KEY RATING DRIVERS
Fitch modeled losses of 13.7% of the remaining pool; expected losses on the original pool balance total 14.9%, including losses already incurred, an increase from 13.3% at Fitch's last rating action. The pool has experienced
As of the
The Negative Outlook on class A-M reflects the increase in modeled maturity defaults and high percentage of Fitch Loans of Concern remaining in the pool. Approximately 80% of the pool has a Fitch loan to value (LTV) greater than 90%, which can indicate difficulty in refinancing at maturity.
The largest contributor to modeled losses is the real-estate owned (REO) Ariel Preferred Portfolio (3.1% of the pool balance). The retail portfolio consists of three outlet centers located in
The next largest contributor to modeled losses is the specially-serviced Rubloff Retail Portfolio loan (2%), which is secured by four malls in tertiary market comprising 1.26 million square feet (sf). The loan transferred to special servicing in late
The third largest contributor to modeled losses is the
The largest Fitch Loan of Concern is the
Fitch downgrades the following classes as indicated:
Fitch affirms the following classes as indicated:
Classes K, L, M, N, O, P and Q remain at 'Dsf', RE 0% due to realized losses.
The class A-1 and A-2 certificates have paid in full. Fitch does not rate the fully depleted class S certificates. Fitch previously withdrew the rating on the interest-only class X certificate.
Additional information is available at 'www.fitchratings.com'.
--'Global Structured Finance Rating Criteria' (
--'U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria' (
Global Structured Finance Rating Criteria
U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria
Jeffrey Diliberto, +1 212-908-9173
Mary MacNeill, +1 212-908-0785
Source: Fitch Ratings
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