OREANDA-NEWS. Fitch Ratings has affirmed 11 classes of J.P. Morgan Chase Commercial Mortgage Securities Corp. (JPMCC) commercial mortgage pass-through certificates series 2011-C3. A detailed list of rating actions follows at the end of this press release.

KEY RATING DRIVERS

Fitch's affirmations are based on the stable performance of the underlying collateral pool. There are currently no delinquent or specially serviced loans and no loans are defeased. 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 76.3% of the transaction. Retail properties represent the largest pool concentration at 61.5%.

As of the January 2015 distribution date, the pool's aggregate principal balance has been reduced by 12.3% to \$1.31 billion from \$1.49 billion at issuance. Interest shortfalls are currently affecting class NR. The pool has experienced no realized losses to date. Fitch has designated one (1.5%) Fitch Loan of Concern.

The largest loan in the pool (15.8%) is secured by a 1,556,382 square foot (sf) regional mall located in Holyoke, MA. The mall is anchored by Macy's, Sears, Target, and J.C. Penney. The total collateral size is 1,356,382 sf, as Macy's owns both the store and land. Occupancy increased to 95.2% as of Sept. 30, 2014 from 91.1% at year-end 2012.

The second largest loan (10.1%) is secured by a portfolio of 32 geographically diversified Albertson's grocery retail properties. The properties are located across five states, primarily in the Southwest. The portfolio has maintained its 100% occupancy level since issuance. No lease expires until 2030.

Of the Top 15 loans, five have significant tenant rollover risk in 2015 and 2016. The Galleria Office Towers (9.5% of the pool) has 27.9% of the leases expiring in 2015 primarily due to the October 2015 lease expiration of its largest tenant. The IAC Portfolio (7.6% of the pool) has 26.7% of the leases expiring in 2015 spread over the seven properties in the portfolio. Sangertown Square (4.8% of the pool) has 19% and 20.6% of its leases expiring in 2015 and 2016, respectively. Bethesda Crescent (4.5% of the pool) has 20.8% of its leases expiring in 2016, however no tenant represents more than 4.8% of total space. The Promenade Shops at Centerra (3.8% of the pool) has 35% of the leases expiring in 2016. Leasing and rollover reserves are in place for all five loans. Fitch will monitor the performance of each loan as leasing status updates are received. The one Fitch Loan of Concern is secured by a 382,776 sf office property in Houston, TX. Tenants have been vacating upon their lease expirations due to nearby construction. Occupancy was a reported 68% as of Sept. 30, 2014 following significant rollover in 2013 (20%). DSCR was a reported 1.14x for the same period.

RATING SENSITIVITY
All Rating Outlooks remains Stable for all classes as performance has been relatively stable since issuance.

Fitch affirms the following classes:

--\$216.9 million class A-2 at 'AAAsf'; Outlook Stable;
--\$353.6 million class A-3 at 'AAAsf'; Outlook Stable;
--\$485.4 million class A-4 at 'AAAsf'; Outlook Stable;
--Interest only class X-A at 'AAAsf'; Outlook Stable;
--\$41.1 million class B at 'AAsf'; Outlook Stable;
--\$52.3 million class C at 'Asf'; Outlook Stable;
--\$35.5 million class D at 'BBB+sf'; Outlook Stable;
--\$41.1 million class E at 'BBB-sf'; Outlook Stable;
--\$9.3 million class G at 'BBsf'; Outlook Stable;
--\$16.8 million class H at 'Bsf'; Outlook Stable;
--\$3.7 million class J at 'B-sf'; Outlook Stable.

The class A-1 and A-3FL certificates have paid in full. Fitch does not rate the class F, X-B and NR certificates.

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