**Exchangeable REMIC certificates
Fitch does not rate classes B and B-B.
KEY RATING DRIVERS
This transaction is a resecuritization of the ownership interest in two commercial mortgage-backed certificates, classes A-2 and A-2FX, from
The underlying bonds have stable outlooks and no future rating actions are expected. The transaction consists of one re-REMIC bond group backed by the interest in two underlying super-senior bonds from the same transaction. The bond group is split into one senior and one support class of certificates. Principal and interest from the underlying commercial mortgage-backed certificates is applied sequentially while losses from the underlying commercial mortgage-backed certificates are applied in reverse sequential order. Credit enhancement for each class is provided by the structural support of the underlying transaction and the respective subordinate classes in the resecuritization.
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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