Fitch Affirms J.P. Morgan Chase Commercial Mortgage Securities Corp. 2011-RR1

NEW YORK--()--Fitch Ratings affirms J.P. Morgan Chase Commercial Mortgage Securities Corp. 2011-RR1, JPMCC 2011-RR1 as follows:

--$100,000,000 class A-4A at 'AAAsf'; Outlook Stable;

--$18,571,000 class A-4B at 'AAAsf'; Outlook Stable.

KEY RATING DRIVERS

This transaction is a re-securitization of the ownership interest in one commercial mortgage-backed certificate: J.P. Morgan Chase commercial mortgage pass-through certificates, series 2011-C3, class A-4 (rated 'AAAsf'; Outlook Stable by Fitch). The underlying certificate was affirmed March 5, 2014.

The trustee fee has been paid upfront by the issuer. Any extraordinary trust fund expenses incurred by the Trustee will be paid first out of the extraordinary expense reserve account; second, if necessary, from available interest.

RATING SENSITIVITY

The underlying bonds have Stable Outlooks and no future rating actions are expected.

As a re-securitization, the certificates receive their cash-flows from the underlying class A-4 certificate, which is backed by a pool of 44 multifamily and commercial mortgage loans and currently has approximately 17.8% credit support in the underlying transaction.

Additional information on Fitch's criteria for analyzing U.S. CMBS transactions is available in the Dec. 11, 2013 report, 'U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria', which is available at 'www.fitchratings.com' under the following headers:

Structured Finance >> CMBS >> Criteria Reports

Additional information is available at 'www.fitchratings.com'.

Applicable Criteria and Related Research:

--'Global Structured Finance Rating Criteria' (May 24, 2013);

--'U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria' (Dec. 11, 2013).

Applicable Criteria and Related Research:

U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=724961

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=708661

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=822677

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Contacts

Fitch Ratings
Primary Analyst
Tiffany Pierce, +1-212-908-9107
Associate Director
Fitch Ratings, Inc.
One State Street Plaza
New York, NY 10004
or
Committee Chairperson
Karen Trebach, +1-212-908-0215
Senior Director
or
Media Relations, New York
Sandro Scenga, +1-212-908-0278
sandro.scenga@fitchratings.com

Sharing

Contacts

Fitch Ratings
Primary Analyst
Tiffany Pierce, +1-212-908-9107
Associate Director
Fitch Ratings, Inc.
One State Street Plaza
New York, NY 10004
or
Committee Chairperson
Karen Trebach, +1-212-908-0215
Senior Director
or
Media Relations, New York
Sandro Scenga, +1-212-908-0278
sandro.scenga@fitchratings.com