KEY RATING DRIVERS
The upgrades are due to increased credit enhancement from payoffs and principal amortization and defeasance. There are 25 loans totaling
The remaining pool is highly concentrated, with cooperative housing as the largest property type representing 59% of the pool. The other property types are office (28%, the largest loan in the pool), multifamily (12%, the third largest loan in the pool), and industrial (less than 1% of the pool). There are 22 fully amortizing loans (54% of the pool). Maturity dates of the remaining loans are as follows: 2014, 13.4%; 2015, 36.6%%; 2019, 9.5%; 2020, 12.3% and 2024, 28.3%.
Fitch modeled losses of 4.5% of the remaining pool; expected losses on the original pool balance total 4.6%, including
The largest loan in the pool is the
The second largest loan in the pool is
The third largest loan in the pool is also the largest contributor to expected losses.
Rating Outlooks on class G remains Stable. Class H is assigned a Rating Outlook Stable. Further upgrades are limited by the concentrated nature of the pool.
Fitch upgrades the following classes and assigns Rating Outlooks as indicated:
Fitch affirms the following classes as indicated:
Classes A-1, A-2, B, C, D, E, and F have paid in full. Fitch does not rate the class N certificates. Fitch previously withdrew the rating on the interest-only class A-X 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' (
U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria
Global Structured Finance Rating Criteria
Source: Fitch Ratings
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