Fitch expects to rate the transaction and assign Rating Outlooks as follows:
* Interest-only class X1-CP and X1-NCP are equal to the notional balance of class A. Interest-only class X2-CP and X2-NCP are equal to the notional balance of class B, class C, and class D.
The expected ratings are based on the information provided by the issuer on
The certificates represent the beneficial interest in the trust that holds a
KEY RATING DRIVERS
Critical Aspect of Food Distribution Supply Chain: Temperature-controlled warehouse providers are an integral component connecting food producers with their end customers.
Durability of Income: The portfolio has demonstrated resilient cash flows and occupancy levels throughout various economic cycles.
Experienced Sponsorship with Strong Market Share: The sponsor is the second largest global owner/operator of cold storage facilities; dominant market share minimizes pricing pressure from competition.
Diverse Tenancy and Locations: The portfolio includes over 400 customers, with the largest representing 8.4% of the 2013 total revenue and investment-grade tenants representing over 20% of the 2013 total revenue. The portfolio consists of 42 properties in 16 states with the largest concentrations in
Fitch found that the pool could withstand a 66% decline in value and an approximately 61.1% decrease in the most recent actual cash flow prior to experiencing
Fitch evaluated the sensitivity of the ratings of class A (rated 'AAAsf' by Fitch) and found that a 18.2% decline in Fitch NCF would result in a one category downgrade, while a 38.7% decline would result in a downgrade to below investment grade. The Rating Sensitivity section in the presale report includes a detailed explanation of additional stresses and sensitivities.
Key Rating Drivers and Rating Sensitivities are further described in the accompanying presale report. The presale report is available to all investors on Fitch's web site 'www.fitchratings.com'.
Additional information is available at 'www.fitchratings.com'.
--Criteria for Analyzing Large Loans in U.S. Commercial Mortgage Transactions (
--Global Structured Finance Rating Criteria (
--Rating Criteria for U.S. Commercial Mortgage Servicers (
--Counterparty Criteria for Structured Finance Transactions and Covered Bonds (
Criteria for Analyzing Large Loans in U.S. Commercial Mortgage Transactions
Global Structured Finance Rating Criteria
Rating Criteria for U.S. Commercial Mortgage Servicers
Criteria for Interest Rate Stresses in Structured Finance Transactions and Covered Bonds
Source: Fitch Ratings
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