OREANDA-NEWS. Fitch Ratings has affirmed 11 classes of COMM 2012-CCRE1 commercial mortgage pass-through certificates. A detailed list of rating actions follows at the end of this press release.

KEY RATING DRIVERS
Fitch's affirmations are based on the stable performance of the underlying collateral pool. There have been no defaulted or specially serviced loans since issuance. Fitch modeled losses of 2.4% of the remaining pool; expected losses on the original pool balance total 2.2%. The pool has experienced no realized losses to date. Fitch has designated two (2.0%) Fitch Loans of Concern (FLOC) due to upcoming tenant rollover risk.

As of the February 2016 distribution date, the pool's aggregate principal balance has been reduced by 8.7% to $851.4 million from $932.8 million at issuance. Per the servicer reporting, two loans (3.9% of the pool) are defeased.

The largest loan in the pool (13.4%) is secured by a portion of a 1.7 million square foot (sf) regional mall (1.3 million-sf of collateral) located in Albany, NY. The mall is anchored by Macy's (non-collateral), J.C. Penney, Dick's Sporting Goods, and Best Buy. The servicer-reported occupancy and debt service coverage ratio (DSCR) was 90.1% and 1.51x, respectively, as of year-end (YE) 2015 compared to 90.9% and 1.49x at YE 2014. Trailing 12-month November 2015 comparable sales (excluding anchors and tenants with no reported sales or open less than 12 months) were a reported $491 psf compared to $455 psf the prior year.

The second largest loan in the pool (6.5%) is secured by a 227,707-sf office property located in San Leandro, CA. Per the December 2015 rent roll, occupancy remained at 100%. The third largest tenant (21.3% of net rentable area [NRA]) has a lease that expires in April 2017. The tenant has two five-year extension options, and must provide notice six months prior to the lease expiration date. The servicer-reported YE 2014 DSCR was 1.89x, compared to 1.76x at issuance.

RATING SENSITIVITIES
Rating Outlooks on classes A-2 through G are Stable due to increasing credit enhancement from continued paydown and the stable performance of the collateral. The collateral has a weighted average Fitch stressed loan-to-value (LTV) of 69.4%. Future upgrades are possible should loans pay off at their scheduled maturities; 2017 maturities represent 11.6% of the pool. Fitch does not foresee negative ratings migration unless a material economic and/or asset level event changes the transaction's 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:
--$90.3 million class A-2 at 'AAAsf'; Outlook Stable;
--$409.2 million class A-3 at 'AAAsf'; Outlook Stable;
--$72.1 million class A-SB at 'AAAsf'; Outlook Stable;
--$667.2 million class X-A* at 'AAAsf'; Outlook Stable;
--$95.6 million class A-M at 'AAAsf'; Outlook Stable;
--$43.1 million class B at 'AAsf'; Outlook Stable;
--$32.6 million class C at 'Asf'; Outlook Stable;
--$50.1 million class D at 'BBB-sf'; Outlook Stable;
--$2.3 million class E at 'BBB-sf'; Outlook Stable;
--$14 million class F at 'BBsf'; Outlook Stable;
--$15.2 million class G at 'Bsf'; Outlook Stable.

*Interest Only

The class A-1 certificates have paid in full. Fitch does not rate the $184.2 million interest-only class X-B, or the $26.8 million class H.