KEY RATING DRIVERS
Fitch modeled losses of 49.4% of the remaining pool; expected losses on the original pool balance total 7.7%, including
As of the
The largest contributor to expected losses is the specially-serviced
The next largest contributor to expected losses is a specially-serviced loan (2.8%), which is secured by a 36,200 square foot retail property located in
The third largest contributor to expected losses is a specially-serviced loan (4.5%), which is secured by mobile home community in Superior Township, MI. The loan matured in
The rating outlooks for classes D and E were revised to Outlook Stable to reflect that full principal repayment is highly probable given the continued amortization of the pool as well as defeasance of four loans (
Fitch affirms the following classes and/or revises Rating Outlooks and REs as indicated:
The class A-1, A-2, A-3, A-4, A-1A, B and C certificates have paid in full. Fitch does not rate the class NR certificates. Fitch previously withdrew the ratings on the interest-only class X-1 and X-2 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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