The interest-only class X is not rated by Fitch.
KEY RATING DRIVERS
The trailing 12 month (TTM) performance of the hotel portfolio has increased since issuance in 2013. As of
The portfolio consists of five,
The ratings reflect strong historical Canadian commercial real estate loan performance, including a low delinquency rate and low historical losses. In addition, the legal framework generally favors lenders' rights.
The Rating Outlook for all classes remains Stable. No rating actions are expected unless there are material changes to the property occupancy and cash flow. Additional information on rating sensitivity is available in the report 'SCG 2013-
A comparison of the transaction's Representations, Warranties, and Enforcement (RW&E) mechanisms to those of typical RW&Es for the asset class is available in the following report:
Additional information is available at 'www.fitchratings.com'.
--'Global Structured Finance Rating Criteria' (
--'Criteria for Analyzing Large Loans in U.S. Commercial Mortgage Transactions' (
Global Structured Finance Rating Criteria
Criteria for Analyzing Large Loans in U.S. Commercial Mortgage Transactions
Source: Fitch Ratings
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