Fitch does not rate the class X-2, X-3 or C certificates.
KEY RATING DRIVERS
The affirmations are based on the stable performance of the underlying collateral pool. There are currently no Fitch loans of concern. The pool's aggregate principal balance has been paid down by 2.85% to
As of Fitch's previous review in
The largest loan of the pool (7.3% of the pool) is secured by
The second largest loan (3.8% of the pool) is secured by The Villas at
The third largest loan (3.6% of the pool) is secured by
The Rating Outlook on class B remains Stable. Due to the recent issuance of the transaction and stable performance, Fitch does not foresee positive or negative ratings migration until a material economic or asset level event changes the transaction's overall portfolio-level metrics. Additional information on rating sensitivity is available in the 'FREMF 2011-K14 Multifamily Mortgage Pass-Through 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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