KEY RATING DRIVERS
The affirmations are due to the stable performance of the remaining collateral pool. Fitch modeled losses of 11.4%% of the remaining pool, mainly from the specially serviced loans; expected losses on the original pool balance total 12.7%, including 12.3% in realized losses to date. There are 14 loans remaining in the pool; Fitch has designated four as Fitch Loans of Concern (24.8%), which includes two specially serviced assets (12.2%). Two loans are defeased (11.8%).
As of the
The first specially serviced loan (6.1%) is secured by a 50,964 square foot (sf) retail property in
The second specially serviced asset (6%) is a 19,545-sf retail property in
Despite high credit enhancement to class C, the rating was affirmed, and the Outlook was revised to Stable given the expected losses are likely to be absorbed by the subordinate classes. The maturities for the remaining loans in the pool are as follows: 2.2% in 2016, 24.4% in 2017, 3.1% in 2020, 11.5% in 2021, and 46.7% in 2022.
Fitch affirmed the following classes and revised the Outlooks as indicated:
The class A-1, A-2, A-3, B and the interest-only class X-2 certificates have paid in full. Fitch does not rate the class NR certificates. Fitch previously withdrew the rating on the interest-only class X-1 certificates.
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
Most Popular Stories
- McDonald's Packages Coffee for National Distribution
- Castro-Blanco Joins Fifth Street Finance Board
- HTC Makes Windows Version of Flagship One Phone
- Ballmer Steps Down From Microsoft Board
- Uber Hires Obama Campaign Manager David Plouffe
- Eric Holder Bringing Civil Rights Reminders to Ferguson
- Rising Freight Prices Signal Global Recovery
- Bob Marley Musical to Make Premiere in Baltimore
- Russia Claims Ukraine Leaders Are Satanists, Jews or Maybe Even Scientologists
- Sprint Cancels Framily, Rolls Out New Data Pricing Plan