Fitch Affirms JPMBB 2014-C22

NEW YORK--()--Fitch Ratings has affirmed 14 classes of J.P. Morgan Chase Commercial Mortgage Securities Trust commercial mortgage pass-through certificates series 2014-C22 (JPMBB 2014-C22). A detailed list of rating actions follows at the end of this press release.

KEY RATING DRIVERS

The affirmations of JPMBB 2014-C22 are based on the stable performance of the underlying collateral. As of the July 2015 distribution date, the pool's aggregate principal balance has been reduced by 0.5% since issuance and remained relatively flat at $1.1 billion. No loans have been in special servicing since issuance and none are defeased.

The largest loan in the pool (8%) is secured by a two-building office complex consisting of 1,032,402 square feet (sf) located in Long Island City, NY. As of the September 2014 rent roll, the properties were 100% occupied primarily by various New York agencies (rated 'AA' by Fitch). There is minimal rollover over the next two years (less than 1.5% total), and no rollover until 2019.

The second largest loan in the pool (6.7%) is secured by a 421,719-sf, 15-story office building located in East Rutherford, NJ. As of the December 2014 rent roll, the property was 100% occupied by over 20 tenants representing a variety of industries. 10.4% of net rentable area (NRA) is scheduled to rollover in 2016.

RATING SENSITIVITIES

The Rating Outlooks remain Stable for all classes. Due to the 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. Additional information on rating sensitivity is available in the report 'JPMBB Commercial Mortgage Securities Trust 2014-C22' (July 22, 2014), available at www.fitchratings.com.

DUE DILIGENCE USAGE

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

Fitch has affirmed the following ratings:

--$40.9 million class A-1 at 'AAAsf', Outlook Stable;

--$29.2 million class A-2 at 'AAAsf', Outlook Stable;

--$175 million class A-3A1 at 'AAAsf', Outlook Stable;

--$75 million class A-3A2 at 'AAAsf', Outlook Stable;

--$355.4 million class A-4 at 'AAAsf', Outlook Stable;

--$102.6 million class A-SB at 'AAAsf', Outlook Stable;

--$78.4 million class A-S* at 'AAAsf', Outlook Stable;

--$58.8 million class B* at 'AA-sf', Outlook Stable;

--$47.6 million class C* at 'A-sf', Outlook Stable;

--$184.9 million class EC* at 'A-sf', Outlook Stable;

--$856.4 million class X-A** at 'AAAsf', Outlook Stable;

--$28 million class X-C** at 'BB-sf', Outlook Stable;

--$61.6 million class D at 'BBB-sf', Outlook Stable;

--$28 million class E at 'BB-sf', Outlook Stable.

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

** Notional amount and interest only.

Fitch does not rate the $35 million class NR certificates, the $12.6 million class F, the $14.3 million class G, the $15.1 million UHP, the $26.6 million interest only classes X-D or the $35 million interest only classes X-E certificates. Fitch previously withdrew its rating of the 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

Related Research

JPMBB Commercial Mortgage Securities Trust 2014-C22 -- Appendix

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=753748

Additional Disclosures

Dodd-Frank Rating Information Disclosure Form

https://www.fitchratings.com/creditdesk/press_releases/content/ridf_frame.cfm?pr_id=989056

Solicitation Status

https://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=989056

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
Associate Director
+1-212-908-9107
Fitch Ratings, Inc.
33 Whitehall Street
New York, NY 10004
or
Committee Chairperson
Karen Trebach
Senior Director
+1-212-908-0215
or
Media Relations:
Sandro Scenga, +1 212-908-0278
sandro.scenga@fitchratings.com

Contacts

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