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February 29, 2012 at 05:27 AM EST
Fitch Rates FREMF 2012-K706 and Freddie Mac Structured Pass-Through Certificates, Series K-706

Fitch Ratings has rated Freddie Mac FREMF 2012-K706 Mortgage Trust multifamily mortgage pass-through certificates, series 2012-K706 and Freddie Mac structured pass-through certificates, series K-706 as follows:

FREMF 2012-K706 Mortgage Trust Multifamily Mortgage Pass-Through Certificates, Series 2012-K706

--$89.8 million class A-1 'AAAsf'; Outlook Stable;

--$933 million class A-2 'AAAsf'; Outlook Stable;

--$1,022.8 million* class X1 'AAAsf'; Outlook Stable;

--$1,022.8 million* class X2-A 'AAAsf'; Outlook Stable;

--$71.4 million class B 'Asf'; Outlook Stable;

--$30.4 million class C 'BBBsf'; Outlook Stable.

Freddie Mac Structured Pass-Through Certificates, Series K-706

--$89.8 million class A-1 'AAAsf'; Outlook Stable;

--$933 million class A-2 'AAAsf'; Outlook Stable;

--$1,022.8 million* class X1 'AAAsf'; Outlook Stable.

*Notional amount and interest only.

Of FREMF 2012-K706, Fitch does not rate the $193 million interest-only class X2-B, the $91.2 million class D or the $10 million class P. Of the Freddie Mac structured pass-through certificates, series K-706, Fitch does not rate the $193 million interest-only class X3.

The certificates represent the beneficial interests in a pool of 61 commercial mortgages secured by 61 properties. The Freddie Mac structured pass-through certificates, series K-706 (Freddie Mac SPC K-706) represents a pass-through interest in the corresponding class of securities issued by FREMF 2012-K706 Mortgage Trust. Each Freddie Mac SPC K-706 security has the same designation as its underlying FREMF 2012-K706 class. All loans were originated by various seller/servicers according to the guidelines of the Freddie Mac Capital Markets Execution (CME) product. The certificates follow a sequential-pay structure.

The Master Servicer will be Wells Fargo Bank, National Association, which is rated 'CMS2' by Fitch. The Special Servicer will be TriMont Real Estate Advisors, Inc., which is rated 'CSS2' by Fitch.

The presale report is available at 'www.fitchratings.com'.

Additional information is available at 'www.fitchratings.com'. The ratings above were solicited by, or on behalf of, the issuer, and therefore, Fitch has been compensated for the provision of the ratings.

Applicable Criteria and Related Research:

--'Criteria for Analyzing Multiborrower U.S. Commercial Mortgage Transactions', Aug. 12, 2011;

--'Global Structured Finance Rating Criteria', Aug. 4, 2011;

--'Criteria for Special-Purpose Vehicles in Structured Finance Transactions', June 13, 2011;

--'U.S. Commercial Mortgage Servicer Rating Criteria', Feb. 18, 2011;

--'Surveillance Methodology for U.S. Fixed-Rate CMBS Transactions', Dec. 21, 2011;

--'Counterparty Criteria for Structured Finance Transactions', March 14, 2011.

Applicable Criteria and Related Research:

Criteria for Analyzing Multiborrower U.S. Commercial Mortgage Transactions

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=647671

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=646569

Criteria for Special-Purpose Vehicles in Structured Finance Transactions

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=635249

U.S. Commercial Mortgage Servicer Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=584005

Surveillance Methodology for U.S. Fixed-Rate CMBS Transactions

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=662869

Counterparty Criteria for Structured Finance Transactions

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=605425

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE.

Contacts:

Fitch, Inc.
Media Relations
Sandro Scenga, New York, +1 212-908-0278
sandro.scenga@fitchratings.com
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Fitch, Inc.
One State Street Plaza
New York, NY 10004
Primary Analyst
Aniello Forcellati, +1-212-908-0747
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Committee Chairperson
Eric Rothfeld, +1-212-908-0761
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