KEY RATING DRIVERS
The upgrade reflects an increase in credit enhancement and the stable performance of the underlying collateral pool since the previous review.
Fitch modeled losses of 2.6% of the remaining pool and expected losses based on the original pool balance are 5.9%, of which 4.5% are losses realized to date. Fitch designated 28 loans (15.4%) as Fitch Loans of Concern, which include one specially serviced loan (0.2%). Sixteen defeased loans (23.4%) are currently in the pool.
As of the
The largest contributor to Fitch modeled losses is the largest loan in the pool, a
The second-largest contributor to modeled losses (0.4%), Vista De San Jacinto, is secured by a 157-unit, cottage-style apartment community located in the
The third-largest contributor to modeled losses is the real estate owned (REO)
The Stable Rating Outlooks on classes A-7 through D reflect increasing credit enhancement and the anticipated further principal paydown of the pool balance through next year. The Negative Rating Outlook on class E reflects concerns that the class could be subject to further downgrades should additional losses be realized or expected.
Fitch upgrades the following class as indicated:
Fitch has affirmed the following classes as indicated:
Classes J through O and the unrated class P have been reduced to zero due to losses realized on loans liquidated from the trust. Classes A-1, A-2, A-3SF, A-4, A-5, A-6A, A-6B, and A-PB have repaid in full. Fitch previously withdrew the ratings on the interest-only classes X-P and X-C.
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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