OREANDA-NEWS. Fitch Ratings has affirmed 13 classes of J.P. Morgan Chase Commercial Mortgage Securities Trust (JPMBB) commercial mortgage pass-through certificates series 2013-C14. A detailed list of rating actions follows at the end of this press release.

KEY RATING DRIVERS
The affirmations are the result of stable performance of the underlying pool since issuance. As of the June 2015 distribution date, the pool's aggregate principal balance has been reduced by 2.2% to $1.12 billion from $1.15 billion at issuance. There are currently no delinquent or specially serviced loans. The top five loans represent approximately 40% of the pool, and retail represents the largest property type concentration at 46% of the pool. The pools amortization types includes 33 loans (or 65% of the pool balance) as amortizing balloon, 10 loans (23.7%) as partial interest only, and three loans (11%) as interest only.

RATING SENSITIVITIES
All classes maintain Stable Outlooks. Due to the recent issuance of the transaction and stable performance, Fitch does not foresee positive or negative ratings migration until a material economic or asset level event changes the transaction's portfolio-level metrics. Additional information on rating sensitivity is available in the report 'J.P. Morgan Chase Commercial Mortgage Securities Trust 2013-C14' (May 2, 2014), available at www.fitchratings.com.

The largest loan in the pool is secured by 308,190 square feet (sf) of in-line space within the Meadows Mall, a 945,043 sf regional mall located in Las Vegas NV. The four anchors - Dillard's, Macy's, J.C. Penney, and Sears - own their improvements. The largest collateral tenants are Forever 21 (5.5% of the net rentable area [NRA]), Victoria Secret (3.9% NRA), and Hollister (2.4% NRA). Occupancy reported at 98.2% per the March 2015 rent roll. In-line tenant sales reported at $392 per square foot (psf) for year-end (YE) 2014, compared to $416 psf at YE 2013 and $392 psf at YE 2012. The net operating income (NOI) debt service coverage ratio (DSCR) reported at 1.59x for YE 2013, compared to 1.55x at issuance. The subject A-1 note is parri passu with a $52 million A-2 note that is included in the JPMBB 2014-C18 transaction.

The second largest loan in the pool is secured by the Spirit Portfolio, which is composed of 26 properties (22 retail, two office, and two industrial) totaling 1.6 million sf. The properties are located across 13 states and contain 19 different tenants. The largest property is the 573,000 sf J. Jill Distribution Center (36.8% portfolio NRA) located in Tilton, NH. The portfolio occupancy remains unchanged from issuance at 100%. The YE 2014 NOI DSCR reported at 2.03x, compared to 2.16x at YE 2013 and 1.77x at issuance.

The third largest loan in the pool is secured by 589 Fifth Avenue, a 169,486 sf office building located in midtown Manhattan, NY. The servicer reported occupancy at 93.4% as of December 2014, compared to 96.7% at issuance. The office tenants consist entirely of diamond dealers, while the entire 57,000 sf retail portion of the property is leased to H&M (33.6% NRA) through July 2033. The YE 2014 NOI DSCR improved to 2.61x from 1.29x at YE 2013; the YE 2013 NOI only reflects partial year rental revenue from H&M whose lease commenced on July 1, 2013. The subject A-2 note is interest only, and is parri passu with an identical $87.5 million A-1 note that is included in the JPMBB 2013-C13 transaction.

DUE DILIGENCE USAGE
No third party due diligence was provided or reviewed in relation to this rating action.

A comparison of the transaction's Representations, Warranties, and Enforcement (RW&E) mechanisms to those of typical RW&Es for the asset class is available in the following report:

--' J.P. Morgan Chase Commercial Mortgage Securities Trust 2013-C14 - Appendix' (May 2, 2014).

Fitch has affirmed the following ratings:

--$55.1 million class A-1 at 'AAAsf'; Outlook Stable;
--$278.3 million class A-2 at 'AAAsf'; Outlook Stable;
--$75 million class A-3 at 'AAAsf'; Outlook Stable;
--$288.5 million class A-4 at 'AAAsf'; Outlook Stable;
--$81.8 million class A-SB at 'AAAsf'; Outlook Stable;
--$80.4 million class A-S at 'AAAsf'; Outlook Stable;
--$871.9 million * class X-A at 'AAAsf'; Outlook Stable;
--$76.1 million class B at 'AA-sf'; Outlook Stable;
--$45.9 million class C at 'A-sf'; Outlook Stable;
--$53.1 million class D at 'BBB-sf'; Outlook Stable;
--$11.5 million class E at 'BBB-sf'; Outlook Stable;
--$12.9 million class F at 'BB+sf'; Outlook Stable;
--$23 million class G at 'Bsf'; Outlook Stable.

* Notional amount and interest-only.

Fitch does not rate the class NR or class X-C certificates. The class X-B certificate was withdrawn from the transaction prior to closing.