NEW YORK--(BUSINESS WIRE)--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.
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.
Global Structured Finance Rating Criteria (pub. 06 Jul 2015)
U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria (pub. 10 Dec 2014)
JPMBB Commercial Mortgage Securities Trust 2014-C22 -- Appendix
Dodd-Frank Rating Information Disclosure Form