KEY RATING DRIVERS
The affirmations reflect Fitch's high expected losses and the concentrated nature of the pool with only five loans remaining. Two of the three non-specially serviced loans (50.8%) have balloon maturity dates in 2014 and 2015. The remaining non-specially serviced loan is a fully amortizing loan with projected maturity date of
Fitch modeled losses of 30.9% of the remaining pool; expected losses on the original pool balance total 5.9%, including
As of the
The largest contributor to expected losses is secured by a 117,340 square foot (sf) industrial property in
The next largest contributor to expected losses is a REO 106 unit retirement community in
Class B-4 is expected to remain at 'Csf' due to high expected losses, high concentration risk, and poor historical asset performance.
Fitch affirms the following classes as indicated:
The class A-1A, A-1B, A-2, A-3, A-4, B-1, B-2, and B-3 certificates have paid in full. Fitch does not rate the class C certificates. Fitch previously withdrew the rating on the classes B-8, B-9 and the interest-only class S 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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