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TEXT-Fitch affirms JP Morgan Chase Commercial Mortgage 2010-C2
August 21, 2012 / 2:32 PM / 5 years ago

TEXT-Fitch affirms JP Morgan Chase Commercial Mortgage 2010-C2

Aug 21 - Fitch Ratings affirms 11 classes of JP Morgan Chase Commercial
Mortgage Securities Corp. commercial mortgage pass through certificates, series
2010-C2. A detailed list of rating actions follows at the end of this press
release.

The affirmations are due to stable performance of the collateral and sufficient
credit enhancement to the Fitch rated classes. As of the August 2012
distribution date, the pool's certificate balance has paid down 2.5% to $1.07
billion from $1.1 billion at issuance.

There are currently 30 loans collateralized by 47 properties. Currently there
are no loans in special servicing or defeased.

The largest loan (15.9%) in the pool is Arizona Mills, which is collateralized
by a 1.2 million square foot (sf) regional mall located in Tempe, AZ, near
Phoenix. The property is anchored by J.C. Penney Outlet, Harkin Theaters,
Burlington Coat Factory and Sports Authority. Occupancy as of March 2012 was
reported at 94% with a reported debt service coverage ratio (DSCR) of 2.18x at
year-end (YE) 2011. At issuance, rollover risk was a concern as approximately
33% of the net rentable area (NRA) is expiring through 2012. However, several
tenants have lease extension options and have renewed including the two largest
tenants, J.C. Penney Outlet and Harkin Theaters. These tenants renewed to 2017
and 2020, respectively. Additionally, the loan is low levered with an amortizing
structure. The loan sponsors are Simon Property Group and Taubman Realty.

Fitch affirms the following classes:

--$238.9 million class A-1 at 'AAAsf'; Outlook Stable;
--$243.1 million class A-2 at 'AAAsf'; Outlook Stable;
--$390.5 million class A-3 at 'AAAsf'; Outlook Stable;
--$872.5 million* class X-A at 'AAAsf'; Outlook Stable;
--$37.2 million class B at 'AAsf'; Outlook Stable;
--$53.7 million class C at 'Asf'; Outlook Stable;
--$33 million class D at 'BBB+sf'; Outlook Stable;
--$22 million class E at 'BBB-sf'; Outlook Stable;
--$16.5 million class F at 'BBsf'; Outlook Stable;
--$13.8 million class G at 'Bsf'; Outlook Stable;
--$2.8 million class H at 'B-sf'; Outlook Stable.

*Notional amount and interest only.

Fitch does not rate the interest-only class X-B and the $22 million class NR.

Additional information on Fitch's criteria for analyzing U.S. CMBS transactions
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 >> CMBS >> 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
Surveillance Methodology for U.S. Fixed-Rate CMBS Transactions

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