KEY RATING DRIVERS
The downgrade is due to a realized loss to class B-6 following the liquidation of two specially serviced loans following Fitch's previous rating action. The affirmation is due to the relatively stable performance of the remaining pool.
As of the
The largest loan in the pool and Fitch loan of Concern (19.4%), is collateralized by a 224 unit multifamily property located in
The Rating Outlook for class B-5 remains negative as the deal is highly concentrated. There are seven loans backed by single tenant retail properties.
Fitch affirms the following class as indicated:
Fitch downgrades the following class as indicated:
Classes A-1A through B-4 have been paid in full. Fitch did not rate class
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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