLL
Trust 2012-WRM, published at www.krollbondratings.com.
Final Ratings Assigned: UBS-BAMLL Trust 2012-WRM
 | |
|
Class
|
|
|
Expected Rating
|
|
|
Balance (US$)
| |
|
A
|
|
|
AAA (sf)
|
|
| $284,000,000 | |
|
X-A
|
|
|
AAA (sf)
|
|
| $284,000,000* | |
|
X-B
|
|
|
AAA (sf)
|
|
|
$131,000,000*
| |
|
B
|
|
|
AA (sf)
|
|
| $43,000,000 | |
|
C
|
|
|
A (sf)
|
|
| $36,000,000 | |
|
D
|
|
|
BBB (sf)
|
|
| $39,000,000 | |
|
E
|
|
|
BBB- (sf)
|
|
| $13,000,000 | |
*Notional Amount
| |
|
|
Related publications:
UBS-BAMLL
Trust 2012-WRM Pre-Sale Report
UBS-BAMLL
Trust 2012-WRM 17g7 Disclosure Report
CMBS
Property Evaluation Guidelines, published June 10, 2011
CMBS
Single Borrower & Large Loan Rating Methodology, published August 8, 2011
About Kroll Bond Rating Agency
KBRA was established in 2010 by Jules Kroll to restore trust in credit
ratings by creating new standards for assessing risk and by offering
accurate, clear and transparent ratings. KBRA is registered with the
U.S. Securities and Exchange Commission as a Nationally Recognized
Statistical Rating Organization (NRSRO). In addition, KBRA is recognized
by the National Association of Insurance Commissioners (NAIC) as a
Credit Rating Provider (CRP).
Analytical Contacts:
Kroll Bond
Rating Agency
Jereme Koons, 646-731-2306
jkoons@krollbondratings.com
or
Keith
Kockenmeister, 646-731-2349
kkockenmeister@krollbondratings.com
Source: Kroll Bond Rating Agency
| Copyright: | Copyright Business Wire 2012 |
| Wordcount: | 497 |
