KEY RATING DRIVERS
The affirmations are the result of stable performance since Fitch's last rating action. Fitch modeled losses of 3% of the remaining pool; expected losses on the original pool balance total 1.2%, including
As of the
The largest loan in the pool is Gateway Center I, which is cross-collateralized with Gateway Center II, currently the seventh largest in the pool. Gateway Center I is secured by a 259,759 square foot (sf) anchored retail center in
Gateway Center II is an adjacent retail project secured by a 79,760 sf property also in
Rating Outlooks on classes A-4 through E remain Stable due to increasing credit enhancement and continued paydown.
The Rating Outlook on class F was revised to Stable from Negative due to the absence of loans in special servicing and the lack of imminent losses.
Fitch affirms the following classes as indicated:
The class A-1, A-2 and A-3 certificates have paid in full. Fitch previously withdrew the rating on the interest-only class X 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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