Fitch Upgrades JPMCC 2000-C10

NEW YORK--(BUSINESS WIRE)-- Fitch Ratings has upgraded one and affirmed six classes of JP Morgan Commercial Mortgage Finance Corp., commercial mortgage pass-through certificates series 2000-C10. A detailed list of rating actions follows at the end of this press release.

KEY RATING DRIVERS

The upgrade to class F is a result of paydown and increased credit enhancement from stable performance of the underlying collateral. The top three loans (70%) in the pool are covered by fully amortizing loans scheduled to mature in 2020. Maturities for the remaining loans are scheduled to occur in 2018 (9%) and 2019 (21%).

The pool is highly concentrated with only six of the original 169 loans remaining. None of the remaining loans are in special servicing or considered a Fitch Loan of Concern. Five loans (92.43% of the pool balance) are backed by retail properties including three single tenant Eckards / Rite Aids (36.9%), and one loan is secured by a self-storage property (7.6%).

As of the December 2015 distribution date, the pool's aggregate principal balance has been reduced by 98.5% to $11.4 million from $738.5 million at issuance. The pool has experienced $62.3 million (8.5% of the original pool balance) in realized losses to date. Interest shortfalls are currently affecting classes G through NR.

The largest loan in the pool is a grocery anchored retail property in Richardson, TX (38.6%). The property is anchored by Albertson's (34.3% of the net rentable area [NRA]) whose lease expires in October 2016. Additional major tenants include Richardson Bike Mart (20.2%) and Dress Barn (5.3%). Occupancy most recently reported at 93%. The loan matures in 2020 and the most recently reported debt service coverage ratio (DSCR) is 1.52x as of December 2014.

RATING SENSITIVITIES

Rating Outlook on class F is Stable due to sufficient credit enhancement and continued paydown. Classes G through M have realized losses and will remain at 'D'.

DUE DILIGENCE USAGE

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

Fitch upgrades the following class as indicated:

--$5.4 million class F to 'AAAsf' from 'Asf'; Outlook Stable.

Fitch affirms the following classes and RE as indicated:

--$6 million class G at 'Dsf'; RE 100%;

--$0 class H at 'Dsf'; RE 0%;

--$0 class J at 'Dsf'; RE 0%;

--$0 class K at 'Dsf'; RE 0%;

--$0 class L at 'Dsf'; RE 0%;

--$0 class M at 'Dsf'; RE 0%.

Classes A-1, A-2, B, C, D and E have paid in full. Class NR is not rated. Fitch previously withdrew the rating on the interest-only class X 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. and Canadian Fixed-Rate Multiborrower CMBS Surveillance and U.S. Re-REMIC Criteria (pub. 13 Nov 2015)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=873395

Additional Disclosures

Dodd-Frank Rating Information Disclosure Form

https://www.fitchratings.com/creditdesk/press_releases/content/ridf_frame.cfm?pr_id=997540

Solicitation Status

https://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=997540

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/20160106006428/en/

Fitch Ratings
Primary Analyst
Catherine Barbieri
Associate Director
+1-212-908-0638
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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