OREANDA-NEWS. Fitch Ratings has affirmed all classes of UBS-BAMLL Trust 2012-WRM commercial mortgage pass-through certificates series 2012-WRM. A complete list of rating actions follows at the end of this release.

KEY RATING DRIVERS
The affirmations and Stable Outlooks are the result of stable property performance. The most recent full-year financial data is as of year-end 2013 which indicates the servicer-reported net operating income (NOI) was in-line with Fitch's original analysis at issuance. Occupancy at both properties was stable with Roseville reporting occupancy of 93% and MainPlace reporting occupancy of 98%. Fitch derived MainPlace's physical occupancy at approximately 86% when accounting for the vacant former Macy's Men's & Home space. Year-end 2014 tenant sales figures indicate stable performance.

The transaction represents a securitization of the beneficial interests in two mortgage loans securing the Galleria at Roseville and MainPlace regional malls located in Roseville and Santa Ana, CA, respectively. Proceeds of the loan were used to pay down existing debt and pay closing costs as well as return approximately \$230 million in cash to the sponsor. The certificates follow a sequential-pay structure. The interest-only loans mature in June 2022.

The Galleria at Roseville (66.3%), located in Roseville, CA (Sacramento MSA) is a 1.3 million square foot (sf) super-regional mall anchored by Macy's, JC Penney, Nordstrom, and Sears, each of which own their respective spaces. Collateral for the loan is comprised of the 678,494 sf of in-line space that is currently leased to approximately 220 tenants including Pottery Barn, Abercrombie and Fitch, Crate & Barrel, Forever 21, and H&M. As of the December 2014 rent roll, the in-line space was approximately 96% leased.. Total mall sales as of year-end 2014 were \$494 million, representing a 4% increase from the prior year-end. In-line sales per square foot (psf) for the same period were \$463 psf excluding Apple, representing a 5.4% increase from the prior year-end. Through year-end 2013, the debt service coverage ratio (DSCR) was 3.26x on the interest-only loan.

MainPlace Mall (33.7%), located in Santa Ana, CA (Orange County), is a 1.1 million sf super-regional mall anchored by Macy's, Nordstrom, and JC Penney. The fourth anchor space was formerly occupied by Macy's Men's & Home, which consolidated into the Macy's space in 2013. The Borrower subsequently obtained the leasehold interest in and fee title to the improvements and leased the space back to an affiliate of the Borrower. The ground lease income was excluded from Fitch's analysis of the net cash flow given the related party transaction. Collateral for the loan is comprised of the in-line space as well as the JC Penney and totals 616,591 sf. Per the December 2014 rent roll, the property was approximately 98% leased; however, excluding the related party transaction the overall physical occupancy at the property is approximately 86%, with the in-line space at 97% occupancy. Total mall sales as of year-end 2014 were \$244 million, representing a 3.8% increase from the prior year-end. In-line sales psf for the same period were \$332 psf. Fitch adjusted the in-line sales to exclude a 33,609 sf tenant added in late 2014 and calculated in-line sales increased 3.2% from the prior year-end.

The sponsor for the loan is Westfield America, Inc., a REIT that currently holds interests in 38 shopping centers in markets including northern and southern California, Chicago, southern Florida, New Jersey, and New York. Total square footage is approximately 46 million square feet across the U.S. Fitch currently rates the borrower's parent, Westfield Corporation, 'BBB+' with a Stable Outlook. Westfield Corporation was formed June 30, 2014 after the former Westfield Group was restructured.

RATING SENSITIVITIES

The Outlook remains Stable for all classes. No rating actions are expected unless there are material changes in property occupancy or cash flow. The property performance is consistent with issuance. The transaction is secured by two retail mall properties and therefore more susceptible to event risk related to the market, sponsor or the largest tenants occupying the properties.

Initial Key Rating Drivers and Rating Sensitivity is further described in Fitch's new issue report titled 'UBS-BAMLL Trust 2012-WRM Series 2012-WRM' (July 19, 2012), which is available at www.fitchratings.com.

Fitch has affirmed the following classes:

--\$284,000,000 class A at 'AAAsf'; Outlook Stable;
--\$284,000,000 interest-only class X-A* at 'AAAsf'; Outlook Stable;
--\$131,000,000 interest-only class X-B* at 'BBB-sf'; Outlook Stable;
--\$43,000,000 class B at 'AAsf'; Outlook Stable;
--\$36,000,000 class C at 'Asf'; Outlook Stable;
--\$39,000,000 class D at 'BBBsf'; Outlook Stable;
--\$13,000,000 class E at 'BBB-sf'; Outlook Stable.