KEY RATING DRIVERS
The upgrade of class G is the result of increasing credit enhancement despite increasing concentration. Although the defeased collateral is sufficient to payoff the class, interest shortfalls to the class are possible prior the defeased loans maturity dates of 2019.
Of the original 153 loans, five remain. One loan (22.5%) is in special servicing and the two largest loans (76.2%) are defeased. The two remaining loans (1.4%) have maturity dates in August and
As of the
The specially-serviced loan (22.5%) is secured by a 129,293 square foot office building located in
The Rating Outlook on class G is Stable. While credit enhancement is high and paydown is expected to continue, given the significant concentration and potential for expected losses or interest shortfalls to increase, additional upgrades are not expected.
Fitch upgrades the following class and assigns the Rating Outlook as indicated:
Fitch affirms the following classes and revises REs as indicated:
Zero balance classes J and K are affirmed at 'Dsf', RE 0% due to already incurred realized losses. The class A-1, A-2, B, C, D, E and F certificates have paid in full. Fitch does not rate the class L, M and O certificates. Fitch previously withdrew the rating on the interest-only class A-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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