Fitch Affirms JPMCC 2000-C10
KEY RATING DRIVERS
The affirmations reflect the stable performance of the underlying collateral since Fitch's previous review, as well as the pool concentration and adverse selection among the remaining loans. The pool is highly concentrated with only seven of the original 169 loans remaining. None of the remaining loans are in special servicing or considered a Fitch Loan of Concern. Five loans (77.5% of the pool balance) are backed by retail properties including three single tenant Eckards / Rite Aids (30.6%), and one loan is secured by a self-storage property (6.5%). There is one fully defeased loan (16%). Maturities for the remaining loans are scheduled to occur in 2018 (7.3%), 2019 (17.5%), 2020 (59.2%), and 2022 (16%).
As of the April 2014 distribution date, the pool's aggregate principal balance has been reduced by 97.9% to \$15.2 million from \$738.5 million at issuance. The pool has experienced \$62.3 million (8.4% of the original pool balance) in realized losses to date. Interest shortfalls are currently affecting classes G through NR.
The largest loan in the pool is a grocery anchored retail property in Richardson, TX (32.6%) . The property is anchored by Albertson's (34.3% of the net rentable area [NRA]) whose lease expires in October 2016. Additional major tenants include Richardson Bike Mart (20.2%) and Dress Barn (5.3%). Occupancy most recently reported at 97%. The loan matures in 2020 and the most recently reported debt service coverage ratio (DSCR) is 1.71x as of December 2013.
RATING SENSITIVITIES
The Rating Outlook on class F is Stable due to increasing credit enhancement and continued paydown. Classes G through M have realized losses and will remain at 'D'.
Fitch affirms the following classes:
--\$9.2 million class F at 'Asf'; Outlook Stable;
--\$6 million class G at 'Dsf'; RE 100%;
--\$0 class H at 'Dsf'; RE 0%;
--\$0 class J at 'Dsf'; RE 0%;
--\$0 class K at 'Dsf'; RE 0%;
--\$0 class L at 'Dsf'; RE 0%;
--\$0 class M at 'Dsf'; RE 0%.
Classes A-1, A-2, B, C, D and E have paid in full. Class NR is not rated. Fitch previously withdrew the rating on the interest-only class X certificates.
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