KEY RATING DRIVERS
The upgrade to class J reflects the stable performance of the remaining pool, continued expected paydown (67% of the pool is fully amortizing), defeased collateral, and increased credit enhancement. Upgrades were limited to 'BBsf' given the pool's high concentration with only 20 loans remaining; the top three loans represent 39.5% of the pool.
As of the
The largest loan in the pool is a multifamily property located in
The largest contributor to expected losses is a specially-serviced loan (7.4% of the pool), which is secured by a 194-bed senior housing facility in
The Rating Outlook on class J remains Stable due to the overall low leverage and continued amortization of the remaining loans in the pool. Further upgrades to class J may be limited due to the highly concentrated nature of the pool and secondary market location of the collateral.
Fitch upgrades the following class:
Fitch affirms the following classes:
The class A-1, A-2, A-3, B, C, D, E, F, G and H certificates have paid in full. Fitch does not rate the class M certificate. Fitch previously withdrew the rating on the interest-only class IO certificate.
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' (
--'Criteria for Rating Caps and Limitations in Global Structured Finance Transactions' (
Criteria for Rating Caps and Limitations in Global Structured Finance Transactions
U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria
Global Structured Finance Rating Criteria
Tel: +1 212-908-0278
Source: Fitch Ratings
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