KEY RATING DRIVERS
The affirmations are due to sufficient credit enhancement to the remaining Fitch rated classes. Fitch modeled losses of 17.8% of the remaining pool; expected losses on the original pool balance total 2.2%, including
As of the
The largest contributor to expected losses is a 477,259 square foot (sf) office building located in
The second largest contributor to expected losses is a specially-serviced loan (4.5% of the pool), which is secured by an 80,211 sf retail property located in
The third largest contributor to expected losses is a specially-serviced loan (5.3% of the pool), which is secured by a 93,541 sf grocery anchored retail center located in
The ratings of investment grade classes C to G are expected to remain stable due to increasing credit enhancement and continued paydown. Despite high credit enhancement, upgrades are not expected due to the concentrated pool and the credit characteristics of the remaining collateral. The distressed classes (those rated below 'B') are expected to be subject to further downgrades as losses are realized. In addition, classes H and J may be subject to downgrades should realized losses be greater than Fitch's expectations.
Fitch affirms the following classes as indicated:
The class A-1, A-2, A-3, A-4, A-1A, B, PPL-1, PPL-2, PPL-3, PPL-4, PPL-5 and PPL-6 certificates have paid in full. Fitch does not rate the class N, O and P certificates. Fitch previously withdrew the rating on the interest-only class X-1 certificates and the interest-only class X-2 certificates have paid in full.
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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