KEY RATING DRIVERS
The upgrades are due to sufficient credit enhancement, paydown of 37% since Fitch's last review and stable pool performance. Further upgrades were not warranted at this time due to the pool's single tenant movie theater exposure in the
As of the
The largest contributor to expected losses is secured by a 27,566 square foot retail center located in
The top four loans (41.4% of the pool) are secured by single tenant movie theaters. The largest loan is secured by a theater located in
The Rating Outlook on class H has been revised to Positive from Stable due to the class seniority and increasing credit enhancement. An upgrade may be warranted with future paydown. Rating Outlooks on class I remains Stable and class J has been revised to Stable from Negative due to the continued stable performance of the pool.
Fitch upgrades the following classes and assigns or revises Rating Outlooks as indicated:
Fitch affirms the following classes but revises REs as indicated:
Fitch affirms the following classes as indicated:
The class A-1, A-2, B, C, D, E, F and G certificates have paid in full. Fitch does not rate the class M certificates. Fitch previously withdrew the rating on the interest-only class X 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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