KEY RATING DRIVERS
The affirmations are due to sufficient credit enhancement to offset increasing loan concentrations and adverse selection with only 29 non-defeased loans (51% of the pool) remaining. Credit enhancement has improved since Fitch's last rating action due to
Fitch modeled losses of 12.7% of the remaining pool; expected losses on the original pool balance total 3.6%, including
As of the
Given the pool's concentration, Fitch applied higher net operating income and capitalization rate stresses in the analysis. A high default probability scenario was also applied on the performing loans.
The Rating Outlooks of the investment grade classes remain Stable due to the amount of defeasance and anticipated increases in credit enhancement from continued paydown.
The largest specially serviced loan, which is the largest loan in the pool (19.9%), is secured by two retail properties and one industrial property located in
Fitch affirms the following classes as indicated:
The class A1, A2, B, C, D and E certificates have paid in full. Fitch does not rate the class H or J certificates. Fitch previously withdrew the rating on the interest-only class AX 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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