Please Note
We brought you to this page based on your search query. If this isn't what you are looking for, you can continue to Search Results for ""
The maximum number of items you can export is 3,000. Please reduce your list by using the filtering tool to the left.
Close
Close
Email Research
Recipient email addresses will not be used in mailing lists or redistributed.
Recipient's
Email

Use semicolon to separate each address, limit to 20 addresses.
Enter the
characters you see
Close
Email Research
Thank you for your interest in sharing Moody's Research. You have reached the daily limit of Research email sharings.
Close
Thank you!
You have successfully sent the research.
Please note: some research requires a paid subscription in order to access.
Already a customer?
LOG IN
Don't want to see this again?
REGISTER
OR
Accept our Terms of Use to continue to Moodys.com:

PLEASE READ AND SCROLL DOWN!

By clicking “I AGREE” [at the end of this document], you indicate that you understand and intend these terms and conditions to be the legal equivalent of a signed, written contract and equally binding, and that you accept such terms and conditions as a condition of viewing any and all Moody’s inform​ation that becomes accessible to you [after clicking “I AGREE”] (the “Information”).   References herein to “Moody’s” include Moody’s Corporation, Inc. and each of its subsidiaries and affiliates.

Terms of One-Time Website Use

1.            Unless you have entered into an express written contract with Moody’s to the contrary, you agree that you have no right to use the Information in a commercial or public setting and no right to copy it, save it, print it, sell it, or publish or distribute any portion of it in any form.               

2.            You acknowledge and agree that Moody’s credit ratings: (i) are current opinions of the future relative creditworthiness of securities and address no other risk; and (ii) are not statements of current or historical fact or recommendations to purchase, hold or sell particular securities.  Moody’s credit ratings and publications are not intended for retail investors, and it would be reckless and inappropriate for retail investors to use Moody’s credit ratings and publications when making an investment decision.  No warranty, express or implied, as the accuracy, timeliness, completeness, merchantability or fitness for any particular purpose of any Moody’s credit rating is given or made by Moody’s in any form whatsoever.          

3.            To the extent permitted by law, Moody’s and its directors, officers, employees, representatives, licensors and suppliers disclaim liability for: (i) any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with use of the Information; and (ii) any direct or compensatory damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud or any other type of liability that by law cannot be excluded) on the part of Moody’s or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with use of the Information.

4.            You agree to read [and be bound by] the more detailed disclosures regarding Moody’s ratings and the limitations of Moody’s liability included in the Information.     

5.            You agree that any disputes relating to this agreement or your use of the Information, whether sounding in contract, tort, statute or otherwise, shall be governed by the laws of the State of New York and shall be subject to the exclusive jurisdiction of the courts of the State of New York located in the City and County of New York, Borough of Manhattan.​​​

I AGREE
Rating Action:

Moody's Affirms 20 Classes and Downgrades 31 CMBS Classes of COMM 2006-FL12

17 Mar 2011

Approximately $1.6 Billion of Structured Securities Affected

New York, March 17, 2011 -- Moody's Investors Service (Moody's) downgraded the ratings of 31 classes, including seven pooled classes and 24 non-pooled, or rake, classes of COMM 2006-FL12 Commercial Pass-Through Certificates. Moody's also affirmed 20 classes, includiing eight pooled classes and 12 rake classes. Moody's rating action is as follows:

Cl. A-2, Affirmed at Aaa (sf); previously on Dec 1, 2006 Definitive Rating Assigned Aaa (sf)

Cl. X-2, Affirmed at Aaa (sf); previously on Dec 1, 2006 Definitive Rating Assigned Aaa (sf)

Cl. X-3-BC, Affirmed at Aaa (sf); previously on Dec 1, 2006 Definitive Rating Assigned Aaa (sf)

Cl. X-3-DB, Affirmed at Aaa (sf); previously on Dec 1, 2006 Definitive Rating Assigned Aaa (sf)

Cl. X-3-SG, Affirmed at Aaa (sf); previously on Dec 1, 2006 Definitive Rating Assigned Aaa (sf)

Cl. X-5-BC, Affirmed at Aaa (sf); previously on Dec 1, 2006 Definitive Rating Assigned Aaa (sf)

Cl. X-5-DB, Affirmed at Aaa (sf); previously on Dec 1, 2006 Definitive Rating Assigned Aaa (sf)

Cl. X-5-SG, Affirmed at Aaa (sf); previously on Dec 1, 2006 Definitive Rating Assigned Aaa (sf)

Cl. A-J, Downgraded to A1 (sf); previously on Mar 18, 2010 Downgraded to Aa3 (sf)

Cl. B, Downgraded to A3 (sf); previously on Mar 18, 2010 Downgraded to A2 (sf)

Cl. C, Downgraded to Baa2 (sf); previously on Mar 18, 2010 Downgraded to A3 (sf)

Cl. D, Downgraded to Ba1 (sf); previously on Mar 18, 2010 Downgraded to Baa2 (sf)

Cl. E, Downgraded to Ba2 (sf); previously on Mar 18, 2010 Downgraded to Baa3 (sf)

Cl. F, Downgraded to B1 (sf); previously on Mar 18, 2010 Downgraded to Ba2 (sf)

Cl. G, Downgraded to B3 (sf); previously on Mar 18, 2010 Downgraded to Ba3 (sf)

Cl. CN1, Downgraded to Ba3 (sf); previously on Mar 18, 2010 Downgraded to Ba1 (sf)

Cl. CN2, Downgraded to B1 (sf); previously on Mar 18, 2010 Downgraded to Ba2 (sf)

Cl. CN3, Downgraded to B2 (sf); previously on Mar 18, 2010 Downgraded to Ba3 (sf)

Cl. KR1, Downgraded to B3 (sf); previously on Mar 18, 2010 Downgraded to B1 (sf)

Cl. KR3, Downgraded to Caa3 (sf); previously on Mar 18, 2010 Downgraded to Caa1 (sf)

Cl. IP1, Downgraded to Ba3 (sf); previously on Mar 3, 2009 Downgraded to Baa3 (sf)

Cl. IP2, Downgraded to B1 (sf); previously on Mar 3, 2009 Downgraded to Ba1 (sf)

Cl. IP3, Downgraded to B2 (sf); previously on Mar 3, 2009 Downgraded to Ba2 (sf)

Cl. FSH1, Affirmed at Caa1 (sf); previously on Mar 18, 2010 Downgraded to Caa1 (sf)

Cl. FSH2, Affirmed at Caa2 (sf); previously on Mar 18, 2010 Downgraded to Caa2 (sf)

Cl. FSH3, Affirmed at Caa3 (sf); previously on Mar 18, 2010 Downgraded to Caa3 (sf)

Cl. CA1, Affirmed at Baa3 (sf); previously on Mar 18, 2010 Downgraded to Baa3 (sf)

Cl. CA2, Affirmed at Ba1 (sf); previously on Mar 18, 2010 Downgraded to Ba1 (sf)

Cl. CA3, Affirmed at Ba2 (sf); previously on Mar 18, 2010 Downgraded to Ba2 (sf)

Cl. CA4, Affirmed at Ba3 (sf); previously on Mar 18, 2010 Downgraded to Ba3 (sf)

Cl. AN3, Downgraded to B3 (sf); previously on Mar 18, 2010 Downgraded to Ba3 (sf)

Cl. FG1, Downgraded to Ba3 (sf); previously on Mar 18, 2010 Downgraded to Ba1 (sf)

Cl. FG2, Downgraded to B2 (sf); previously on Mar 18, 2010 Downgraded to Ba3 (sf)

Cl. FG3, Downgraded to Caa1 (sf); previously on Mar 18, 2010 Downgraded to B2 (sf)

Cl. FG4, Downgraded to Caa3 (sf); previously on Mar 18, 2010 Downgraded to Caa1 (sf)

Cl. FG5, Downgraded to Ca (sf); previously on Mar 18, 2010 Downgraded to Caa2 (sf)

Cl. LS1, Downgraded to Caa1 (sf); previously on Mar 18, 2010 Downgraded to B2 (sf)

Cl. LS2, Downgraded to Caa2 (sf); previously on Mar 18, 2010 Downgraded to B3 (sf)

Cl. LS3, Downgraded to Caa3 (sf); previously on Mar 18, 2010 Downgraded to Caa1 (sf)

Cl. TC1, Affirmed at Caa2 (sf); previously on Mar 18, 2010 Downgraded to Caa2 (sf)

Cl. TC2, Affirmed at Caa3 (sf); previously on Mar 18, 2010 Downgraded to Caa3 (sf)

Cl. LB1, Downgraded to C (sf); previously on Mar 18, 2010 Downgraded to Caa1 (sf)

Cl. LB2, Downgraded to C (sf); previously on Mar 18, 2010 Downgraded to Caa2 (sf)

Cl. LB3, Downgraded to C (sf); previously on Mar 18, 2010 Downgraded to Caa3 (sf)

Cl. ES1, Affirmed at B2 (sf); previously on Mar 18, 2010 Downgraded to B2 (sf)

Cl. ES2, Affirmed at B3 (sf); previously on Mar 18, 2010 Downgraded to B3 (sf)

Cl. ES3, Affirmed at Caa1 (sf); previously on Mar 18, 2010 Downgraded to Caa1 (sf)

Cl. AH1, Downgraded to B3 (sf); previously on Mar 18, 2010 Downgraded to B1 (sf)

Cl. AH2, Downgraded to Caa1 (sf); previously on Mar 18, 2010 Downgraded to B2 (sf)

Cl. AH3, Downgraded to Caa2 (sf); previously on Mar 18, 2010 Downgraded to B3 (sf)

Cl. AH4, Downgraded to Caa3 (sf); previously on Mar 18, 2010 Downgraded to Caa1 (sf)

RATINGS RATIONALE

The downgrades were due to the deterioration in the performance of the majority of assets in the trust, refinancing risk associated with loans approaching maturity in an adverse environment and risks specific to the Independence Plaza Loan, the third largest loan in the trust, relating to a court decision that favored the tenants in a rent stabilization lawsuit. The affirmations of the pooled and non-pooled classes were due to key parameters, including Moody's loan to value (LTV) ratio remaining within an acceptable range.

Moody's analysis reflects a forward-looking view of the likely range of collateral performance over the medium term. From time to time, Moody's may, if warranted, change these expectations. Performance that falls outside an acceptable range of the key parameters may indicate that the collateral's credit quality is stronger or weaker than Moody's had anticipated during the current review. Even so, deviation from the expected range will not necessarily result in a rating action. There may be mitigating or offsetting factors to an improvement or decline in collateral performance, such as increased subordination levels due to amortization and loan payoffs or a decline in subordination due to realized losses.

Primary sources of assumption uncertainty are the current sluggish macroeconomic environment and varying performance in the commercial real estate property markets. However, Moody's expects to see increasing or stabilizing property values, higher transaction volumes, a slowing in the pace of loan delinquencies and greater liquidity for commercial real estate in 2011. The hotel and multifamily sectors are continuing to show signs of recovery, while recovery in the office and retail sectors will be tied to recovery of the broader economy. The availability of debt capital continues to improve with terms returning toward market norms. Moody's central global macroeconomic scenario reflects an overall sluggish recovery through 2012, amidst ongoing individual, corporate and governmental deleveraging, persistent unemployment, and government budget considerations.

The principal methodology used in this rating was "CMBS: Moody's Approach to Rating Large Loan/Single Borrower Transactions", published in July 2000.

Moody's review incorporated the use of the excel-based CMBS Large Loan Model v 8.0 which is used for both large loan and single borrower transactions. 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. The model also incorporates a supplementary tool to allow for the testing of the credit support at various rating levels. The scenario or "blow-up" analysis tests the credit support for a rating assuming that loans in the pool default with an average loss severity that is commensurate with the rating level being tested.

Moody's ratings are determined by a committee process that considers both quantitative and qualitative factors. Therefore, the rating outcome may differ from the model output.

The rating action is a result of Moody's on-going surveillance of commercial mortgage backed securities (CMBS) transactions. Moody's monitors transactions on a monthly basis through two sets of quantitative tools -- MOST® (Moody's Surveillance Trends) and CMM (Commercial Mortgage Metrics) on Trepp -- and on a periodic basis through a comprehensive review. Moody's prior full review is summarized in a press release dated March 18, 2010. Please see the ratings tab on the issuer / entity page on moodys.com for the last rating action and the ratings history.

Moody's Investors Service did not receive or take into account a third party due diligence report on the underlying assets or financial instruments related to the monitoring of this transaction in the past six months.

DEAL PERFORMANCE

As of the March 15, 2011 Payment Date, the transaction's aggregate certificate balance decreased by approximately 40% to $1.8 billion from $3.0 billion at securitization due to the payoff of one loan (the Strategic Hotels & Resorts Portfolio Loan) and the liquidation of two loans (the Hotel del Coronado Loan and the Charleston Marriott Loan) and the payment of release premiums associated with seven loans (Kerzner International Portfolio Loan, Blackstone/Carr America National Portfolio Loan, Blackstone CAR Portfolio Loan, Four Seasons Hualalai Loan, Albertson's Portfolio Loan, the Avenue at Tower City Loan and the Legacy Bayside Loan). The certificates are collateralized by 13 floating-rate loans ranging in size from 2% to 35% of the pooled trust balance.

The pool has experienced a $2.8 million loss as the result of the special servicer's workout fee related to the Hotel del Coronado Loan. The loss was applied to Class J and Class H-DC. There are currently four loans in special servicing, the Blackstone/Carr America National Portfolio Loan ($201.4 million - 14%), the Ft. Lauderdale Marina Marriott Loan ($37.0 million - 3%), the Legacy SoCal Portfolio Loan ($48.4 millin 3%) and the Legacy Bayside Loan ($21.9 million - 2%). Special serviced loans account for 22% of the pooled trust balance.

There are currently four loans on the master servicer's watchlist equal to 33% of the pooled trust balance. As part of our ongoing monitoring of a transaction, Moody's reviews the watchlist to assess which loans have material issues that could impact performance. Watchlisted loans are loans which meet certain portfolio review guidelines established as part of the CRE Finance Council (CREFC) monthly reporting package.

Moody's weighted average pooled LTV ratio is 82%, the same as at last review. Moody's stressed debt service coverage ratio (DSCR) is 1.28x, compared to 1.26x at last review.

The largest loan is the Kerzner International Portfolio Loan ($512.0 million -- 35% of the pooled balance), a 50% portion of a pari passu split loan structure that is securitized in CSFB 2006-TFL2. There is also $154.2 million of non-pooled, or rake, trust debt (Classes KR1, KR2 and KR3) and a $1.3 billion non-trust junior secured loan component. The loan is secured by substantially all of the Kerzner family's real estate assets located on Paradise Island, Bahamas, including the Atlantis Hotel (2,917 keys) and the One & Only Ocean Club Hotel and golf course (106 keys, located one mile from the Atlantis), a marina and vacant and improved land. The resort features the largest casino and ballroom in the Caribbean and water-themed attractions, including the world's largest open-air marine habitat. The loan is also supported by a pledge of Kerzner's 100% interest in management agreements and fees relating to the properties, a right to receive Kerzner's 50% interest in excess net cash flow and/or sales proceeds generated from the One & Only Palmilla Hotel in Mexico, Harborside timeshare units, and the Residences at Atlantis and Ocean Club condos.

Revenue per available room (RevPAR), calculated by multiplying the average daily rate by the occupancy rate, for the trailing 12-month period ending December 2010 was $195 at the Atlantis and $719 at the One & Only Ocean Club. Although combined RevPAR for the two hotels increased 5% from the trailing 12-month period ending in December 2009, it remains 18% less than at securitization. Casino revenue, which represents 17% of total revenue, decreased 8% from 2009 and approximately 25% from securitization.

A concern is the additional competition from the $3.4 billion Baha Mar resort complex that just broke ground in March 2011 on Nassau's Cable Beach. Baha Mar is a single-phase project backed by the Chinese government that is scheduled to open in late 2014. The resort will feature four hotels with a total of approximately 2,250 rooms, a golf course, convention center, a casino that is to be the largest in the Caribbean and a 10-acre Eco Water Park. In overall size and amenities it is expected to be very similar to the Atlantis. Although scheduled completion is four years away, the project is expected to be future competition for the Atlantis and complicate the re-financing of the current debt that has a final maturity date in September 2011. Moody's credit estimate for the pooled debt is Ba3, compared to Ba1 at last review.

The Independence Plaza Loan ($236.0 million -- 16%) is secured by a 1,322 unit rental apartment complex located in the Tribeca neighborhood of New York City. There is also $29.0 million of non-pooled trust debt (Classes IP1, IP2 and IP3), a $160.0 million non-trust junior secured component and $150.0 million in mezzanine debt. In addition to the residential units, the property contains 74,915 square feet of commercial space and a 230,000 square foot parking garage. The largest commercial tenants include the New York City Board of Education (18,600 square feet, lease expiration in 2015) and Shopwell Supermarket (21,862 square feet, lease expiration in 2013). As of November 2010 the complex was approximately 99% leased.

Independence Plaza exited the Mitchell-Lama Housing Program, a form of housing subsidy in the state of New York, in 2004 but continued to receive J-51 tax breaks for two years while rents were raised at the complex by deregulating stabilized apartments. In August 2010 a state Supreme Court judge reversed the state's Department of Housing and Community Renewal's earlier decision and ruled that rents had been illegally destabilized after taxes at Independence Plaza were reduced from a J-51 tax abatement. As of November 2010 approximately 35% of the total residential units in Independence Plaza were rented at fair market rents. Additionally, approximately 37% of the units were rented with Section 8 vouchers which allow the borrower to receive full market rents. If the court ruling holds it would mean that the federal government should have been paying lower stabilized rents. Laurence Gluck, the borrower, is appealing the court decision. Moody's credit estimate for the pooled debt is Ba3 compared to Baa3 at last review.

The Blackstone/Carr America National Portfolio Loan ($201.4 million -- 14% of the pooled balance) which is the 52.5% portion of a pari passu split loan structure that is securitized in BALL 2006-BIX1 (40%) and CGCMS 2006-FL2 (7.5%). There is also $26.8 million of non-pooled, or rake, trust debt (Classes CN1, CN2 and CN3), a $179 million non-trust junior secured component, and $150 million of mezzanine debt. The total outstanding loan balance is $763.1 million. The loan is secured by 29 office and research and development (R&D) properties. Twenty-two properties containing approximately 4.9 million square feet are subject to first mortgage liens. The borrower's joint venture interests in seven properties are secured by pledges of refinance and sale proceeds. The outstanding trust balance has decreased by 72% since securitization from the payment of loan collateral release premiums. At securitization the loan was secured by 73 properties. The remaining portfolio has geographic concentration in California's Silicon Valley with 17 properties representing 80% of the mortgage collateral by net rentable area (NRA) located in San Jose (12 properties -55%), Santa Clara (2 properties -- 11%), Sunnyvale (1 property - 9%), Fremont (1 property - 3%) and Palo Alto (1 property - 2%). The other five properties are located in Dallas (2 properties -- 10%), Los Angeles (2 properties -- 8%) and Seattle (1 property -- 2%).

The loan was transferred to special servicing on February 1, 2011 due to imminent maturity default. The final fully-extended maturity date is August 9, 2011. The borrower indicated that the national economic recession has hurt the performance of the properties that secure the loan and that it will not be able to pay off the loan at maturity.

As of the September 2010 rent rolls, the current loan collateral secured by first mortgage liens had a weighted average occupancy rate of 79% compared to 82% at Moody's last review and 89% at securitization. Additionally, the 77,944 square foot Casey Family Building in Seattle became vacant in January 2011 when its single tenant, Casey Family Programs, vacated upon its lease expiration. Including the Casey Family Building vacancy, the current occupancy for the mortgaged collateral is approximately 77%.

The San Jose office and R&D markets ended 2010 with vacancy rates exceeding 20%. Although the market experienced positive absorption in the 4th quarter it was preceded by several quarters of negative absorption that resulted in an increase in the vacancy rate. Although the market is beginning to show some improvement, Moody's expects that it will be some time before real estate fundamentals recover to pre-recession levels. Moody's expects that for the next several quarters market fundamentals will put downward pressure on rental rates for new leases and lease renewals. The loan sponsor is the Blackstone Group. Moody's credit estimate for the pooled debt is Ba2, compared to Baa3 at last review.

The Four Seasons Hualalai Loan ($151.6 million -- 10%) is secured by a luxury resort located on the Kona-Kohala Coast on Hawaii's Big Island. There is also $24.3 million of non-pooled trust debt (Classes FSH1, FSH2 and FSH3) and a $100.2 million non-trust junior secured component. Loan collateral includes a 243 room luxury resort hotel operated by Four Seasons Hotel Limited that has amenities typical of luxury resort hotels, including two golf courses. The collateral also includes a residential land component with the potential to build more than 510 residential units. The loan has paid down approximately 13% since securitization (unchanged from Moody's previous review) from the sale of land parcels. At securitization, a 115-key expansion to the hotel was expected to commence in 2008. Due to the economic downturn, the expansion plans were abandoned for the near to mid-term. Instead, the hotel underwent a major renovation that included converting 20 existing hotel rooms into suites. Revenue per available room (RevPAR) improved by 37% to $557 for full year 2010, compared to $408 for full-year 2009. RevPAR in 2010 was 10% lower than at securitization when it was $617. Hawaii's tourism industry which has been hurt by the economic recession has seen improvement over the past several months. Reasons for concern are higher airfares resulting from increases in oil prices and the expectation that fewer Japanese tourists will visit Hawaii due to the Japanese earthquake and Tsunami. The Four Seasons Hualalai is temporarily closed due to water damage from the Tsunami that also hit Hawaii. The hotel plans to reopen on March 21, 2011. Moody's credit estimate for the pooled debt is B1, the same as last review.

The Fort Lauderdale Grande Loan ($37.0 million -- 3%) was transferred to special serving on December 20, 2010 when the borrower expressed an inability to pay off the loan on the February 9, 2011 maturity date. There is also $29.0 million of non-pooled trust debt (Classes FG1, FG2, FG3, FG4 and FG5) and a $39.0 million non-trust junior secured component. Additionally, there is $105.0 million of mezzanine debt. Loan collateral is a 579 room hotel that underwent a renovation in 2008 and is currently operating as the Hilton Ft. Lauderdale Marina Hotel. The hotel is located on the Intercoastal Waterway in Ft. Lauderdale, Florida. RevPAR for the trailing 12-month period ending November 2010 was $86, a 14% increase from RevPAR of $75 during the same period in 2009, although a 24% decrease from RevPAR at securitization. Moody's credit estimate is Ba1, compared to Baa2 at last review. The loan sponsor is the Blackstone Group. The special servicer is in the process of determining the best workout strategy.

The Legacy SoCal Loan ($48.4 million - 3%) was transferred to special servicing on February 15, 2011 because the borrower does not anticipate being able to pay off the loan by the May 9, 2011 final maturity date. There is also $7.8 million of non-pooled trust debt (Classes LS1, LS2 and LS3) and a $33.3 million non-trust junior secured component. The loan is secured by 852,249 square feet of office/R&D space located in two business parks, Heritage Corporate Center located in Santa Fe Springs, California and Waterside Technology Park located in Sorrento Mesa, California. As of September 2010 the properties were 82% leased. The largest tenants is the County of Los Angles that occupies 13% of total net rentable area with a lease expiration in February 2014. Moody's current credit estimate is B3 compared to B1 at last review.

The Legacy Bayside Loan ($21.9 million -- 2%) was transferred to special servicing in June 2010. The loan is in payment default and the special servicer is proceeding with foreclosure. There is also $4.1 million of non-pooled trust debt (Classes LB1, LB2 and LB3) and a $6.7 million non-trust junior secured component. The loan is secured by three office/research & development (R&D) buildings with a total of 233,740 square feet located in Fremont, California. The loan collateral was appraised in August 2010 for $13.0 million. At the time of the appraisal the property was 20% leased. Market rents for office/R&D properties in Fremont have declined significantly since securitization. Moody's credit estimate for the trust balance is C, compared to Ca1 at last review.

REGULATORY DISLOSURES

Information sources used to prepare the credit rating are the following: parties involved in the ratings, parties not involved in the ratings, public information, confidential and proprietary Moody's Investors Service information, and confidential and proprietary Moody's Analytics information.

Moody's Investors Service considers the quality of information available on the issuer or obligation satisfactory for the purposes of maintaining a credit rating.

Moody's adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources Moody's considers to be reliable including, when appropriate, independent third-party sources. However, Moody's is not an auditor and cannot in every instance independently verify or validate information received in the rating process.

Please see ratings tab on the issuer/entity page on Moodys.com for the last rating action and the rating history.

The date on which some Credit Ratings were first released goes back to a time before Moody's Investors Service's Credit Ratings were fully digitized and accurate data may not be available. Consequently, Moody's Investors Service provides a date that it believes is the most reliable and accurate based on the information that is available to it. Please see the ratings disclosure page on our website www.moodys.com for further information.

Please see the Credit Policy page on Moodys.com for the methodologies used in determining ratings, further information on the meaning of each rating category and the definition of default and recovery.

New York
Jay Rosen
Vice President - Senior Analyst
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
Michael M. Gerdes
Senior Vice President
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

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

Moody's Affirms 20 Classes and Downgrades 31 CMBS Classes of COMM 2006-FL12
No Related Data.
© 2018 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

CREDIT RATINGS ISSUED BY MOODY'S INVESTORS SERVICE, INC. AND ITS RATINGS AFFILIATES (“MIS”) ARE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MOODY’S PUBLICATIONS MAY INCLUDE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES. MOODY’S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL, FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS AND MOODY’S OPINIONS INCLUDED IN MOODY’S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY’S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY’S ANALYTICS, INC. CREDIT RATINGS AND MOODY’S PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. NEITHER CREDIT RATINGS NOR MOODY’S PUBLICATIONS COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS AND PUBLISHES MOODY’S PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.

MOODY’S CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY’S CREDIT RATINGS OR MOODY’S PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER.

ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY’S PRIOR WRITTEN CONSENT.

CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK.

All information contained herein is obtained by MOODY’S from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided “AS IS” without warranty of any kind. MOODY'S adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODY'S considers to be reliable including, when appropriate, independent third-party sources. However, MOODY’S is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing the Moody’s publications.

To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability to any person or entity for any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information, even if MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers is advised in advance of the possibility of such losses or damages, including but not limited to: (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODY’S.

To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud, willful misconduct or any other type of liability that, for the avoidance of doubt, by law cannot be excluded) on the part of, or any contingency within or beyond the control of, MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with the information contained herein or the use of or inability to use any such information.

NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY SUCH RATING OR OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODY’S IN ANY FORM OR MANNER WHATSOEVER.

Moody’s Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody’s Corporation (“MCO”), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody’s Investors Service, Inc. have, prior to assignment of any rating, agreed to pay to Moody’s Investors Service, Inc. for appraisal and rating services rendered by it fees ranging from $1,500 to approximately $2,500,000. MCO and MIS also maintain policies and procedures to address the independence of MIS’s ratings and rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold ratings from MIS and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading “Investor Relations — Corporate Governance — Director and Shareholder Affiliation Policy.”

Additional terms for Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY’S affiliate, Moody’s Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody’s Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). This document is intended to be provided only to “wholesale clients” within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, you represent to MOODY’S that you are, or are accessing the document as a representative of, a “wholesale client” and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to “retail clients” within the meaning of section 761G of the Corporations Act 2001. MOODY’S credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors. It would be reckless and inappropriate for retail investors to use MOODY’S credit ratings or publications when making an investment decision. If in doubt you should contact your financial or other professional adviser.

Additional terms for Japan only: Moody's Japan K.K. (“MJKK”) is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned by Moody’s Overseas Holdings Inc., a wholly-owned subsidiary of MCO. Moody’s SF Japan K.K. (“MSFJ”) is a wholly-owned credit rating agency subsidiary of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Organization (“NRSRO”). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively.

MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any rating, agreed to pay to MJKK or MSFJ (as applicable) for appraisal and rating services rendered by it fees ranging from JPY200,000 to approximately JPY350,000,000.

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.