OREANDA-NEWS. Fitch Ratings affirms J.P. Morgan Chase Commercial Mortgage Securities Corp. 2011-RR1, JPMCC 2011-RR1 as follows:

--\$100,000,000 class A-4A at 'AAAsf'; Outlook Stable;
--\$18,571,000 class A-4B at 'AAAsf'; Outlook Stable.

KEY RATING DRIVERS

This transaction is a re-securitization of the ownership interest in one commercial mortgage-backed certificate: J.P. Morgan Chase commercial mortgage pass-through certificates, series 2011-C3, class A-4 (rated 'AAAsf'; Outlook Stable by Fitch). The underlying certificate was affirmed Feb. 12, 2015.

The trustee fee has been paid upfront by the issuer. Any extraordinary trust fund expenses incurred by the Trustee will be paid first out of the extraordinary expense reserve account; second, if necessary, from available interest.

RATING SENSITIVITY
The underlying bonds have Stable Outlooks and no future rating actions are expected.

As a re-securitization, the certificates receive their cash-flows from the underlying class A-4 certificate, which is backed by a pool of 44 multifamily and commercial mortgage loans and currently has approximately 19.4% credit support in the underlying transaction.

Additional information on Fitch's criteria for analyzing U.S. CMBS transactions is available in the Dec. 10, 2014 report, 'U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria', which is available at 'www.fitchratings.com' under the following headers:

Structured Finance >> CMBS >> Criteria Reports