KEY RATING DRIVERS
The affirmations are primarily due to the overall stable pool performance since Fitch's last rating action. Fitch modeled losses of 9.6% of the remaining pool; expected losses on the original pool balance total 9.5%, including
As of the
The largest contributor to expected losses is a loan (2.3% of the pool) secured by two office properties located in suburban
The second largest contributor to expected losses is a loan (1.4%) secured by a resort-oriented strip/neighborhood shopping center located in the Kahana region of
The third largest contributor to expected losses is a loan (1.4%) secured by a 275,754 sf multi-tenant business park located in the
The 'AAA' rated classes are expected to remain stable due to increased loan defeasance and continued paydown. Future downgrades to the 'BBB-' rated class are possible should pool performance deteriorate and losses on the specially serviced assets exceed expectations. In addition, the distressed classes (rated below 'B') may be subject to further rating actions as losses are realized.
Fitch affirms the following classes as indicated:
The class A-1, A-2, A-3, A-3FL, A-3B, and A-SB certificates have paid in full. Fitch does not rate the class Q certificates. Fitch previously withdrew the rating on the interest-only class X 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 - Effective from
U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria
Source: Fitch Ratings
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