Fitch Affirms JPMCC 2012-C8

NEW YORK--()--Fitch Ratings has affirmed 13 classes of J.P. Morgan Chase Commercial Mortgage Securities Trust 2012-C8 commercial mortgage pass-through certificates series 2012-C8 (JPMCC 2012-C8). A detailed list of rating actions follows at the end of this press release.

KEY RATING DRIVERS

The affirmations are due to stable pool performance. There have been no delinquent or specially serviced loans since issuance. Fitch reviewed the most recently available quarterly financial performance of the pool as well as updated rent rolls for the top 15 loans, which represent 69.6% of the transaction. Fitch has designated two (2.1%) Fitch Loans of Concern (FLOC) due to recent or upcoming tenant rollover.

As of the July 2015 distribution date, the pool's aggregate principal balance has been reduced by 5.1% to $1.1 billion.

The largest loan in the pool (11.6%) is secured by an 1.0 million square foot (sf) interest in a 1.2 million sf regional mall located in Springfield, MO. Anchors include: JC Penney, Dillard's, Dillard's Mens & Home, Macy's and Sears (non-collateral). As of year-end (YE) 2014, the servicer-reported collateral occupancy and debt service coverage ratio (DSCR) was 97.8% and 3.65x, respectively. Approximately 25.5% of NRA, including JC Penny, is scheduled to expire in 2016. Fitch will continue to monitor for leasing status updates as the anchor is required to provide notice to exercise its renewal option within 12 months of its lease expiration date (no later than Sept. 30, 2015).

The second largest loan in the pool (7.8%) is secured by a 280,299 sf office building located in Seattle, WA. The property is leased to multiple tenants under three primary General Services Administration (GSA) leases, which expire between 2019 and 2022. As of YE 2014, occupancy and DSCR were a reported 95.0% and 1.55x respectively.

RATING SENSITIVITIES

All classes maintain Stable Outlooks. Due to the relative recent issuance of the transaction and stable performance, Fitch does not foresee positive or negative ratings migration until a material economic or asset level event changes the transaction's portfolio-level metrics.

DUE DILIGENCE USAGE

No third party due diligence was provided or reviewed in relation to this rating action.

Fitch has affirmed the following classes:

--$18.6 million class A-1 at 'AAAsf'; Outlook Stable;

--$189.2 million class A-2 at 'AAAsf'; Outlook Stable;

--$426.1 million class A-3 at 'AAAsf'; Outlook Stable;

--$103.6 million class A-SB at 'AAAsf'; Outlook Stable;

--$898 million class X-A* at 'AAAsf'; Outlook Stable;

--$102.3 million class A-S** at 'AAAsf'; Outlook Stable;

--$56.8 million class B** at 'AAsf'; Outlook Stable;

--$44 million class C** at 'Asf'; Outlook Stable;

--$203 million class EC** at 'Asf'; Outlook Stable.

--$35.5 million class D at 'BBB+sf'; Outlook Stable;

--$32.7 million class E at 'BBB-sf'; Outlook Stable;

--$15.6 million class F at 'BBsf'; Outlook Stable;

--$17 million class G at 'Bsf'; Outlook Stable.

*Notional amount and interest only.

**Class A-S, class B and class C certificates may be exchanged for class EC certificates, and class EC certificates may be exchanged for Class A-S, class B and class C certificates.

Fitch does not rate the $36,938,989 class NR certificates or the $238,681,989 interest only class X-B.

Additional information is available at www.fitchratings.com.

Applicable Criteria

Global Structured Finance Rating Criteria (pub. 06 Jul 2015)
https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=867952

U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria (pub. 10 Dec 2014)
https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=812608

Additional Disclosures

Dodd-Frank Rating Information Disclosure Form
https://www.fitchratings.com/creditdesk/press_releases/content/ridf_frame.cfm?pr_id=988438

Solicitation Status
https://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=988438

Endorsement Policy
https://www.fitchratings.com/jsp/creditdesk/PolicyRegulation.faces?context=2&detail=31

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:
Tiffany Pierce, +1-212-908-9107
Associate Director
Fitch Ratings, Inc.
33 Whitehall Street
New York, NY 10004
or
Committee Chairperson:
Robert Sutherland, +1-312-606-2346
Senior Director
or
Alyssa Castelli, +1-212-908-0540
Media Relations, New York
alyssa.castelli@fitchratings.com

Contacts

Fitch Ratings
Primary Analyst:
Tiffany Pierce, +1-212-908-9107
Associate Director
Fitch Ratings, Inc.
33 Whitehall Street
New York, NY 10004
or
Committee Chairperson:
Robert Sutherland, +1-312-606-2346
Senior Director
or
Alyssa Castelli, +1-212-908-0540
Media Relations, New York
alyssa.castelli@fitchratings.com