KEY RATING DRIVERS
The affirmation of JPMCC 2012-HSBC is based on the stable performance of the underlying trust asset. As of the
The Rating Outlook for all classes remains Stable. No rating actions are expected unless there are material changes to the property occupancy and cash flow. Additional information on rating sensitivity is available in the report 'JPMCC Mortgage Securities Trust 2012-HSBC' (
The loan is structured with a hard lockbox and both ongoing and upfront reserves. Reserves account for current and future expenses for leasing costs and capital expenditures, as well as upfront reserves to cover ongoing capital improvements and free rent. A rollover reserve of
Fitch affirms the following classes as indicated:
--Interest-only class X-A* at 'AAAsf'; Outlook Stable;
--Interest-only class X-B** at 'BBB-sf'; Outlook Stable;
* notional balance of class A.
** notional balance of classes B, C, D and E.
Additional information is available at 'www.fitchratings.com'.
--'Global Structured Finance Rating Criteria' (
--'Criteria for Analyzing Large Loans in U.S. Commercial Mortgage Transactions' (
Global Structured Finance Rating Criteria
Criteria for Analyzing Large Loans in U.S. Commercial Mortgage Transactions
Source: Fitch Ratings
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