OREANDA-NEWS. Fitch Ratings has affirmed six classes of FREMF 2012-K19 multifamily mortgage pass-through certificates and three classes of Freddie Mac structured pass-through certificates series K-019.

KEY RATING DRIVERS

The affirmations are the result of stable performance of the underlying pool since issuance. The pool has no delinquent or specially serviced loans. The pool's aggregate principal balance has been reduced by 2.87% to \\$1.24 billion from \\$1.27 billion at issuance. Fitch has not designated any loans as Fitch Loans of Concern.

The affirmations of the Freddie Mac series K-019 certificates are based on the pass-through nature of the certificates, as they are dependent on the underlying ratings of the corresponding classes of FREMF 2012-K19.

The largest loan of the pool (8.5% of the pool), is secured by a 372-unit, class-A, midrise apartment building located in Brooklyn, NY. The property, Brooklyn Gold, was developed in 2010 in conjunction with an adjoining apartment building, 277 Gold, which is not part of the collateral. The property's occupancy has remained stable since issuance at approximately 94% as of September 2014.

The second largest loan (4.1%), The Cork Factory, is a 297-unit apartment complex located in Pittsburg, PA. The buildings were built in 1901, used as a cork factory until 1974 and then converted into an apartment building in 2006. As per the property's rent roll, occupancy increased to 98% as of September 2014 from 96% as of February 2014.

RATING SENSITIVITIES

The Rating Outlooks for all classes remains Stable. Due to the recent issuance of the transaction and stable performance, Fitch does not foresee positive or negative ratings migration until a material economic or asset level event changes the transaction's overall portfolio-level metrics.

DUE DILIGENCE USAGE
No third party due diligence was provided or reviewed in relation to this rating action.

Fitch has affirmed the following classes as indicated:

FREMF 2012-K19 Multifamily Mortgage Pass-Through Certificates
--\\$156.9 million class A-1 at 'AAAsf'; Outlook Stable;
--\\$885 million class A-2 at 'AAAsf'; Outlook Stable;
--\\$66.8 million class B at 'Asf'; Outlook Stable;
--\\$31.8 million class C at 'BBB+sf'; Outlook Stable;
--\\$1.0 billion class X1 at 'AAAsf'; Outlook Stable;
--\\$1.0 billion class X2-A at 'AAAsf'; Outlook Stable.

Fitch does not rate the class D and the interest-only classes X2-B and X3 certificates.

Freddie Mac Structured Pass-Through Certificates, Series K-019
--\\$156.9 million class A-1 at 'AAAsf'; Outlook Stable;
--\\$885 million class A-2 at 'AAAsf'; Outlook Stable;
--\\$1.1 billion class X1 at 'AAAsf'; Outlook Stable.

Fitch does not rate the interest-only class X3 certificates.