Fitch Affirms JPMCC 2000-C10

NEW YORK--()--Fitch Ratings has affirmed eight classes of JP Morgan Commercial Mortgage Finance Corp., commercial mortgage pass-through certificates series 2000-C10. A detailed list of rating actions follows at the end of this press release.

KEY RATING DRIVERS

The affirmations are a result of stable performance of the underlying collateral and sufficient credit enhancement. There are eight loans remaining in the pool, the second largest of which is defeased (15.4%). None of the remaining loans are in special servicing or considered a Fitch Loan of Concern. Six loans (77.9%) are secured by retail properties and one is secured by a self-storage property (6.7%).

As of the April 2014 distribution date, the pool's aggregate principal balance has been reduced by 97.7% to $17.1 million from $738.5 million at issuance. Fitch modeled losses of 3.8% of the remaining pool; expected losses on the original pool balance total 8.5%, including $62.3 million (8.4% of the original pool balance) in realized losses to date.

The largest loan in the pool is a grocery anchored retail property in Richardson, TX (32.8%). The current occupancy at the property is 93%, with 12.4 % of the leases rolling in 2014 and 10.5% rolling in 2015. The loan matures in 2020 and the most recently reported DSCR is 1.63x as of December 2012.

RATING SENSITIVITY

The Rating Outlook on class F has been revised to Stable from Negative due to increasing credit enhancement and continued paydown. Ratings on the remaining classes are expected to remain stable.

Fitch affirms the following classes, revises Outlooks and assigns REs as indicated:

--$876,909 class E at 'AAAsf'; Outlook Stable;

--$10.2 million class F at 'Asf'; Outlook to Stable from Negative;

--$6 million class G at 'Dsf'; RE 100%;

--$0 class H at 'Dsf'; RE 0%;

--$0 class J at 'Dsf'; RE 0%;

--$0 class K at 'Dsf'; RE 0%;

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

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

Classes A-1, A-2, B, C and D have paid in full. Fitch previously withdrew the rating on the interest-only class X 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 then CMBS then 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=827124

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
Sean Gibbs, +1 212-908-0311
Associate Director
Fitch Ratings, Inc.
One State Street Plaza
New York, NY 10004
or
Committee Chairperson
Mary MacNeill, +1 212-908-0785
Managing Director
or
Media Relations:
Alyssa Castelli, +1 212-908-0540
alyssa.castelli@fitchratings.com

Sharing

Contacts

Fitch Ratings
Primary Analyst
Sean Gibbs, +1 212-908-0311
Associate Director
Fitch Ratings, Inc.
One State Street Plaza
New York, NY 10004
or
Committee Chairperson
Mary MacNeill, +1 212-908-0785
Managing Director
or
Media Relations:
Alyssa Castelli, +1 212-908-0540
alyssa.castelli@fitchratings.com