KEY RATING DRIVERS
The affirmations are warranted due to the relatively stable performance of the pool since Fitch's last rating action. Fitch modeled losses of 10.8% of the remaining pool; expected losses on the original pool balance total 9.1%, including
As of the
The largest contributor to expected losses is the specially-serviced Simon -
The next largest contributor to expected losses is a specially-serviced loan (3.1%), which is secured by a 276 unit multifamily property built in 2002 located in
The third largest contributor to expected losses is a 700 bed student housing property located within two miles of
Rating Outlooks on classes A-1A and A-5 remain stable due to increasing credit enhancement and continued paydown. Rating Outlooks on classes AJ and B have been revised to Stable from Negative due to continued paydown and the likelihood of continued paydown from the 2014 loan maturities. The Rating Outlook on Class C will remain Negative and may be subject to downgrade if there is further deterioration of the pool's cashflow performance and/or decrease in the value of specially serviced loans. Additional downgrades to the distressed classes (those rated below 'B') are expected as losses are realized on specially serviced loans.
Fitch affirms the following classes and revises Rating Outlooks as indicated:
The class A-1, A-2, A-3, and A-4 certificates have paid in full. Fitch does not rate the class Q certificates. Fitch previously withdrew the ratings on the interest-only class XC and XP certificates.
Additional information on Fitch's criteria for analyzing U.S. CMBS transactions is available in the
Structured Finance >> CMBS >> Criteria Reports
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
Source: Fitch Ratings
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