Rules of dating 2016 cd1

Investment-Grade Credit Opinion Loans: Four of the 10 largest loans in the pool, representing 27.7%, have investment-grade credit opinions, this is well above the YTD 2016 average of 5.0% credit opinion loans.

10 Hudson Yards (9.2% of the pool) is the largest loan in the pool and has an investment-grade credit opinion of 'BBBsf*' on a stand-alone basis.

Westfield San Francisco Centre (8.5%), the third largest loan in the pool, has an investment-grade credit opinion of 'Asf*' on a stand-alone basis.

The implied credit enhancement levels for the conduit portion of the transaction for 'AAAsf' and 'BBB-sf' are 25.875% and 8.750%, respectively.High Pool Concentration: The pool is more concentrated than other recent Fitch-rated multiborrower transactions.The top 10 loans comprise 66.6% of the pool, which is greater the YTD 2016 average of 54.6% and the 2015 average of 49.3%.)--Fitch Ratings has assigned the following ratings and Rating Outlooks to German American Capital Corp.'s CD Mortgage Securities Trust 2016-CD1 commercial mortgage pass-through certificates.--,826,000 class A-1 'AAAsf'; Outlook Stable; --,000,000 class A-2 'AAAsf'; Outlook Stable; --,236,000 class A-SB 'AAAsf'; Outlook Stable; --8,000,000 class A-3 'AAAsf'; Outlook Stable; --7,191,000 class A-4 'AAAsf'; Outlook Stable; --6,092,000b class X-A 'AAAsf'; Outlook Stable; --,839,000 class A-M 'AAAsf'; Outlook Stable; --,644,000 class B 'AA-sf'; Outlook Stable; --,129,000 class C 'A-sf'; Outlook Stable; --,773,000ab class X-B 'A-sf'; Outlook Stable; --,645,000ab class X-C 'BBB-sf'; Outlook Stable; --,823,000ab class X-D ' BB-sf'; Outlook Stable; --,153,000ab class X-E ' B-sf'; Outlook Stable; --,645,000a class D 'BBB-sf'; Outlook Stable; --,823,000a class E 'BB-sf'; Outlook Stable; --,153,000a class F 'B-sf'; Outlook Stable. The certificates represent the beneficial ownership interest in the trust, primary assets of which are 32 loans secured by 58 commercial properties having an aggregate principal balance of 3,219,986 as of the cut-off date.

The following classes were not rated: --,733,985ab class X-F; --,733,985a class G. The loans were contributed to the trust by German American Capital Corporation and Citigroup Global Markets Realty Corp.Fitch reviewed a comprehensive sample of the transaction's collateral, including site inspections on 79.5% of the properties by balance and asset summary reviews and cash flow analysis of 90.5% of the pool.KEY RATING DRIVERS Low Fitch Leverage: The transaction has significantly lower leverage than other recent Fitch-rated transactions.The pool's weighted average (WA) Fitch DSCR of 1.25x is better than both the YTD 2016 average of 1.16x and the 2015 average of 1.18x.The pool's WA Fitch LTV of 95.5% is better than both the YTD 2016 average of 107.5% and the 2015 average of 109.3%.Excluding the credit opinion loans (27.7% of the pool), the Fitch DSCR and LTV are 1.17x and 108.9%, respectively.