Fitch Affirms JPMBB 2014-C24

NEW YORK--(BUSINESS WIRE)-- Fitch Ratings has affirmed 19 classes of J.P. Morgan Chase Commercial Mortgage Securities Trust series 2014-C24 (JPMBB 2014-C24) commercial mortgage pass-through certificates. A detailed list of rating actions follows at the end of this press release.

KEY RATING DRIVERS

The affirmations of the JPMBB 2014-C24 certificates are based on the stable performance of the underlying collateral pool. The pool's aggregate principal balance has been paid down 0.31% to $1.272 billion from $1.276 billion. As of this review, no loans have defeased. No loans have been transferred to the special servicer and there are no loans on the master servicer's watchlist. Fitch has not designated any loans as Fitch Loans of Concern.

The largest loan of the pool (9.07%) is secured by Grapevine Mills, a 1.6 million square foot (sf) regional shopping center located in Grapevine, TX. Occupancy at the subject was 95% as of June 2015. Year-end 2014 financials were not available for the property. The transaction interests represent the A-3 and A-4 notes and are pari passu with A-1 and A-2 notes securitized in JPMBB 2014-C23 and A-5 and A-6 notes in JPMBB 2014-C25.

The second largest loan (9.07%) is secured by the Mall of Victor Valley, a 477,394 sf enclosed, regional mall located in Victorville, CA. The property is anchored by Macy's, JCPenney, Sears, and Dick's Sporting Goods. Occupancy as of June 2015 was 98%. Year-end 2014 financials were also unavailable for the property.

The third largest loan (7.59%) is secured by the Columbus Square Portfolio, which contains five retail and community facility units and an underground parking garage, totalling 494,244 sf and located on Manhattan's Upper West Side. Largest tenants include Quick Park, Whole Foods, Mandell Nursery, and TJ Maxx. Occupancy amongst the properties is 100%, as of YE 2014. YE 2014 DSCR increased to 1.51x from 1.17x at issuance. The transaction interests represents the A-4 note and are pari passu with the A-1 note included in WFRBS 2014-C22, the A-2 note included in JPMBB 2014-C23, and the A-3 note securitized in WFRBS 2014-C23.

RATING SENSITIVITIES

Rating Outlooks on classes A-1 through F remain Stable due to the relatively stable performance of the pool since issuance. No rating changes are expected unless there is material performance deterioration or loans become specially serviced. Additional information on key rating drivers and rating sensitivities are further described in the new issue report J.P. Morgan Chase Commercial Mortgage Securities Trust 2014-C24 (Oct. 2, 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:

--$35.8 million class A-1 at 'AAAsf'; Outlook Stable;

--$184 million class A-2 at 'AAAsf'; Outlook Stable;

--$41 million class A-3 at 'AAAsf'; Outlook Stable;

--$190 million class A-4A1 at 'AAAsf'; Outlook Stable;

--$75 million class A-4A2 at 'AAAsf'; Outlook Stable;

--$297.3 million class A-5 at 'AAAsf'; Outlook Stable;

--$66.6 million class A-SB at 'AAAsf'; Outlook Stable;

--$76.2 million class A-S at 'AAAsf'; Outlook Stable;

--$76.2 million class B at 'AA-sf'; Outlook Stable;

--$47.7 million class C at 'A-sf'; Outlook Stable;

--$200.2 million class EC at 'A-sf'; Outlook Stable;

--$81 million class D at 'BBB-sf'; Outlook Stable;

--$25.4 million class E at 'BBsf'; Outlook Stable;

--$14.3 million class F at 'Bsf'; Outlook Stable;

--$966.2 million* class X-A at 'AAAsf'; Outlook Stable;

--$76.2 million* class X-B1 at 'AA-sf'; Outlook Stable;

--$81 million* class X-B2 at 'BBB-sf'; Outlook Stable;

--$25.4 million* class X-C at 'BBsf'; Outlook Stable;

--$14.3 million* class X-D at 'Bsf'; Outlook Stable.

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

*Notional Amount and interest only.

Fitch does not rate class X-E, NR, ESK certificates.

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-C24 -- Appendix

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=787809

Additional Disclosures

Dodd-Frank Rating Information Disclosure Form

https://www.fitchratings.com/creditdesk/press_releases/content/ridf_frame.cfm?pr_id=992060

Solicitation Status

https://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=992060

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.

View source version on businesswire.com: http://www.businesswire.com/news/home/20151009005661/en/

Fitch Ratings
Primary Analyst
Darren Liss
Director
+1-212-908-0753
Fitch Ratings, Inc.
33 Whitehall Street
New York, NY 10004
or
Committee Chairperson
Mary MacNeill
Managing Director
+1-212-908-0785
or
Media Relations:
Sandro Scenga, +1 212-908-0278
[email protected]

Source: Fitch Ratings

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