OREANDA-NEWS. Fitch Ratings has affirmed six classes of J.P. Morgan Chase Commercial Mortgage Securities Corp.'s (JPMC) commercial mortgage pass-through certificates series 2001-C1. A detailed list of rating actions follows at the end of this press release.

KEY RATING DRIVERS

The affirmations reflect Fitch expected losses and the increasingly concentrated nature and adverse selection of the remaining loans in the pool. There are six loans remaining in the pool, one of which is specially serviced (37.9%) and two are defeased (53.9%). Fitch modeled losses of 13.6% of the remaining pool; expected losses on the original pool balance total 4.6%, including \$45.4 million (4.2% of the original pool balance) in realized losses to date.

As of the January 2015 distribution date, the pool's aggregate principal balance has been reduced by 97.5% to \$26.9 million from \$1.07 billion at issuance. Interest shortfalls are currently affecting classes J through NR.

The specially-serviced loan (37.9% of the pool) is secured by a 200-unit multifamily property in Holland, OH. The loan had transferred to special servicing in June 2010 for monetary default. The borrower had filed for bankruptcy in August 2011. The bankruptcy stay was lifted in May 2012 and the servicer was in the process of pursuing foreclosure. The borrower filed for bankruptcy for the second time in November 2012, which was later dismissed in June 2013. The borrower appealed that decision, but the judge dismissed it in May 2014. The borrower has since appealed the case to the 5th Circuit Court, although foreclosure is proceeding. Fitch expects a prolonged workout on this asset. Occupancy was reported at 95% by the servicer in November 2014.

RATING SENSITIVITIES

The rating on class H is expected to remain stable as the class benefits from defeasance and has sufficient credit enhancement to offset Fitch expected losses. The distressed J may be subject to further rating action as losses are realized.

Fitch affirms the following class and revises the RE as indicated:

--\$9 million class J at 'Csf', RE 70%.

Fitch affirms the following classes:

--\$17.2 million class H at 'BBBsf'; Outlook Stable;
--\$671,423 class K at 'Dsf'; RE 0%;
--\$0 class L at 'Dsf'; RE 0%;
--\$0 class M at 'Dsf'; RE 0%;
--\$0 class N at 'Dsf'; RE 0% .

The balances on classes L, M and N have been reduced to zero due to realized losses. The class A-1, A-2, A-3, B, C, D, E, F, G, NC-1, NC-2 and X-2 certificates have paid in full. Fitch does not rate the class NR certificates. Fitch previously withdrew the rating on the interest-only class X-1 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