KEY RATING DRIVERS
The affirmations and removal of classes E, F and G from Rating Watch Negative reflect the overall stable performance of the pool (excluding the specially serviced asset). Additionally, the specially serviced asset along with the
There was a variance from criteria related to class B for which the model output suggested that an upgrade was possible. Fitch determined that an upgrade was not warranted at this time as there remains uncertainty regarding the impact of the downturn in the energy market in
The specially serviced loan is the fifth-largest loan in the pool,
The largest portfolio, Toulon Portfolio (10.5% of the pool balance), consists of four cross-collateralized and cross-defaulted loans. The loans are secured by: two retail properties located in
The second largest loan,
The Rating Outlook on classes E, F and G are Negative due to the uncertainty regarding the operations and performance of the specially serviced loan in addition to the transaction's total exposure to the volatility in the energy market
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 has affirmed and removed the following classes from Rating Watch Negative and assigned a Negative Outlook as indicated:
Fitch affirms the following classes and revises Rating Outlooks 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 2013-4 -- Appendix
Dodd-Frank Rating Information Disclosure Form
Source: Fitch Ratings