KEY RATING DRIVERS
The affirmations are due to stable pool performance. There have been no delinquent or specially serviced loans since issuance. Fitch reviewed the most recently available quarterly financial performance of the pool as well as updated rent rolls for the top 15 loans, which represent 69.5% of the transaction. Fitch has designated two (7.0%) Fitch Loans of Concern (FLOC).
As of the
The largest loan in the pool (11.4%) is secured by an 1.0 million square foot (sf) interest in a 1.2 million sf regional mall located in
The second largest loan in the pool (9.8%) is secured by a 280,299 sf office building located in
The larger of the two FLOCs (6.4%) is secured by a portfolio of industrial properties. The loan was the second largest loan in the pool at issuance and is currently the fourth largest loan. The loan was originally backed by seven industrial properties located in two states (
All classes maintain Stable Outlooks. 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 portfolio-level metrics. Additional information on rating sensitivity is available in the report 'JPMCC 2012-C8' (
Fitch affirms the following classes as indicated:
*Notional amount and interest only.
**Class A-S, class B and class C certificates may be exchanged for class EC certificates, and class EC certificates may be exchanged for Class A-S, class B and class C certificates.
Fitch does not rate the
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-C8 --Appendix' (
Additional information on Fitch's criteria for analyzing U.S. CMBS transactions is available in the
Structured Finance >> CMBS >> Criteria Reports
Additional information is available at 'www.fitchratings.com'.
--'Global Structured Finance Rating Criteria' (
--'U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria' (
Global Structured Finance Rating Criteria
U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria
Source: Fitch Ratings
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