Fitch Affirms JPMCC 2011-C5

NEW YORK--(BUSINESS WIRE)-- Fitch Ratings has affirmed 11 classes of JPMCC's (JPMorgan Chase & Co.) commercial mortgage pass-through certificates, series 2011-C5. A detailed list of rating actions follows at the end of this press release.

KEY RATING DRIVERS

The affirmations reflect stable portfolio performance since issuance. As of the June 2014 distribution date, the pool's aggregate principal balance has been reduced by 7.63% to $951.1 million from $1.03 billion at issuance. There are no delinquent loans in the pool as of the June 2015 distribution date and currently no Fitch loans of concern.

While there are no Fitch loans of concern, Fitch is monitoring the status of the Kite Retail Portfolio loan (4.3% of the pool), which is secured by four multitenant retail properties located in three states (IN, IL, and GA). Specifically, as of the last rating action in 2014, Office Depot had closed their location at Hamilton Crossing Center located in Carmel, IN. Hamilton Crossing accounts for approximately 30% of the portfolio by loan balance. Office Depot (37% net rentable area [NRA] of center) was the anchor tenant at the property and the space remains vacant per the March 2015 rent roll. Portfolio occupancy has declined to 86.1% from 91.5% at issuance. Fitch will continue to monitor the leasing status of the property. The loan remains current.

The largest loan in the pool (14.9%) is secured by a 792-room full-service hotel located in Chicago, IL. Property amenities include 45,000 square feet (sf) of meeting space, four restaurants, a junior Olympic-size swimming pool and spa and fitness facilities. The year-end (YE) 2014 net operating income (NOI) is up 20.2% since issuance. The loan converted from an initial interest-only term to a 30-year amortization schedule in 2013.

RATING SENSITIVITIES

The Rating Outlooks on all classes remain Stable. Due to stable performance since issuance, Fitch does not foresee positive or negative ratings migration until a material economic or asset level event changes the transaction's overall portfolio-level metrics. Additional information on rating sensitivity is available in the 'JPMCC 2011-C5 Commercial Mortgage Pass-Through Certificates' (Oct. 3, 2011) new issue report, 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:

--$170.9 million class A-2 at 'AAAsf'; Outlook Stable;

--$405.9 million class A-3 at 'AAAsf'; Outlook Stable;

--$65.4 million class A-SB at 'AAAsf'; Outlook Stable;

--$728.4 million class X-A* 'AAAsf'; Outlook Stable;

--$86.2 million class A-S at 'AAAsf'; Outlook Stable;

--$51.5 million class B at 'AAsf'; Outlook Stable;

--$39.9 million class C at 'Asf'; Outlook Stable;

--$65.6 million class D at 'BBB-sf'; Outlook Stable;

--$12.9 million class E at 'BBsf'; Outlook Stable;

--$9 million class F at 'B+sf'; Outlook Stable;

--$16.7 million class G at 'B-sf'; Outlook Stable.

* Notional amount and interest only.

The class A-1 certificates have paid in full. Fitch does not rate the class NR or interest only X-B certificates.

Additional information is available at www.fitchratings.com.

Applicable Criteria

Global Structured Finance Rating Criteria (pub. 31 Mar 2015)https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=864268

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

Additional Disclosures

Dodd-Frank Rating Information Disclosure Formhttps://www.fitchratings.com/creditdesk/press_releases/content/ridf_frame.cfm?pr_id=987006

Solicitation Statushttps://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=987006

Endorsement Policyhttps://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/20150625006361/en/

Fitch Ratings
Primary Analyst:
Martin Nunnally, +1-212-908-0871
Associate Director
Fitch Ratings, Inc.
33 Whitehall Street
New York, NY 10004
or
Committee Chairperson:
Mary MacNeill, +1-212-908-0785
Managing Director
or
Sandro Scenga, +1-212-908-0278
Media Relations, New York
[email protected]

Source: Fitch Ratings

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