KEY RATING DRIVERS
The upgrades are the result of increased credit enhancement due to scheduled amortization and defeasance. The upgrade of class G to 'AAAsf' reflects the high amount of defeased collateral and the expected payoff of the class from scheduled principal. While class H also benefits from defeasance, ratings were capped at 'Asf' due to the possibility of interest shortfalls to the class should loans transfer to the special servicer as the deal becomes more concentrated.
Fitch modeled losses of 3.7% of the remaining pool; expected losses on the original pool balance total 2.5%, including losses already incurred (2.3% of the original pool balance). As of the
Ratings on classes G, H, and J are expected to remain stable, given their senior position in the capital structure. The upgrades of classes H and J were limited due to increased concentration of the remaining loans in the pool and the associated greater risk of adverse selection. If the collateral performance deteriorates, future downgrades to classes K and L are possible.
The largest remaining loan is secured by a 384,763 square foot (sf) industrial property in
The second largest remaining non-defeased loan is secured by a 118,298 sf retail property in
Fitch upgrades the following classes as indicated:
Fitch affirms the following classes as indicated:
The classes A-1, A-2, B, C, D, E, F and the interest only X-2 certificates have paid in full. Fitch does not rate the class NR certificates. Fitch previously withdrew the rating on the interest-only class X-1 certificates.
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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