KEY RATING DRIVERS
The upgrades are the result of increasing credit enhancement from continued paydown and better than expected recoveries on liquidated loans. The affirmations are due to sufficient credit enhancement to offset increasing concentration risk; upgrades were limited due to the tranche thinness of the subordinate classes.
As of the
The ninth largest loan in the pool,
The largest contributor to expected losses is the
The next largest contributor to expected losses is the
Rating Outlooks on classes B through E remain Stable due to increasing credit enhancement and continued paydown. Although credit enhancement is high for classes G and H, this can be eroded quickly as there are several loans occupied by one or few tenants which present binary risk.
Fitch upgrades the following classes and revises Rating Outlooks as indicated:
Fitch affirms the following classes and assigns REs as indicated:
The class A-1, A-2, A-3, A-4 and A-5 certificates have paid in full. Fitch does not rate the class O 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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