Fitch does not rate the interest-only class X. Class A-1, A-2, A-5, A-6, A-7, A-9, and A-10 have paid in full.
KEY RATING DRIVERS
The affirmations reflect sufficient credit enhancement relative to Fitch modeled losses. This transaction is a re-securitization of the ownership interest in three commercial mortgage-backed certificates which total
The following commercial mortgage-backed securities are collateral for the re-REMIC securities:
The trustee fee will be paid monthly from available interest proceeds. Any extraordinary trust fund expenses incurred by the trustee will be paid first out of the extraordinary expense reserve account, second, if necessary, from available interest.
Fitch reviewed the underlying collateral and performed loan level stressed analysis as described in 'U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria' dated
The Rating Outlooks are expected to remain Stable due to increasing credit enhancement of the underlying super senior certificates.
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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