NEW YORK--(BUSINESS WIRE)--Fitch Ratings has affirmed six classes of J.P. Morgan Chase Commercial Mortgage Securities Corp. series 2001-CIBC1 commercial mortgage pass-through certificates. A detailed listing of rating actions follows at the end of this release.
KEY RATING DRIVERS
Fitch modeled losses of 16.0% of the remaining pool; expected losses on the original pool balance total 6.2%, including $58.3 million (5.8% of the original pool balance) in realized losses to date. Fitch has designated four loans (46.2%) as Fitch Loans of Concern, which includes one specially serviced asset (10.4%).
As of the December 2013 distribution date, the pool's aggregate principal balance has been reduced by 97.2% to $28.9 million from $1 billion at issuance. Nine of the original 165 loans remain. Six loans (85.1%) have anticipated repayment dates, with final maturity dates ranging from 2026 through 2030. Three loans (14.9%) have maturity dates between 2015 and 2020. One loan (1.6%) is currently defeased. Interest shortfalls are currently affecting classes H through NR.
The largest contributor to Fitch's modeled losses is a 45,000 square foot (sf) retail property (10.4%) located in Akron, OH. The property was previously 100% occupied by Dicks Sporting Goods which vacated the property upon their lease expiration in November 2013. The property remains completely vacant.
RATING SENSITIVITIES
The rating on the class G notes may be subject to further downgrades as losses are realized.
Fitch has affirmed the following classes as indicated:
--$24.7 million class G notes at 'CCCsf'; RE 90%;
--$2.6 million class H notes at 'Dsf'; RE 0%;
--$0 class J notes at 'Dsf'; RE 0%;
--$0 class K notes at 'Dsf'; RE 0%;
--$0 class L notes at 'Dsf'; RE 0%;
--$0 class M notes at 'Dsf'; RE 0%.
The class A-1, A-2, A-3, B, C, D, E, F, and X2 notes have paid in full. Fitch previously withdrew the rating on the interest-only class X1 certificates.
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:
U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=724961
Global Structured Finance Rating Criteria
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=708661
Additional Disclosure
Solicitation Status
http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=814139
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.