Fitch Affirms JPMC 2001-C1

NEW YORK--()--Fitch Ratings has affirmed six classes of J.P. Morgan Chase Commercial Mortgage Securities Corp.'s (JPMC) commercial mortgage pass-through certificates series 2001-C1. A detailed list of rating actions follows at the end of this press release.

KEY RATING DRIVERS

The affirmations reflect the increasingly concentrated nature of the pool. There are seven loans remaining in the pool, one of which is specially serviced (36.5%) and two are defeased (54.1%). Fitch modeled losses of 19.1% of the remaining pool; expected losses on the original pool balance total 4.7%, including $45.4 million (4.2% of the original pool balance) in realized losses to date.

As of the March 2014 distribution date, the pool's aggregate principal balance has been reduced by 97.4% to $28 million from $1.07 billion at issuance. Interest shortfalls are currently affecting classes J through NR.

The specially-serviced loan (36.5% of the pool) is secured by a 200-unit multifamily property in Holland, OH. The loan had transferred to special servicing in June 2010 for monetary default. The borrower had filed for bankruptcy in August 2011. The bankruptcy stay was lifted in May 2012 and the servicer was in the process of pursuing foreclosure. The borrower filed for bankruptcy for the second time in November 2012, which was later dismissed in June 2013. The borrower is now appealing that decision. Fitch expects a prolonged workout on this asset. Occupancy was reported at 96% by the servicer in February 2014.

RATING SENSITIVITY

The rating on class H is expected to remain stable as the class benefits from defeasance and has sufficient credit enhancement to offset Fitch expected losses. The distressed class J may be subject to further rating actions as losses are realized.

Fitch affirms the following classes as indicated:

--$18 million class H at 'BBBsf', Outlook Stable;

--$9 million class J at 'Csf', RE 55%;

--$1 million class K at 'Dsf', RE 0%;

--$0 class L at 'Dsf', RE 0%;

--$0 class M at 'Dsf', RE 0%;

--$0 class N at 'Dsf', RE 0%.

The balances on classes L, M and N have been reduced to zero due to realized losses. The class A-1, A-2, A-3, B, C, D, E, F, G, NC-1, NC-2 and X-2 certificates have paid in full. Fitch does not rate the class NR certificates. Fitch previously withdrew the rating on the interest-only class X-1 certificates.

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:

Global Structured Finance Rating Criteria

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

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

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

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=825170

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

Contacts

Fitch Ratings
Primary Analyst
R. Brook Sutherland, +1 312-606-2346
Director
Fitch Ratings, Inc.
70 West Madison
Chicago, IL 60602
or
Committee Chairperson
Mary MacNeill, +1 212-908-0785
Managing Director
or
Media Relations, New York
Sandro Scenga, +1 212-908-0278
sandro.scenga@fitchratings.com

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Contacts

Fitch Ratings
Primary Analyst
R. Brook Sutherland, +1 312-606-2346
Director
Fitch Ratings, Inc.
70 West Madison
Chicago, IL 60602
or
Committee Chairperson
Mary MacNeill, +1 212-908-0785
Managing Director
or
Media Relations, New York
Sandro Scenga, +1 212-908-0278
sandro.scenga@fitchratings.com