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  Title	Moody's Ratings affirms four and downgrades three classes of COMM 2012-CCRE4
  ID	6766885
  External ID	7539647661
  Author	Unknown
  Published Date	Feb. 10, 2025, 2:17 p.m.
  Summary	New York, February 10, 2025 -- Moody's Ratings, (Moody's) has affirmed the ratings on four classes and downgraded the ratings on three classes in COMM 2012-CCRE4 Mortgage Trust, Commercial Pass-Throug
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  URL	https://ratings.moodys.com/ratings-news/436999
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  Content ID	4206204
  Key	0c0e2b93-8b5d-49ab-b924-0272ded365c2
  Content	New York, February 10, 2025 -- Moody's Ratings, (Moody's) has affirmed the ratings on four classes and downgraded the ratings on three classes in COMM 2012-CCRE4 Mortgage Trust, Commercial Pass-Through Certificates, Series 2012-CCRE4 as follows: Cl. A-3, Downgraded to Aa2 (sf); previously on Sep 10, 2024 Affirmed Aaa (sf) Cl. A-M, Downgraded to B3 (sf); previously on Sep 10, 2024 Downgraded to B1 (sf) Cl. B, Affirmed C (sf); previously on Sep 10, 2024 Downgraded to C (sf) Cl. C, Affirmed C (sf); previously on Sep 10, 2024 Affirmed C (sf) Cl. D, Affirmed C (sf); previously on Sep 10, 2024 Affirmed C (sf) Cl. X-A*, Downgraded to B2 (sf); previously on Sep 10, 2024 Downgraded to Ba3 (sf) Cl. X-B*, Affirmed C (sf); previously on Sep 10, 2024 Downgraded to C (sf) * Reflects Interest-Only Classes RATINGS RATIONALE The rating on Cl. A-3 was downgraded to Aa2 (sf) to reflect the existing interest shortfalls, due to continued expenses associated with the Fashion Outlets of Las Vegas loan, which was liquidated in April 2021. In the December 2024 and January 2025 remittance statements, no interest or principal was distributed to Cl. A-3 as all available funds from the outstanding loans have been used to pay these outstanding expenses. Cl. A-3 has already paid down 93% from its original balance and based on our analysis of expected collateral performance and the classes' significant credit support, we believe the interest shortfalls will be ultimately recouped, however, the timing of such recoupment remains uncertain. If non-payment of interest on a security persists for more than 18 months, the rating will be capped at Baa1 (sf). Therefore, given the uncertainty of the timing of recoupment, we have lowered our rating on Cl. A-3 to Aa2 (sf) to reflect the risk of prolonged interest shortfalls for an uncertain period of time. The rating on Cl. A-M was also downgraded due to the increase in interest shortfalls and higher expected losses from the remaining two loans as well as the continued expenses associated with the previously liquidated Fashion Outlets of Las Vegas loan. The two remaining loans (100% of the remaining pool balance) have had significant declines in cash flow and value since securitization and are both in special servicing after failing to pay off at their already extended maturity dates. The largest specially serviced loan is the Prince Building Loan (51% of the pool), secured by a mixed use (office & retail) building that is only 57% leased after the departure of a major tenant in September 2023. The other specially serviced loan, Eastview Mall and Commons (49% of the pool), recently received another loan extension, however, the cash flow remains below levels at securitization and the most recent appraisal value from October 2024 was well below the outstanding loan balance. Furthermore, ongoing interest shortfalls have accumulated on Cl. A-M as well and due to ongoing litigation associated with the Fashion Outlets of Las Vegas loan, there is uncertainty regarding the duration and magnitude of future expenses that the special servicer may pass to the trust and which may result in additional interest shortfalls. The ratings on the remaining three P&I classes, Cl. B, Cl. C, and Cl. D, were affirmed at C (sf) as a result of our expected loss plus realized losses. Cl. D has already experienced a 71% loss from previously liquidated loans. The rating on one IO class, Cl. X-A, was downgraded based on a decline in the credit quality of its referenced classes. The rating on one IO class, Cl. X-B, was affirmed based on the credit quality of its referenced classes. Social risk for this transaction is higher (IPS S-4) and we revised the transaction's Credit Impact Score to CIS-4 from CIS-2. We regard e-commerce competition as a social risk under our ESG framework. The rise in e-commerce and changing consumer behavior presents challenges to brick-and-mortar discretionary retailers. Our rating action reflects a base expected loss of 48.5% of the current pooled balance, compared to 43.4% at our last review. Moody's base expected loss plus realized losses is now 20.1% of the original pooled balance, compared to 19.0% at the last review. We provide a current list of base expected losses for conduit and fusion CMBS transactions on moodys.com at http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF215255. FACTORS THAT WOULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS: The performance expectations for a given variable indicate our forward-looking view of the likely range of performance over the medium term. Performance that falls outside the given range can indicate that the collateral's credit quality is stronger or weaker than we had previously expected. Factors that could lead to an upgrade of the ratings include a significant amount of loan paydowns or amortization, an increase in the pool's share of defeasance or an improvement in pool performance. Factors that could lead to a downgrade of the ratings include a decline in the performance of the pool, an increase in realized and expected losses from specially serviced and troubled loans or interest shortfalls. METHODOLOGY UNDERLYING THE RATING ACTION The principal methodology used in rating all classes except interest-only classes was "Large Loan and Single Asset/Single Borrower Commercial Mortgage-backed Securitizations" published in January 2025 and available at https://ratings.moodys.com/rmc-documents/436529. The methodologies used in rating interest-only classes were "Large Loan and Single Asset/Single Borrower Commercial Mortgage-backed Securitizations" published in January 2025 and available at https://ratings.moodys.com/rmc-documents/436529 and "Moody's Approach to Rating Structured Finance Interest-Only (IO) Securities" published in April 2024 and available at https://ratings.moodys.com/rmc-documents/418262. Please see the list of ratings at the top of this announcement to identify which classes are interest-only (indicated by the *). Alternatively, please see the Rating Methodologies page on https://ratings.moodys.com for a copy of these methodologies. Our analysis incorporated a loss and recovery approach in rating the P&I classes in this deal since 100% of the pool is in special servicing. In this approach, we determine a probability of default for each specially serviced and troubled loan that it expects will generate a loss and estimates a loss given default based on a review of broker's opinions of value (if available), other information from the special servicer, available market data and our internal data. The loss given default for each loan also takes into consideration repayment of servicer advances to date, estimated future advances and closing costs. Translating the probability of default and loss given default into an expected loss estimate, we then apply the aggregate loss from specially serviced loans to the most junior classes and the recovery as a pay down of principal to the most senior classes. DEAL PERFORMANCE As of the January 17, 2025 distribution date, the transaction's aggregate certificate balance has decreased by 78% to $245 million from $1.1 billion at securitization. The certificates are collateralized by two mortgage loans, both of which have now passed both their original maturity dates and previously extended maturity dates. Six loans have been liquidated from the pool, contributing to an aggregate realized loss of $104.8 million (for an average loss severity of 80%). Both remaining loans, constituting 100% of the pool, are currently in special servicing. As of the January 2025 remittance statement cumulative interest shortfalls were $15.8 million and impact up to class A-3. We anticipate interest shortfalls will continue because of the exposure to specially serviced loans and/or modified loans. Interest shortfalls are caused by special servicing fees, including workout and liquidation fees, appraisal entitlement reductions (ASERs), loan modifications and extraordinary trust expenses. In this case, the interest shortfalls are primarily being caused by expenses related to the previously liquidated Fashion Outlets of Las Vegas loan, which was liquidated with a greater than 100% loss in April 2021 but continues to incur additional expenses. In both the December 2024 and January 2025 remittance statements, no principal or interest proceeds were distributed to the outstanding certificates which caused interest shortfalls to impact Cl. A-3 in both months. We expect these expenses and shortfalls to continue in the near term due to servicer recoveries of expenses related to this loan. The largest specially serviced loan is the Prince Building loan ($125 million -- 51% of the pool), which represents a pari passu portion of a $200 million whole loan. The loan is secured by a 379,000 square foot (SF) mixed-use office and retail property located in the SoHo neighborhood of New York City. The property was originally built in 1897 and renovated in 2009. The office portion makes up 78% of the net rentable area (NRA) and the largest tenant is ZocDoc (13% of NRA) with a lease expiration in 2035. The retail component makes up the remaining 22% of NRA, and the largest retail tenant is Equinox sports club (10% of NRA). The prior largest office tenant, Group Nine Media (95,000 SF – 26.5% of NRA), vacated after their September 2023 lease expiration and the second largest retail tenant, Forever 21 (20,841 SF – 5.5% of NRA), vacated as well. The borrower indicated the vacated office space is currently being marketed for a replacement tenant, however, the departure has caused the property's cash flow to significantly decline. The year-end 2023 NOI was already 23% lower than at securitization and the further cash flow decline caused the June 2024 annualized NOI to be 51% lower than securitization levels. The loan is in cash management with all excess cash being trapped to the reserve. As of September 2024, the property was 57% leased with reported NOI DSCR at 1.13X based on interest only payments at a 4.3% interest rate. After failing to pay off at its initial October 2022 maturity date, the loan was extended through October 2023 with an additional one year extension through October 2024. The loan transferred back to special servicing in July 2024 and servicer commentary indicated the borrower recently requested a new maturity extension. The loan has generally remained current on its interest only debt service payment due to positive cash flow and its low in-place interest rate, however, in January 2025 it was last paid through the December 2024 payment date. The most recently reported appraisal value in November 2024 remained above the outstanding mortgage loan balance, however, due to the recent occupancy and cash flow declines we anticipate a moderate loss on this loan. The other specially serviced loan is the Eastview Mall and Commons Loan ($120 million -- 49% of the pool) which represents a pari passu portion of a $210 million whole loan. The loan is secured by a 725,300 SF portion of a 1.4 million SF regional mall (Eastview Mall) and an 86,370 SF portion of a 341,000 SF power center (Eastview Commons) located adjacent to the mall, which is located in Victor, NY, 15 miles southeast of Rochester. The mall portion is anchored by non-collateral Macy's, JC Penny, Von Maur and Dicks Sports. The Dicks Sports backfilled a previous Sears store. The non-collateral portion also includes a former Lord & Taylor space that closed in 2021. The mall collateral is anchored by a 13 screen Regal Cinemas, Raymour & Flanagan and LL Bean. It also includes an Apple store, the only one within a 60 mile radius. The Eastview Commons portion includes non-collateral Home Depot and Target stores, and collateral tenants Best Buy, Staples and Old Navy. As of September 2024, the collateral was 86% leased, compared to 90% as of December 2022 and 94% at securitization. The loan has been in special servicing multiple times and after it failed to pay off at its original September 2022 maturity, the loan was extended through September 2024, with an additional one year extension option to September 2025 pursuant to terms and conditions in the modification agreement. The borrower failed to pay off at its extended maturity date and servicer commentary indicated another maturity extension was executed. The loan is in cash management for the remainder of the term with all excess cash being trapped. The reported September 2024 NOI DSCR was 1.58X based on interest only payments and a 4.625% interest rate, and NOI has been relatively stable since 2020. However, the property's NOI has remained significantly below levels at securitization since 2019 and year-end 2023 NOI was 23% below the NOI in 2012. The property's most recent appraisal from October 2024 valued the property 52% lower than the outstanding loan balance and the servicer has recognized a 54% appraisal reduction, however, the loan remains current on debt service payments at this point. Given the property's performance and market conditions, the loan will likely continue to face refinance risk at its extended maturity date, and we anticipate a significant loss on this loan. We estimate an aggregate $118.9 million loss for the specially serviced loans (48.5% expected loss). REGULATORY DISCLOSURES For further specification of Moody's key rating assumptions and sensitivity analysis, see the sections Methodology Assumptions and Sensitivity to Assumptions in the disclosure form. Moody's Rating Symbols and Definitions can be found on https://ratings.moodys.com/rating-definitions. The analysis includes an assessment of collateral characteristics and performance to determine the expected collateral loss or a range of expected collateral losses or cash flows to the rated instruments. As a second step, Moody's estimates expected collateral losses or cash flows using a quantitative tool that takes into account credit enhancement, loss allocation and other structural features, to derive the expected loss for each rated instrument. For any affected securities or rated entities receiving direct credit support/credit substitution from another entity or entities subject to a credit rating action (the supporting entity), and whose ratings may change as a result of a credit rating action as to the supporting entity, the associated regulatory disclosures will relate to the supporting entity. Exceptions to this approach may be applicable in certain jurisdictions. For ratings issued on a program, series, category/class of debt or security, certain regulatory disclosures applicable to each rating of a subsequently issued bond or note of the same series, category/class of debt, or security, or pursuant to a program for which the ratings are derived exclusively from existing ratings, in accordance with Moody's rating practices, can be found in the most recent Credit Rating Announcement related to the same class of Credit Rating. For provisional ratings, the Credit Rating Announcement provides certain 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. Moody's does not always publish a separate Credit Rating Announcement for each Credit Rating assigned in the Anticipated Ratings Process or Subsequent Ratings Process. These ratings are solicited. Please refer to Moody's Policy for Designating and Assigning Unsolicited Credit Ratings available on its website https://ratings.moodys.com. Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review. At least one ESG consideration was material to the credit rating action(s) announced and described above. Moody's general principles for assessing environmental, social and governance (ESG) risks in our credit analysis can be found at at https://ratings.moodys.com/rmc-documents/435880. The Global Scale Credit Rating(s) discussed in this Credit Rating Announcement was(were) issued by one of Moody's affiliates outside the EU and UK and is(are) endorsed for use in the EU and UK in accordance with the EU and UK CRA Regulation. Please see https://ratings.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating. Please see the issuer/deal page on https://ratings.moodys.com for additional regulatory disclosures for each credit rating. Fred Kasimov Asst Vice President - Analyst Matthew Halpern Associate Managing Director Releasing Office: Moody's Investors Service, Inc. 250 Greenwich Street New York, NY 10007 U.S.A. JOURNALISTS: 1 212 553 0376 Client Service: 1 212 553 1653 © 2025 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 CREDIT RATINGS AFFILIATES ARE THEIR CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED OR OTHERWISE MADE AVAILABLE BY MOODY’S (COLLECTIVELY, “MATERIALS”) MAY INCLUDE SUCH CURRENT OPINIONS. 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 OR IMPAIRMENT. SEE APPLICABLE MOODY’S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S CREDIT RATINGS. 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