OREANDA-NEWS. S&P Global Ratings today affirmedits 'AAA (sf)' ratings on two classes of commercial mortgage-backed securitiespass-through certificates from J. P. Morgan Commercial Mortgage-Backed Securities Trust 2011-RR1 (JPMC 2011-RR1), a U. S. resecuritized real estate mortgage investment conduit (re-REMIC) transaction (see list).

The affirmations reflect our recent review of the sole collateral securing thetransaction and our analysis of the re-REMIC structure. As of the July 18, 2016, trustee remittance report, the transaction's collateral consisted of a $118.6 million portion of the $485.4 million class A-4 commercial mortgage pass-through certificates from J. P. Morgan Chase Commercial Mortgage Securities Trust 2011-C3 (JPMC 2011-C3), a U. S. commercial mortgage-backed securities (CMBS) transaction.

TRANSACTION SUMMARY

According to the transaction documents, JPMC 2011-RR1 consists of two classes (A-4A and A-4B) with a sequential payment structure. Principal losses will be allocated sequentially to the class A-4B and then, to the A-4A certificates, until the principal balances are reduced to zero. The transaction's collateralconsists of a $118.6 million portion of the $485.4 million class A-4 commercial mortgage pass-through certificates from JPMC 2011-C3. In addition, at origination and confirmed in the July 2016 trustee remittance report, $100,000 was deposited into an expense reserve account and is available for the trustee to use to pay for any extraordinary trust expenses.