The ratings on two P&I classes, Cl. C and Cl. D, were upgraded primarily due to an increase in defeasance since Moody's last review as well as Moody's expectation of additional increases in credit support resulting from the payoff of loans approaching maturity that are well positioned for refinance. The ratings on the remaining five P&I classes were affirmed because the transaction's key metrics, including Moody's loan-to-value (LTV) ratio, Moody's stressed debt service coverage ratio (DSCR) and the transaction's Herfindahl Index (Herf), are within acceptable ranges. Moody's rating action reflects a base expected loss of 0.9% of the current pooled balance, compared to 0.6% at Moody's last review.