KEY RATING DRIVERS
The upgrade reflects increased credit enhancement due to paydown of approximately 70% since Fitch's last review. Additionally, the remaining collateral has shown a nearly 20% increase in 2013 net cash flow (NCF) compared to Fitch's issuance NCF. There are no delinquent or specially serviced loans.
The Rating Outlooks are expected to remain Stable. Further upgrades will be limited due to the transaction's asset concentration and relatively short expected life. Additional information on rating sensitivity is available in the report 'JPMCC 2012-FL2 ', dated
Only two of the pool's original six floating rate loans remain outstanding:
The largest loan is the
Fitch has upgraded the following class:
Fitch has affirmed the following classes:
Fitch does not rate the interest-only class X-CP.
A comparison of the transaction's Representations, Warranties, and Enforcement (RW&E) mechanisms to those of typical RW&Es for the asset class is available in the following report: JPMCC 2012-FL2 - Appendix dated
Additional information is available at 'www.fitchratings.com'.
--'Global Structured Finance Rating Criteria' (
--'Surveillance Criteria for U.S. CREL CDOs and CMBS Large Loan Floating-Rate Transactions' (
Surveillance Criteria for U.S. CREL CDOs and CMBS Large Loan Floating-Rate Transactions
Global Structured Finance Rating Criteria
Source: Fitch Ratings
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