Fitch Affirms COMM 2006-C8

Fitch Ratings has affirmed all classes of COMM Mortgage Trust series 2006-C8 commercial mortgage pass-through certificates and revised the Outlook on Class A-M to Stable from Negative. A detailed list of rating actions follows at the end of this press release.

KEY RATING DRIVERS

The affirmations are the result of stable overall pool performance since Fitch's last review. Fitch modeled losses of 10.9% for the remaining pool; expected losses on the original pool balance total 12.3%, including $187.5 million (7.4% of the original pool balance) in realized losses to date. Fitch has designated 30 loans (27.8%) as Fitch Loans of Concern, which includes 18 specially serviced assets (12.6%).

As of the July 2014 distribution date, the pool's aggregate principal balance has been reduced by 32.4% to $2.55 billion from $3.78 billion at issuance. Nine loans (7.9%) are defeased. Interest shortfalls totaling $40.1 million are currently affecting classes E through S.

RATING SENSITIVITIES

All investment rated classes are expected to remain stable and no near-term rating actions are anticipated. In addition, the distressed classes (rated below 'B') may be subject to further rating actions as losses are realized.

The largest contributor to expected losses is a loan secured by 405,000 square feet (sf) of a 689,601 sf regional mall located in Clovis, CA (3% of the pool). Loan was transferred to the special servicing in September 2013 due to payment default. The servicer is working with the borrower for a possible loan modification. Occupancy as of April 2014 was 73.5%, compared to 74% at year-end (YE) 2012 and 87.9% at issuance.

The second largest contributor to expected losses is a portfolio of seven (12 at issuance) recreational vehicle resort communities located in five different states (2.2%). All properties became real estate owned assets (REO) as of May 2013. Based on servicer provided asset valuations, significant losses are expected upon liquidation of these assets.

The third largest contributor to expected losses is an office/medical office building located in the West Central submarket of Las Vegas, Nevada totaling 130,268 SF. The property became REO as of June 2012 via foreclosure sale. The asset is on a ground lease with approximately 11 years remaining. Occupancy as of June 2014 was 66%.

Fitch affirms the following classes and revises Outlook as indicated:

--$12.2 million class A-AB at 'AAAsf'; Outlook Stable;

--$1.1 billion class A-4 at 'AAAsf'; Outlook Stable;

--$481.8 million class A-1A at 'AAAsf'; Outlook Stable;

--$377.6 million class A-M at 'AAsf'; Outlook to Stable from Negative;

--$302.1 million class A-J at 'CCCsf'; RE 90%;

--$28.3 million class B at 'CCsf'; RE 0%;

--$42.5 million class C at 'CCsf'; RE 0%;

--$37.8 million class D at 'CCsf'; RE 0%;

--$23.6 million class E at 'Csf'; RE 0%;

--$28.3 million class F at 'Csf'; RE 0%;

--$51.9 million class G at 'Csf'; RE 0%;

--$37.8 million class H at 'Csf'; RE 0%;

--$15.4 million class J at 'Dsf'; RE 0%;

--$0 class K at 'Dsf'; RE 0%;

--$0 class L at 'Dsf'; RE 0%;

--$0 class M at 'Dsf'; RE 0%;

--$0 class N at 'Dsf'; RE 0%;

--$0 class O at 'Dsf'; RE 0%.

The classes A-1, A-2A, A-2B and A-3 have paid in full. Fitch does not rate the class P, Q and S certificates. Fitch previously withdrew the ratings on the interest-only class X-P and X-S certificates.

Additional information is available at 'www.fitchratings.com'.

Applicable Criteria and Related Research:

--'Global Structured Finance Rating Criteria' (May 20, 2014);

--'U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria' (Dec. 11, 2013).

Applicable Criteria and Related Research:

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=748821

U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=724961

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=841476

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