In conjunction with this review, the shadow rating
of the A note from Park Square Building loan was downgraded and the shadow ratings
of the A notes from both the Gallery at Harborplace loan and the Amsdell portfolio loan were affirmed, resulting in the these rating changes.
XL; triple-'A' insurer financial strength rating), which guarantees timely payment of interest and principal when due, and the investment-grade shadow rating
assigned to the transaction.
The ratings reflect Fitch's rating or shadow rating
on the underlying certificates securing these bonds as follows: 'BBB' 3%, 'BB' 48% and 'B' 15%.
The loan maintains its investment grade shadow rating
based on stable performance.
The Walt Disney World Hilton (30%) shadow rating
has been downgraded below investment grade.
The Rating Watch Negative status represents the potential for interest shortfalls and possible downgrades due to the loss of the shadow rating
Due to the decrease in occupancy the shadow rating
was downgraded, however, it still remains investment grade.
The loan retains its investment grade shadow rating
5%) as well as the downgrade and removal of the shadow rating
corresponding to one loan (0.
8%), Fitch no longer considers this loan to have an investment grade shadow rating
The anticipated decrease in cash-flow results in a lowering of the shadow rating
, but the property performance is projected to be sufficient to retain an investment grade shadow rating
Although the larger Extendicare Portfolio maintains its investment grade shadow rating
, expenses related to repairs and maintenance, and general and administrative have increased significantly from issuance, resulting in an approximately 28% decline in net cash flow.