Fitch Ratings has affirmed four classes of Freddie Mac's FREMF Mortgage Trust, series 2011-K15 multifamily mortgage pass-through certificates as follows:
--$138.9 million class A-1 at 'AAAsf'; Outlook Stable;
--$866.3 million class A-2 at 'AAAsf'; Outlook Stable;
--$67 million class B at 'A-sf'; Outlook Stable;
--$1 billion class X1 at 'AAAsf'; Outlook Stable.
Fitch does not rate classes C, X2, and X3.
The affirmation is due to stable pool performance. No loans have been delinquent or specially serviced since issuance. Fitch identified one (2.97%) Loan of Concern, which experienced a decline in property cash flow and a low debt service coverage ratio.
As of the August 2012 distribution date, the pool's certificate balance has paid down 0.5% to $1.159 billion from $1.164 billion.
Additional information on Fitch's criteria is available in the Dec. 21, 2011 report, 'Surveillance Methodology for U.S. Fixed-Rate CMBS Transactions', which is available at 'www.fitchratings.com' under the following headers:
Structured Finance then CMBS then Criteria Reports
Additional information is available at 'www.fitchratings.com'. The ratings above were solicited by, or on behalf of, the issuer, and therefore, Fitch has been compensated for the provision of the ratings.
Applicable Criteria and Related Research:
--'Global Structured Finance Rating Criteria' (June 6, 2012);
--'Surveillance Methodology for U.S. Fixed-Rate CMBS Transactions' (Dec. 21, 2011).
Applicable Criteria and Related Research:
Global Structured Finance Rating Criteria
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=679923
Surveillance Methodology for U.S. Fixed-Rate CMBS Transactions
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=662869
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