NEW YORK--(BUSINESS WIRE)--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 reflect the stable performance of the underlying collateral since Fitch's previous review, as well as the pool concentration and adverse selection among the remaining loans. The pool is highly concentrated with only seven of the original 169 loans remaining. None of the remaining loans are in special servicing or considered a Fitch Loan of Concern. Five loans (77.5% of the pool balance) are backed by retail properties including three single tenant Eckards / Rite Aids (30.6%), and one loan is secured by a self-storage property (6.5%). There is one fully defeased loan (16%). Maturities for the remaining loans are scheduled to occur in 2018 (7.3%), 2019 (17.5%), 2020 (59.2%), and 2022 (16%).
As of the April 2014 distribution date, the pool's aggregate principal balance has been reduced by 97.9% to $15.2 million from $738.5 million at issuance. The pool has experienced $62.3 million (8.4% of the original pool balance) in realized losses to date. Interest shortfalls are currently affecting classes G through NR.
The largest loan in the pool is a grocery anchored retail property in Richardson, TX (32.6%) . The property is anchored by Albertson's (34.3% of the net rentable area [NRA]) whose lease expires in October 2016. Additional major tenants include Richardson Bike Mart (20.2%) and Dress Barn (5.3%). Occupancy most recently reported at 97%. The loan matures in 2020 and the most recently reported debt service coverage ratio (DSCR) is 1.71x as of December 2013.
RATING SENSITIVITIES
The Rating Outlook on class F is Stable due to increasing credit enhancement and continued paydown. Classes G through M have realized losses and will remain at 'D'.
Fitch affirms the following classes:
--$9.2 million class F at 'Asf'; Outlook Stable;
--$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, D and E have paid in full. Class NR is not rated. 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. 10, 2014 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' (Mar 31, 2015);
--'U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria' (Dec. 10, 2014).
Applicable Criteria and Related Research:
Global Structured Finance Rating Criteria
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=864268
U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=812608
Additional Disclosure
Solicitation Status
http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=982638
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.