KEY RATING DRIVERS
The downgrades are a result of an increase in expected losses. The affirmation of the remaining investment grade class is due to sufficient credit enhancement that offsets the increased loan concentration and adverse selection with only three assets remaining.
Fitch modeled losses of 67.8% of the remaining pool; expected losses on the original pool balance total 7.6%, including
As of the
The largest loan in the pool is the
The next largest asset is The Landings (27.4%), a 112,861-sf anchored retail center located in
The third largest asset is the
Rating Outlooks on classes E and F are Negative due to increasing interest shortfalls and insufficient cash flows from the remaining assets to pay the bonds without servicer advances.
Fitch downgrades the following classes and assigns Recovery Estimates (REs) as indicated:
Fitch affirms the following classes, and revises Rating Outlooks and REs as indicated:
The class A-1, A-2, B, C, D and X-2 certificates have paid in full. Fitch does not rate the class P certificates. Fitch previously withdrew the rating on the interest-only class X-1 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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