KEY RATING DRIVERS
The affirmations are based upon the stable performance of the underlying collateral pool since issuance. As of the
The largest loan, Westfield Countryside (11.8% of pool), is secured by 464 836 square feet of a 1.26 million square foot (sf) regional mall located in
The second largest loan,
The third largest loan,
All classes maintain Stable Outlooks. 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 portfolio-level metrics.
Additional information on rating sensitivity is available in the report '
Fitch has affirmed the following classes as indicated:
--Interest-only class X-A at 'AAAsf'; Outlook Stable;
(a) Privately placed pursuant to Rule 144A.
(b) Classes A-S, B, and C certificates may be exchanged for class PST certificates, and class PST certificates may be exchanged for class A-S, B, and C certificates.
Fitch does not rate the class H, J, or X-B certificates.
A comparison of the transaction's Representations, Warranties, and Enforcement (RW&E) mechanisms to those of typical RW&Es for the asset class is available in the following report:
Additional information on Fitch's criteria for analyzing U.S. CMBS transactions is available in the
Structured Finance then CMBS then 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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