KEY RATING DRIVERS
Fitch's affirmations are based on the generally stable performance of the underlying collateral pool since issuance. As of the
The specially serviced loan is a retail property in
Fitch continues to have concerns over the performance of the largest loan in the pool, The Gateway at
The Rating Outlooks for all investment grade classes remain Stable as no rating actions are expected since the majority of the pool has maintained performance consistent with issuance and many of the loans have low leverage. The revised Rating Outlooks for classes F, G and H to Negative from Stable indicate that future downgrades are possible if performance deteriorates further.
Fitch affirms the following classes and revises Rating Outlooks as follows:
--Interest Only class X-A at 'AAAsf'; Outlook Stable.
Fitch does not rate classes NR and X-B.
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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