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Rating Action:

Moody's Affirms 12 CMBS Classes of MSC 2012-STAR

Global Credit Research - 02 Mar 2017

Approximately $312 Million of Structured Securities Affected

New York, March 02, 2017 -- Moody's Investors Service (Moody's) affirmed the ratings of 12 classes of Morgan Stanley Capital I Trust Commercial Mortgage Pass-Through Certificates, Series 2012-STAR as follows:

Cl. A-1, Affirmed Aaa (sf); previously on Apr 7, 2016 Affirmed Aaa (sf)

Cl. A-1W, Affirmed Aaa (sf); previously on Apr 7, 2016 Affirmed Aaa (sf)

Cl. A-2, Affirmed Aaa (sf); previously on Apr 7, 2016 Affirmed Aaa (sf)

Cl. A-2W, Affirmed Aaa (sf); previously on Apr 7, 2016 Affirmed Aaa (sf)

Cl. B, Affirmed Aa1 (sf); previously on Apr 7, 2016 Affirmed Aa1 (sf)

Cl. C, Affirmed Aa2 (sf); previously on Apr 7, 2016 Affirmed Aa2 (sf)

Cl. D, Affirmed A1 (sf); previously on Apr 7, 2016 Affirmed A1 (sf)

Cl. E, Affirmed A2 (sf); previously on Apr 7, 2016 Affirmed A2 (sf)

Cl. X-A, Affirmed Aaa (sf); previously on Apr 7, 2016 Affirmed Aaa (sf)

Cl. X-A1, Affirmed Aaa (sf); previously on Apr 7, 2016 Affirmed Aaa (sf)

Cl. X-A2, Affirmed Aaa (sf); previously on Apr 7, 2016 Affirmed Aaa (sf)

Cl. X-B, Affirmed Aa2 (sf); previously on Apr 7, 2016 Affirmed Aa2 (sf)

RATINGS RATIONALE

The affirmations of eight principal and interest (P&I) classes are due to key parameters, including Moody's loan to value (LTV) ratio and Moody's stressed debt service coverage (DSCR), remaining within acceptable ranges.

The ratings of interest-only (IO) Classes X-A and X-B were affirmed based on the weighted average rating factor or WARF of their referenced classes. The ratings of IO Classes X-A1 and X-A2 were affirmed because the ratings are consistent with the expected credit performance of their referenced classes.

FACTORS THAT WOULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS:

The performance expectations for a given variable indicate Moody's forward-looking view of the likely range of performance over the medium term. Performance that falls outside the given range can indicate that the collateral's credit quality is stronger or weaker than Moody's had previously expected.

Factors that could lead to an upgrade of the ratings include a significant amount of pay downs or amortization, an increase in defeasance or an improvement in loan performance.

Factors that could lead to a downgrade of the ratings include a decline in the performance of the loan or interest shortfalls.

METHODOLOGY UNDERLYING THE RATING ACTION

The principal methodology used in these ratings was "Moody's Approach to Rating Large Loan and Single Asset/Single Borrower CMBS" published in October 2015. Please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.

Additionally, the methodology used in rating Cl. X-A, Cl.X-B, Cl. X-A1, and Cl. X-A2 was "Moody's Approach to Rating Structured Finance Interest-Only Securities" published in October 2015. Please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.

Please note that on February 27, 2017, Moody's released a "Request for Comment" in which it has requested market feedback on proposed changes to its methodology for rating IO securities called "Moody's Approach to Rating Structured Finance Interest-Only Securities," dated October 20, 2015. If Moody's adopts the new methodology as proposed, the changes could affect the ratings of Morgan Stanley Capital I Trust Commercial Mortgage Pass-Through Certificates, Series 2012-STAR. Please see "Moody's Proposes Revised Approach to Rating Structured Finance Interest-Only (IO) Securities", which is available at www.moodys.com, for more information about the implications of the proposed changes to the methodology on Moody's ratings.

DESCRIPTION OF MODELS USED

Moody's review incorporated the use of the excel-based Large Loan Model. The large loan model derives credit enhancement levels based on an aggregation of adjusted loan level proceeds derived from Moody's loan level LTV ratios. Major adjustments to determining proceeds include leverage, loan structure, property type, and sponsorship. These aggregated proceeds are then further adjusted for any pooling benefits associated with loan level diversity, other concentrations and correlations.

DEAL PERFORMANCE

As of the February 7, 2017 Payment Date, the transaction's aggregate certificate balance has decreased by approximately 8% to $312 million from $340 million at securitization. The certificates are collateralized by one fixed-rate whole loan secured by the fee simple interest in 721,438 square feet of retail space within the North Star Mall, a 1.2 million square foot super-regional retail mall located in San Antonio, Texas.

The North Star Mall is the dominant mall in the greater San Antonio, Texas market. Occupancy was 97%, as of September 2016. Comparable in-line tenant sales for tenants less than 10,000 square feet were $765 per square foot for the trailing 12-month period ended October 2016. The mall is anchored by Macy's, Dillard's, Saks Fifth Avenue and JC Penney.

The property's NCF during the first nine months of 2016 was $30 million. Moody's stabilized NCF is $35.2 million, Moody's loan to value (LTV) ratio is 66%. Moody's current structured credit assessment for the loan is a2 (sca.pd). There are no interest shortfalls or losses incurred as of the current Payment Date.

REGULATORY DISCLOSURES

For further specification of Moody's key rating assumptions and sensitivity analysis, see the sections Methodology Assumptions and Sensitivity to Assumptions of the disclosure form.

The analysis includes an assessment of collateral characteristics and performance to determine the expected collateral loss or a range of expected collateral losses or cash flows to the rated instruments. As a second step, Moody's estimates expected collateral losses or cash flows using a quantitative tool that takes into account credit enhancement, loss allocation and other structural features, to derive the expected loss for each rated instrument.

Moody's did not use any stress scenario simulations in its analysis.

For ratings issued on a program, series or category/class of debt, this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the credit rating action on the support provider and in relation to each particular credit rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this credit rating action, and whose ratings may change as a result of this credit rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.

Eun Jee Park
VP - Senior Credit Officer
Structured Finance Group
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Keith Banhazl
Associate Managing Director
Structured Finance Group
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Releasing Office:
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

No Related Data.
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