KEY RATING DRIVERS
The affirmations and removal of classes F and G from Rating Watch Negative reflect the overall stable performance of the pool (excluding the specially serviced assets). Additionally, the specially serviced assets did not sustain structural damage or loss from the recent
There were variances from criteria related to classes B and C for which the model output suggested that upgrades were possible. Fitch determined that upgrades are not warranted at this time there remains uncertainty regarding the impact of the downturn in the energy market in
The three specially serviced loans are backed by multifamily properties in
The largest loan of the pool (10.8% of the pool balance) is secured by a 362,577 square foot (sf) enclosed shopping center located in
The second largest loan (9.1%) is secured by the
The third largest loan (8.8%) is the Shoppers Drug Mart Portfolio which consists of eight cross-collateralized and cross-defaulted loans. Each loan is secured by a retail property fully leased by
The Rating Outlook on classes E, F and G are Negative due to the uncertainty regarding the operations and performance of the specially serviced loans in addition to the transaction's total exposure to the volatility of the energy market in
USE OF THIRD-PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G-10
No third party due diligence was provided or reviewed in relation to this rating action.
Fitch affirms and removes the following classes from Rating Watch Negative and assigns a Negative Outlook as indicated:
Fitch affirms the following classes as indicated:
Fitch does not rate the
Additional information is available at www.fitchratings.com.
Counterparty Criteria for Structured Finance and Covered Bonds (pub. 01
Global Structured Finance Rating Criteria (pub.
IMSCI 2013-3 -- Appendix
Dodd-Frank Rating Information Disclosure Form
Source: Fitch Ratings