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Rating Action:

Moody's Upgrades Five, Downgrades Eight and Affirms 27 CMBS Classes of COMM 2006-FL12

25 Oct 2012

Approximately $1.4 Billion of Structured Securities Affected

New York, October 25, 2012 -- Moody's Investors Service (Moody's) upgraded the ratings of two pooled notional multi-bond classes and three non-pooled (or rake) classes, downgraded the ratings of two notional single-bond classes, two notional multi-bond classes and four rake classes and affirmed 27 classes of COMM 2006-FL12 Commercial Pass-Through Certificates as follows:

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

Cl. A-J, Affirmed at A1 (sf); previously on Mar 17, 2011 Downgraded to A1 (sf)

Cl. B, Affirmed at A3 (sf); previously on Mar 17, 2011 Downgraded to A3 (sf)

Cl. C, Affirmed at Baa2 (sf); previously on Mar 17, 2011 Downgraded to Baa2 (sf)

Cl. D, Affirmed at Ba1 (sf); previously on Mar 17, 2011 Downgraded to Ba1 (sf)

Cl. E, Affirmed at Ba2 (sf); previously on Mar 17, 2011 Downgraded to Ba2 (sf)

Cl. F, Affirmed at B1 (sf); previously on Mar 17, 2011 Downgraded to B1 (sf)

Cl. G, Affirmed at B3 (sf); previously on Mar 17, 2011 Downgraded to B3 (sf)

Cl. X-2, Affirmed at Ba3 (sf); previously on Feb 22, 2012 Downgraded to Ba3 (sf)

Cl. X-3-BC, Downgraded to B2 (sf); previously on Feb 22, 2012 Downgraded to B1 (sf)

Cl. X-5-BC, Downgraded to B2 (sf); previously on Feb 22, 2012 Downgraded to B1 (sf)

Cl. X-3-DB, Upgraded to Ba2 (sf); previously on Feb 22, 2012 Downgraded to B2 (sf)

Cl. X-5-DB, Upgraded to Ba2 (sf); previously on Feb 22, 2012 Downgraded to B2 (sf)

Cl. X-3-SG, Downgraded to B3 (sf); previously on Feb 22, 2012 Downgraded to B2 (sf)

Cl. X-5-SG, Downgraded to B3 (sf); previously on Feb 22, 2012 Downgraded to B2 (sf)

Cl. CN1, Affirmed at Baa3 (sf); previously on Dec 9, 2011 Upgraded to Baa3 (sf)

Cl. CN2, Affirmed at Ba1 (sf); previously on Dec 9, 2011 Upgraded to Ba1 (sf)

Cl. CN3, Affirmed at Ba2 (sf); previously on Dec 9, 2011 Upgraded to Ba2 (sf)

Cl. KR1, Affirmed at B3 (sf); previously on Mar 17, 2011 Downgraded to B3 (sf)

Cl. KR3, Affirmed at Caa3 (sf); previously on Mar 17, 2011 Downgraded to Caa3 (sf)

Cl. IP1, Upgraded to Baa2 (sf); previously on Mar 17, 2011 Downgraded to Ba3 (sf)

Cl. IP2, Upgraded to Baa3 (sf); previously on Mar 17, 2011 Downgraded to B1 (sf)

Cl. IP3, Upgraded to Ba1 (sf); previously on Mar 17, 2011 Downgraded to B2 (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. AN3, Downgraded to Caa2 (sf); previously on Mar 17, 2011 Downgraded to B3 (sf)

Cl. FG1, Affirmed at Baa3 (sf); previously on Dec 9, 2011 Upgraded to Baa3 (sf)

Cl. FG2, Affirmed at Ba2 (sf); previously on Dec 9, 2011 Upgraded to Ba2 (sf)

Cl. FG3, Affirmed at Ba3 (sf); previously on Dec 9, 2011 Upgraded to Ba3 (sf)

Cl. FG4, Affirmed at B2 (sf); previously on Dec 9, 2011 Upgraded to B2 (sf)

Cl. FG5, Affirmed at B3 (sf); previously on Dec 9, 2011 Upgraded to B3 (sf)

Cl. LS1, Affirmed at Caa1 (sf); previously on Mar 17, 2011 Downgraded to Caa1 (sf)

Cl. LS2, Affirmed at Caa2 (sf); previously on Mar 17, 2011 Downgraded to Caa2 (sf)

Cl. LS3, Affirmed at Caa3 (sf); previously on Mar 17, 2011 Downgraded to Caa3 (sf)

Cl. TC1, Affirmed at Ba2 (sf); previously on Dec 9, 2011 Upgraded to Ba2 (sf)

Cl. TC2, Affirmed at Ba3 (sf); previously on Dec 9, 2011 Upgraded to Ba3 (sf)

Cl. ES1, Downgraded to Caa1 (sf); previously on Mar 18, 2010 Downgraded to B2 (sf)

Cl. ES2, Downgraded to Caa2 (sf); previously on Mar 18, 2010 Downgraded to B3 (sf)

Cl. ES3, Downgraded to Caa3 (sf); previously on Mar 18, 2010 Downgraded to Caa1 (sf)

RATINGS RATIONALE

The upgrades of notional Class X-3DB and Class X-5DB and rake Classes IP-1, IP-2 and IP-3 are due to the improved performance of the Independence Plaza loan. The downgrades of notional single-bond Class X-3BC and Class X-5BC and rake class AN-3 are due to the decline in performance of the Albertsons Portfolio loan that is real estate owned (REO). The downgrades of notional multi-bond Classes X-3SG and X-5SG are due to the declines in performance of two loans, the Legacy SoCal Portfolio loan and the Embassy Suites Lake Buena Vista loan. The downgrades of rake Classes ES1, ES2 and ES3 are due to the decline in performance of the Embassy Suites Lake Buena Vista loan. The affirmations of nine pooled classes are due to key parameters, including Moody's loan to value (LTV) ratio, remaining within acceptable ranges and 18 rake classes due to stable asset performance.

The performance expectations for a given variable indicate Moody's forward-looking view of the likely range of performance over the medium term. From time to time, Moody's may, if warranted, change these expectations. Performance that falls outside the given range may indicate that the collateral's credit quality is stronger or weaker than Moody's had anticipated when the related securities ratings were issued. Even so, a deviation from the expected range will not necessarily result in a rating action nor does performance within expectations preclude such actions. The decision to take (or not take) a rating action is dependent on an assessment of a range of factors including, but not exclusively, the performance metrics.

Primary sources of assumption uncertainty are the extent of growth in the current macroeconomic environment and commercial real estate property markets. Commercial real estate property values are continuing to move in a positive direction along with a rise in investment activity and stabilization in core property type performance. Limited new construction and moderate job growth have aided this improvement. However, a consistent upward trend will not be evident until the volume of investment activity steadily increases for a significant period, non-performing properties are cleared from the pipeline, and fears of a Euro area recession are abated.

The hotel sector is performing strongly with eight straight quarters of growth and the multifamily sector continues to show increases in demand with a growing renter base and declining home ownership. Slow recovery in the office sector continues with minimal additions to supply. However, office demand is closely tied to employment, where growth remains slow and employers are considering decreases in the leased space per employee. Also, primary urban markets are outperforming secondary suburban markets. Performance in the retail sector continues to be mixed with retail rents declining for the past four years, weak demand for new space and lackluster sales driven by discounting and promotions. However, rising wages and reduced unemployment, along with increased consumer confidence, is helping to spur consumer spending resulting in increased sales. Across all property sectors, the availability of debt capital continues to improve with robust securitization activity of commercial real estate loans supported by a monetary policy of low interest rates.

Moody's central global macroeconomic scenario maintains its forecast of relatively robust growth in the US and an expectation of a mild recession in the euro area for 2012. Downside risks remain significant, and elevated downside risks and their materialization could pose a serious threat to the outlook. Major downside risks include: a deeper than expected recession in the euro area; the potential for a hard landing in major emerging markets; an oil supply shock; and material fiscal tightening in the US given recent political gridlock. Healthy but below-trend growth in GDP is expected through the rest of this year and next with risks trending to the downside.

The methodologies used in this rating were "Moody's Approach to Rating CMBS Large Loan/Single Borrower Transactions" published in July 2000 and "Moody's Approach to Rating Structured Finance Interest-Only Securities" published in February 2012. Please see the Credit Policy page on www.moodys.com for a copy of these methodologies.

Moody's review incorporated the use of the excel-based Large Loan Model v 8.4. 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 includes the CMBS IO calculator ver1.1, which uses the following inputs to calculate the proposed IO rating based on the published methodology: original and current bond ratings and assessments; original and current bond balances grossed up for losses for all bonds the IO(s) reference(s) within the transaction; and IO type corresponding to an IO type as defined in the published methodology. The calculator then returns a calculated IO rating based on both a target and mid-point. For example, a target rating basis for a Baa3 (sf) rating is a 610 rating factor. The midpoint rating basis for a Baa3 (sf) rating is 775 (i.e. the simple average of a Baa3 (sf) rating factor of 610 and a Ba1 (sf) rating factor of 940). If the calculated IO rating factor is 700, the CMBS IO calculator ver1.1 would provide both a Baa3 (sf) and Ba1 (sf) IO indication for consideration by the rating committee.

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 a review utilizing MOST® (Moody's Surveillance Trends) Reports and a proprietary program that highlights significant credit changes that have occurred in the last month as well as cumulative changes since the last full transaction review. On a periodic basis, Moody's also performs a full transaction review that involves a rating committee and a press release. Moody's prior transaction review is summarized in a press release dated December 9, 2011. Please see the ratings tab on the issuer / entity page on moodys.com for the last rating action and the ratings history.

DEAL PERFORMANCE

As of the October 15, 2012 Payment Date the transaction's certificate balance has decreased by approximately 55% to $1.4 billion from $3.0 billion at securitization due to the full payoff of four loans in the pool (the Blackstone/CarrAmerica/CAR Portfolio loan, the Algonquin Hotel loan, the MSREF Hotel Portfolio loan and the Strategic Hotel & Resorts Portfolio loan), the liquidation of three loans (the Superstition Springs loan, the Legacy Bayside loan and the Hotel del Coronado loan) and the discounted payoff of the Charleston Marriott loan. Additionally, the pool balance has decreased due to payment of release premiums and/or pay downs from loan modifications from six loans (the Kerzner International Portfolio loan, the Blackstone/CarrAmerica National Portfolio loan, the Four Seasons Hualalai loan, the Albertsons Portfolio loan, the Avenue at Tower City loan and the Ft. Lauderdale Grande loan). The certificates are currently collateralized by nine floating rate loans ranging in size from 1% to 44% of the pool. Hotel properties account for 62% of the pooled balance followed by multifamily (17%), office (14%) and anchored retail (7%).

The pool has experienced $15.7 million in losses due to the liquidation of the Legacy Bayside loan and Superstition Springs loan and the special servicer workout fee related to the Hotel del Coronado loan.

Moody's weighed average pooled LTV ratio is 72% compared to 76% at last review. Moody's pooled stressed DSCR is 1.65X, compared to 1.39% at last review.

Moody's uses a variation of Herf to measure diversity of loan size, where a higher number represents greater diversity. Loan concentration has an important bearing on potential rating volatility, including risk of multiple notch downgrades under adverse circumstances. The credit neutral Herf score is 40. Large loan transactions generally have a Herf of less than 20. The pool has a Herf of 4, the same as at securitization.

There are currently six loans in special servicing representing 87% of the pooled balance, including one REO loan, the Albertsons Portfolio loan (6%).

The largest loan is the Kerzner International Portfolio loan ($482.2 million -- 44% of the pooled balance), a 50% portion of a pari passu split loan structure that is securitized in CSFB 2006-TFL2. There is also $145.2 million of non-pooled, or rake, trust debt (Classes KR1, KR2 and KR3) and a $1.0 billion non-trust junior secured loan component. The loan is secured by substantially all of the borrower's real estate assets located on Paradise Island, Bahamas, including the Atlantis Hotel 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 management agreements and fees relating to the properties, 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 June 2012 was $210 at the Atlantis and $812 at the One & Only Ocean Club. A comparison of room revenue for the year-to-date period ending June 30, 2012 with the same period in the prior year indicates a 7% increase. Total revenue increased 14% during the same period, including a 20% increase in casino revenue that accounted for 16% of total revenue, and gross operating profit increased by 22%.

The trust debt has decreased 12% since securitization to $627.4 million from $715.0 million and total debt has decreased to $2.3 billion from $2.8 billion at securitization. The loan was transferred to special servicing in January 2012 due to the loan not being paid in full by the extended maturity date of November 21, 2011. On November 1, 2011 the loan was paid down by $100 million from funds in the Excess Cash Reserve Fund in consideration of a short term extension. A cash trap is in place whereby excess cash flow after debt service is held by the servicer and applied to replenish reserves after which excess funds will be applied to pay down the loan balance.

In April 2012 Brookfield Asset Management assumed the mortgage debt and took over 100% of the equity in the properties in exchange for the elimination of its $175.4 million B-4-B Participation and a $10 million principal repayment of the senior participation. Kerzner continues to manage the properties for a fee. The loan has been extended to September 2014.

A concern is additional competition from the $3.4 billion Baha Mar resort complex that 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. The project is expected to be future competition for the Atlantis and complicate the re-financing of the current debt. Moody's credit assessment for the pooled debt is Ba3, the same as last review. Moody's is affirming the ratings of the rake certificates due to the de-leveraging and the expectation of additional future de-leveraging resulting from the in-place cash management agreement.

The Independence Plaza Loan ($189.6 million -- 17%) is secured by a 1,322 unit rental apartment complex located in the Tribeca neighborhood of New York City. There is also $23.0 million of non-pooled trust debt (Classes IP1, IP2 and IP3) and 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 August 2012 the complex was approximately 97% leased. Net operating income for full year 2011 increased 14% over 2010.

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. Approximately 34% of the total residential units in Independence Plaza are not subject to rent stabilization. Moody's had downgraded the rake classes at last review due to the court ruling. In April 2012 a New York State appeals court reversed the previous decision and ruled that the units at Independence Plaza had been destabilized lawfully. Moody's is upgrading the rake classes due to improved property performance and the Appellate Court decision that reduced the threat of rent rollbacks.

The loan was transferred to special servicing in April 2011 and was modified in August 2011 with an extension of the maturity date to August 9, 2013 and a $26.5 million pay down of the A-note. Additionally, a cash flow sweep has been established with all excess cash flow swept to reduce the A-Note. Moody's credit assessment is Baa1, compared to Ba2 at last review.

The Four Seasons Hualalai loan ($151.6 million -- 14%) is secured by leasehold interests in 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 $131.2 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 and resort club operations. 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 and instead the hotel underwent a major renovation that included converting 20 existing hotel rooms into suites. Revenue per available room (RevPAR) improved by 47% to $771 for the year-to-date period ending August 2012 from $527 in the same period in the previous year. Hotel operations were interrupted for part of 2011 due to damage from the Japanese earthquake induced tsunami. Hawaii's tourism industry, which had been hurt by the economic recession and a decline in Japanese tourism due to the earthquake in Japan, has seen significant improvement over the past several months. The loan was transferred to special servicing in June 2012 as a result of the loan not being paid off by the June 2012 maturity date. Moody's credit assessment for the pooled debt is B1, the same as last review.

The Blackstone /Carr America National Portfolio loan ($104.2 million -- 9%) 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 $13.9 million of non-pooled, or rake, trust debt (Classes CN1, CN2 and CN3). Total outstanding mortgage debt is $357.1 million, including a $132.2 million non-trust subordinate interest. There is also $128.9 million of outstanding mezzanine debt. The loan is secured by 18 office and research and development (R&D) properties. Fifteen properties containing approximately 3.8 million square feet are subject to first mortgage liens. The borrower's joint venture interests in three properties are secured by pledges of refinance and sale proceeds. The outstanding trust balance has decreased by 85% 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 12 properties representing 98% of the mortgage collateral by net rentable area (NRA) located in North San Jose (8 properties), Santa Clara (1 property), Sunnyvale (1 property), Palo Alto (1 property) and Menlo Park (1 property). The other three properties are located in Dallas, Los Angeles and Seattle.

The loan was transferred to special servicing on February 1, 2011 due to imminent maturity default. The final fully-extended maturity date is in August 2013.

As of April 2012, the loan collateral secured by first mortgage liens had a weighted average occupancy rate of 88%, compared to 79% at Moody's last review and 89% at securitization. Moody's credit assessment for the pooled debt is Baa2, the same as last review.

The Albertsons Portfolio loan ($67.0 million -- 6%) was transferred to special servicing in August 2011 due to immanent maturity default. There is also $15.2 million in non-pooled trust debt (Classes (AN1, AN2 and AN3) and a $29.6 million non-trust junior secured component. The loan is collateralized by 45 retail properties leased to grocery stores containing a total of 2.1 million square feet. Twenty-three locations are leased to Albertsons with the remainder leased to Southern Family Markets, Ralph's, Food 4 Less, Save Mart and others. At securitization the portfolio contained 50 properties containing 2.4 million square feet. The loan has paid down 29% since securitization from proceeds from property sales. The borrower agreed to a deed-in-lieu of foreclosure and the properties are now REO. Albertsons' senior unsecured rating is Caa1; negative outlook.. The portfolio was 87% leased as of October 2012, the same as at last review. The portfolio has significant rollover risk with leases accounting for 23% of total net rentable area expiring through 2013 and 32% through 2015. Moody's credit assessment is B2 compared to B1 at last review.

The Embassy Suites Lake Buena Vista Loan ($22.2 million -- 2%) is secured by a 334 room hotel facility located in Orlando, Florida. RevPAR was $82 for the trailing 12-month period ending August 2012, unchanged from the previous year. The hotel has suffered from a large supply of hotels in the rate sensitive Orlando market. The loan was transferred to special servicing in October 2011 and is currently in a forbearance period through the November 2013 maturity date. A cash flow sweep is being applied to the A-Note balance. There is also a non-pooled trust component totaling $4.7 million consisting of rake Classes ES1, ES2 and ES3 and non-trust subordinate debt in the amount of $15.0 million. Moody's current credit assessment is Caa1 compared to Ba3 at last review.

REGULATORY DISCLOSURES

The Global Scale Credit Ratings on this press release that are issued by one of Moody's affiliates outside the EU are endorsed by Moody's Investors Service Ltd., One Canada Square, Canary Wharf, London E 14 5FA, UK, in accordance with Art.4 paragraph 3 of the Regulation (EC) No 1060/2009 on Credit Rating Agencies. Further information on the EU endorsement status and on the Moody's office that has issued a particular Credit Rating is available on www.moodys.com.

For ratings issued on a program, series or category/class of debt, this announcement provides relevant 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 relevant regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides relevant 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.

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

Moody's received and took into account a third-party assessment on the due diligence performed regarding the underlying assets or financial instruments in this transaction and the assessment had a neutral impact on the rating.

Moody's considers the quality of information available on the rated entity, obligation or credit satisfactory for the purposes of issuing a rating.

Moody's adopts all necessary measures so that the information it uses in assigning a 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 the ratings disclosure page on www.moodys.com for general disclosure on potential conflicts of interests.

Please see the ratings disclosure page on www.moodys.com for information on (A) MCO's major shareholders (above 5%) and for (B) further information regarding certain affiliations that may exist between directors of MCO and rated entities as well as (C) the names of entities that hold ratings from MIS that have also publicly reported to the SEC an ownership interest in MCO of more than 5%. A member of the board of directors of this rated entity may also be a member of the board of directors of a shareholder of Moody's Corporation; however, Moody's has not independently verified this matter.

Please see Moody's Rating Symbols and Definitions on the Rating Process page on www.moodys.com for further information on the meaning of each rating category and the definition of default and recovery.

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

The date on which some ratings were first released goes back to a time before Moody's ratings were fully digitized and accurate data may not be available. Consequently, Moody's 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 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.

Jay Rosen
Vice President - Senior Analyst
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

Michael Gerdes
MD - Structured Finance
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

Moody's Upgrades Five, Downgrades Eight and Affirms 27 CMBS Classes of COMM 2006-FL12
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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 ratings opinions and services rendered by it fees ranging from JPY125,000 to approximately JPY250,000,000.

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