Fitch Affirms GTP Cellular Sites, LLC Secured Cellular Sites Revenue Notes, Series 2012-1 and 2012-2

Fitch Ratings has affirmed the GTP Cellular Sites, LLC commercial mortgage pass-through certificates, series 2012-1 and 2012-2 as follows:

--$98.9 million 2012-1 class A at 'Asf'; Outlook Stable;

--$114 million 2012-2 class A at 'Asf'; Outlook Stable;

--$41 million 2012-2 class B at 'BBB-sf'; Outlook Stable;

--$27 million 2012-2 class C at 'BB-sf'; Outlook Stable.

KEY RATING DRIVERS

The affirmations are due to the stable performance of the collateral since issuance with no significant changes to the collateral composition. The Stable Outlooks reflect the limited prospect for upgrades given the provision to issue additional notes.

SENSITIVITY/RATING DRIVERS

The classes are expected to remain stable based on continued cash flow growth due to annual rent escalations and automatic renewal clauses resulting in higher debt service coverage ratios since issuance. The 2012-1 class A certificate benefits from amortization. The ratings have been capped at 'A' due to the specialized nature of the collateral and the potential for changes in technology to affect long-term demand for wireless tower space.

As part of its review, Fitch analyzed the financial and site information provided by the master servicer, Midland Loan Services. As of January 2014, aggregate annualized run rate net cash flow increased 3.1% from issuance to $33.1 million with a Fitch stressed debt service coverage ratio (DSCR) of 1.15 times (x).

The tenant type concentration is stable. As of January 2014, total revenue contributed by telephony tenants was 99.1%. Lease revenues from telephony tenants have more stable income characteristics than other tenant types due to the strong end-use customer demand for wireless services.

The certificates represent beneficial ownership interest in the cellular sites, primary assets of which are 1,177 wireless communication sites leased to 2,192 cellular tower tenants. As of the January 2014 distribution date, the aggregate principal balance of the notes has been reduced by 0.4% to $280.9 million from $282 million at issuance.

The series 2012-1 class A and series 2012-2 class A notes were interest only for the first year and have commenced amortization expected to total 6% of the total principal amount through year five. No other principal will be required to be paid prior to the anticipated repayment date of the applicable series, which is in March 2017 for 2012-1 class A and March 2019 for the remaining classes.

American Tower Corporation, rated ???BBB??? by Fitch, acquired 100% of the outstanding common membership interests of MIP Tower Holdings LLC, a private real estate investment trust, which is the parent company of Global Tower Partners (GTP) and assumed the existing GTP debt in October 2013.

Additional information on Fitch's criteria for analyzing U.S. Wireless Tower Transactions is available in the Dec. 3, 2013 report, 'Criteria for Analyzing U.S. Wireless Tower Transactions,' which is available at 'www.fitchratings.com' under the following headers:

Structured Finance >> CMBS >> Criteria Reports

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

Applicable Criteria and Related Research:

--'Global Structured Finance Rating Criteria' (May 24, 2013);

--'Criteria for Analyzing U.S. Wireless Tower Transactions' (Dec. 3, 2013);

--'Criteria for Analyzing Large Loans in U.S. Commercial Mortgage Transactions' (Sept. 20, 2013).

Applicable Criteria and Related Research:

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=708661

Criteria for Analyzing U.S. Wireless Tower Transactions

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=724675

Criteria for Analyzing Large Loans in U.S. Commercial Mortgage Transactions

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=718468

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=816662

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