KEY RATING DRIVERS
The portfolio is extremely concentrated with only three loans remaining. The downgrades to the pooled classes are primarily due to the continuing poor performance of the two specially serviced loans, the
The other specially serviced loan is secured by the former
The largest loan in the transaction is the
The Rating Outlooks for classes B through E are expected to remain Stable. Class F and the distressed classes could be subject to further downgrades should the underlying assets' performance continue to decline and/or should additional losses be realized.
Fitch downgrades the following classes as indicated:
Fitch affirms the following classes as indicated:
Additional information is available at 'www.fitchratings.com'.
'--'Global Structured Finance Rating Criteria'
--'Criteria for Rating Caps in Global Structured Finance Transactions'
--'Surveillance Criteria for U.S. CREL CDOs and CMBS Large Loan Floating-Rate Transactions'
Surveillance Criteria for U.S. CREL CDOs and CMBS Large Loan Floating-Rate Transactions
Criteria for Rating Caps in Global Structured Finance Transactions' Effective
Global Structured Finance Rating Criteria
Source: Fitch Ratings
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