KEY RATING DRIVERS
The upgrade is due to additional defeasance and paydown since Fitch's last rating action. The affirmations reflect the pool's stable performance.
Fitch modeled losses of 3.3% of the remaining pool; expected losses on the original pool balance total 6.3%, including
As of the
The largest contributor to expected losses is the
The next largest contributor to expected losses is the
The third largest contributor to expected losses is the
Rating Outlooks on classes A-1, A-4, A-5 and C thru D remain Stable due to increasing credit enhancement and continued paydown. The Positive outlook on class B reflects the future expected paydown from loan maturities in 2014. In the current review, approximately 49% of the pool was modeled to pay off at the respective loan maturities, as these loans pass both refinance tests.
Fitch upgrades the following classes as indicated:
Fitch affirms the following classes, assigns and revises Rating Outlooks and REs as indicated:
Fitch affirms the following classes as indicated:
The class A-1, A-2 and A-3 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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