Fitch Ratings affirms eight classes of FREMF 2016-K723.
New York: Fitch Ratings, a nationally recognized statistical rating organization (NRSRO) designated by the U.S. Securities and Exchange Commission, has affirmed eight classes of FREMF 2016-K723 Multifamily Mortgage Pass-Through Certificates along with five classes of Freddie Mac Structured Pass-Through Certificates, Series K-723.
It assigned new unenhanced ratings to three classes of FREMF 2016-K723 Multifamily Mortgage Pass-Through Certificates and three classes of Freddie Mac Structured Pass-Through Certificates, Series K-723.
The Multifamily Mortgage Pass-Through Certificates (FREMF 2016-K723) classes A-1, A-2, A-M, X1, XAM and X3 are guaranteed by Freddie Mac. On April 6, 2018, Fitch affirmed Freddie Mac's rating at 'AAA'/'F1+'/Outlook Stable. Fitch's unenhanced ratings of the senior classes are based on an analysis of the underlying collateral pool and do not give any credit to the Freddie Mac guarantee.
The affirmations of classes A-1, A-2 and A-M are based on this guarantee. Although the interest-only classes X1 and XAM are guaranteed, the long-term rating for the interest-only X1 class is based on the pass-through to the referenced A-1 and A-2 certificates and the long-term rating for the interest-only XAM class is based on the pass-through to the referenced XAM certificates. Fitch does not rate FREMF 2016-K723 class X3. Although Freddie Mac does not guarantee the Structured Pass-Through Certificates (Freddie Mac K-723), they benefit indirectly from the guarantee. The Freddie Mac K-723 classes represent a pass-through interest in the corresponding Multifamily Mortgage Pass-Through Certificates issued by FREMF 2016-K723.
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|Publication:||Daily the Pak Banker (Lahore, Pakistan)|
|Date:||Dec 25, 2018|
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