KEY RATING DRIVERS
The upgrades are due to significant defeasance and high credit enhancement as well as the expected continued delivering of the transaction in the near future.
As of the
The two performing loans mature in 2015 (24.3%) and 2018 (5.6%). The defeased loans mature in 2015 (14.1%) and 2018 (52.1%).
The largest non-defeased loan (24.3%) is Gravois Bluffs, a 372,759 square foot (sf) retail center in
The largest specially serviced asset is Rustic Pines (2%), a 131-unit manufactured housing community located in
The second specially serviced asset is Harbor Place Professional Center (1.8%) a 19,600 sf office property, built in 2001, located in
Rating Outlooks on classes F and G remain Stable due to increased credit enhancement, significant paydown from defeased loans and declining risk of loan defaults. The Rating Outlook on class H is revised to Stable from Negative due to increased credit enhancement, significant paydown from defeased loans, and low risk of additional loan defaults. Class J and class K are assigned Stable Outlooks.
Fitch upgrades the following classes and assigns or revises Rating Outlooks as indicated:
Fitch affirms the following class and revises the RE as indicated:
Fitch affirms the following classes:
The class A-1, A-1A, A-2, A-3, A-4, B, C, D, E, BW Rakes certificates have paid in full. Fitch does not rate the class P and HS Rake certificates.
Fitch previously withdrew the ratings on the interest-only class XC and XP certificates.
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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