Fitch Affirms JPMBB 2014-C21 Commercial Mortgage Pass-Through Certificates

NEW YORK--(BUSINESS WIRE)-- Fitch Ratings has affirmed 16 classes of J.P. Morgan Chase Bank, N.A. Commercial Mortgage Securities Trust, series 2014-C21 commercial mortgage pass-through certificates. A detailed list of rating actions follows at the end of this press release.

KEY RATING DRIVERS

The affirmations are the result of stable performance of the underlying pool since issuance. The pool's aggregate principal balance has been reduced by 0.35% to $1.26 billion from $1.26 billion at issuance. Since the previous review, one loan (0.5% of the pool) has transferred to special servicing and is designated as a Fitch loan of concern.

The specially-serviced loan (0.5% of the pool) is secured by an 81,000 SF office park consisting of 19 single-story buildings is located in Lockport, New York. The loan was transferred to special servicing in May 2015 for 60-day payment default. The servicer is currently negotiating with the borrower on workout options.

The largest loan in the pool (8.2% of the pool) is secured by Phase I of Showcase Mall, a 182,037-sf retail and entertainment center located on Las Vegas Boulevard in Las Vegas, NV. The collateral comprises two buildings -- the main building, with frontage on Las Vegas Boulevard, and a second building with no frontage that includes a 1,418-space parking garage and an eight-screen United Artist Theater (22.6% of collateral NRA). The property's occupancy has increased to 93% as of December 2014 from 89% at issuance.

The second largest loan (5.1%) is secured by The Residence Inn Sunnyvale I, a 231-key extended stay hotel located in Silicon Valley. The property was constructed in 1983 and renovated in 2011. Occupancy declined slightly to 81% as of March 2015 from 84% as of December 2014.

RATING SENSITIVITIES

The Rating Outlooks for all classes remains Stable. 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 overall 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 of J.P. Morgan Chase commercial mortgage securities trust, series 2014-C21 commercial mortgage pass-through certificates:

--$31.2 million class A-1 'AAAsf'; Outlook Stable;

--$25.5 million class A-2 'AAAsf'; Outlook Stable;

--$59.4 million class A-3 'AAAsf'; Outlook Stable;

--$325 million class A-4 'AAAsf'; Outlook Stable;

--$357.2 million class A-5 'AAAsf'; Outlook Stable;

--$82.5 million class A-SB 'AAAsf'; Outlook Stable;

--$949.9 million* class X-A 'AAAsf'; Outlook Stable;

--$90.1 million* class X-B 'AA-sf'; Outlook Stable;

--$69.5 million class A-S 'AAAsf'; Outlook Stable;

--$90.1 million class B 'AA-sf'; Outlook Stable;

--$45.8 million class C 'A-sf'; Outlook Stable;

--$205.5 million class EC 'A-sf'; Outlook Stable;

--$25.3 million* class X-C 'BBsf'; Outlook Stable;

--$74.3 million class D 'BBB-sf'; Outlook Stable;

--$25.3 million class E 'BBsf'; Outlook Stable;

--$17.4 million class F 'Bsf'; Outlook Stable.

* Notional amount and interest only.

Class A-S, class B, and class C certificates may be exchanged for a related amount of class EC certificates, and class EC certificates may be exchanged for class A-S, class B, and class C certificates.

Class X-C, D, E and F are privately placed pursuant to Rule 144A.

Fitch does not rate the $56.9 million non-rated class, and the $74.3 million interest-only class X-D.

Additional information is available at www.fitchratings.com.

Applicable Criteria

Global Structured Finance Rating Criteria (pub. 31 Mar 2015)https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=864268

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 Formhttps://www.fitchratings.com/creditdesk/press_releases/content/ridf_frame.cfm?pr_id=987331

Solicitation Statushttps://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=987331

Endorsement Policyhttps://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.

View source version on businesswire.com: http://www.businesswire.com/news/home/20150701006682/en/

Fitch Ratings
Primary Analyst
Daren Liss, +1-212-908-0753
Director
Fitch Ratings, Inc.
33 Whitehall Street
New York, NY 10004
or
Committee Chairperson
Christopher Bushart, +1-212-908-0606
Senior Director
or
Media Relations, New York
Sandro Scenga, +1-212-908-0278
[email protected]

Source: Fitch Ratings

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