Fitch Ratings has affirmed 13 classes of Deutsche Bank Securities, Inc., commercial pass-through certificates, series 2012-CCRE5 (COMM 2012-CCRE5 Mortgage Trust).

The Rating Outlook was revised to Stable from Negative on class D and remains Negative on class E.

RATING ACTIONS

Entity / Debt

Rating

Prior

COMM 2012-CCRE5

A-3 12623SAD2

LT

AAAsf

Affirmed

AAAsf

A-4 12623SAE0

LT

AAAsf

Affirmed

AAAsf

A-M 12623SAJ9

LT

AAAsf

Affirmed

AAAsf

A-SB 12623SAC4

LT

AAAsf

Affirmed

AAAsf

B 12623SAL4

LT

AAsf

Affirmed

AAsf

C 12623SAQ3

LT

Asf

Affirmed

Asf

D 12623SAS9

LT

BBB+sf

Affirmed

BBB+sf

E 12623SAU4

LT

BBsf

Affirmed

BBsf

F 12623SAW0

LT

CCCsf

Affirmed

CCCsf

Page

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VIEW ADDITIONAL RATING DETAILS

KEY RATING DRIVERS

Stable Loss Expectations; Expected Paydown: Fitch's loss expectations for the pool are relatively stable and in-line with Fitch's prior rating action. All remaining loans mature in 2022. The Stable Outlooks reflect increasing defeasance, as well as expected paydown from upcoming maturities.

Fitch's current ratings incorporate a base case loss of 8.40%. Ten loans (26.7% of pool) were designated Fitch Loans of Concern (FLOCs), including two (3.3%) in special servicing.

Regional Mall FLOC: Despite improving loan performance for the majority of the pool, performance and refinance concerns remain for the largest loan, Eastview Mall and Commons (11.8%), which is secured by 802,636 sf of a 1.7 million-sf regional mall and power center in Victor, NY. The loan, which is sponsored by Wilmorite Properties and matures in September 2022, transferred to special servicing in May 2020 for imminent monetary default at the borrower's request as a result of the coronavirus pandemic. The loan was brought current and transferred back to the master servicer in July 2020. The loan has remained current since returning to the master servicer.

The YE 2021 servicer-reported net operating income (NOI) was 6% below YE 2020 and 33% below issuance. Collateral occupancy and servicer-reported NOI debt service coverage ratio (DSCR) for this IO loan were 79% and 1.44x at YE 2021, down from 83% and 1.52x at YE 2020, 90% and 1.81x at YE 2019 and 94% and 2.19x at issuance.

Non-collateral Sears closed in the fourth quarter of 2018 and non-collateral Lord & Taylor closed in the first quarter of 2021. The former non-collateral Sears space was backfilled by Dick's new experiential concept, Dick's House of Sports, which includes a rock-climbing wall, high-tech batting cage, virtual golf driving bays, and a 17,000-sf outdoor turf field and running track to host sports events which can be used as an ice arena in the winter. The mall portion is anchored by non-collateral JCPenney, non-collateral Macy's and non-collateral Von Maur, and the power center portion is anchored by non-collateral Home Depot and non-collateral Target. The largest collateral tenant is Regal Cinemas, which leases approximately 9.4% net rentable area through February 2026.

Fitch's base case loss expectation of 55% reflects a 15% cap rate on the YE 2021 NOI and represents performance and imminent refinance concerns. The loan's interest rate is 4.625%.

Alternative Loss Consideration: Fitch performed a paydown scenario assuming that the specially serviced loans and Eastview Mall and Commons are the last remaining assets in the pool. The Outlook revision to Stable from Negative on class D reflects the sufficient credit enhancement and lower expected losses on the specially serviced loans. The most senior class reliant on proceeds from Eastview Mall and Commons is class E. Refinance risks and the uncertainty of timing and/or disposition amount contributed to the Outlook remaining Negative on class E.

Increase in Credit Enhancement: Credit enhancement (CE) has improved since Fitch's last rating action due to continued scheduled amortization and increased defeasance. As of the May 2022 distribution date, the pool's aggregate balance has been paid down by 32.7% to $762.5 million from $1.1 billion at issuance. The majority of the pool (87.6%) is amortizing. Fourteen loans (25.7%) are fully defeased. Cumulative interest shortfalls of $166,985 are currently affecting the non-rated class H.

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to negative rating action/downgrade:

Downgrades of the 'AAAsf' and 'AAsf' rated classes are not likely due to sufficient CE and expected continued amortization but would occur at the 'AAAsf' and 'AAsf' levels if interest shortfalls occur. Downgrades of classes C, D and PEZ would occur if loss expectations increase or loans fail to pay-off at maturity. Classes E, F and G would be downgraded if loans fail to refinance at maturity or as losses are realized.

Fitch has identified both a baseline and a worse-than-expected, adverse stagflation scenario based on repercussions from the Russia-Ukraine war whereby growth is sharply lower amid higher inflation and interest rates; even if the adverse scenario should play out, Fitch expects virtually no impact on ratings performance, indicating very few rating or Outlook changes. However, for some transactions with concentrations in underperforming retail exposure, the ratings impact may be mild to modest, indicating some changes on sub-investment grade notes.

Factors that could, individually or collectively, lead to positive rating action/upgrade:

Upgrades are unlikely due to performance and refinance concerns with Eastview Mall and Commons but could occur if performance and/or refinance prospects improve significantly.

Best/Worst Case Rating Scenario

International scale credit ratings of Structured Finance transactions have a best-case rating upgrade scenario (defined as the 99th percentile of rating transitions, measured in a positive direction) of seven notches over a three-year rating horizon; and a worst-case rating downgrade scenario (defined as the 99th percentile of rating transitions, measured in a negative direction) of seven notches over three years. The complete span of best- and worst-case scenario credit ratings for all rating categories ranges from 'AAAsf' to 'Dsf'. Best- and worst-case scenario credit ratings are based on historical performance. For more information about the methodology used to determine sector-specific best- and worst-case scenario credit ratings, visit https://www.fitchratings.com/site/re/10111579.

USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10

Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF RATING

The principal sources of information used in the analysis are described in the Applicable Criteria.

ESG Considerations

Unless otherwise disclosed in this section, the highest level of ESG credit relevance is a score of '3'. This means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. For more information on Fitch's ESG Relevance Scores, visit www.fitchratings.com/esg

Additional information is available on www.fitchratings.com

PARTICIPATION STATUS

The rated entity (and/or its agents) or, in the case of structured finance, one or more of the transaction parties participated in the rating process except that the following issuer(s), if any, did not participate in the rating process, or provide additional information, beyond the issuer's available public disclosure.

APPLICABLE CRITERIA

Global Structured Finance Rating Criteria (pub. 26 Oct 2021) (including rating assumption sensitivity)

Structured Finance and Covered Bonds Counterparty Rating Criteria (pub. 04 Nov 2021)

North America and Asia-Pacific Multiborrower CMBS Surveillance Criteria (pub. 09 Apr 2022) (including rating assumption sensitivity)

APPLICABLE MODELS

Numbers in parentheses accompanying applicable model(s) contain hyperlinks to criteria providing description of model(s).

CMBS Conduit Surveillance Model, v1.20.0 (1)

ADDITIONAL DISCLOSURES

Dodd-Frank Rating Information Disclosure Form

Solicitation Status

Endorsement Policy

ENDORSEMENT STATUS

COMM 2012-CCRE5 	EU Endorsed, UK Endorsed

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