OREANDA-NEWS. Fitch Ratings affirms J.P. Morgan Chase Commercial Mortgage Securities Trust (JPMBB), series 2014-C23 commercial mortgage pass-through certificates. A full list of rating actions follows at the end of this release.

KEY RATING DRIVERS
The affirmations are due to the overall stable performance of the underlying collateral pool. Fitch reviewed the most recently available financial performance data for the transaction, as well as updated rent rolls for the majority of the top 15 loans, which represent 63.6% of the transaction.

As of the August 2015 distribution date, the pool's aggregate principal balance has been reduced by 0.4% to $1.39 billion from $1.39 billion at issuance. Fitch has not designated any loans as Fitch Loans of Concern, and no loans are in special servicing.

The largest loan in the pool, 17 State Street, (7.8% of the pool), is secured by a 561,834 square foot (sf) class A office building located in New York. The 42-story building was constructed in 1988 and is situated adjacent to Battery Park, on the southern tip of Manhattan's Financial District. The largest tenants include Fidessa Corporation (15%), expiry 2017; IP Soft (10%), expiry 2016; Speechworks International Inc. (6%), expiry 2016. The property is 98.8% occupied as of June 2015 with an average rent of $54.26 per square foot (psf). There is approximately 16% upcoming rollover in 2016 and 18% in 2017. Per REIS as of the second quarter (2Q) 2015, the downtown New York office market vacancy is 10.1% with average asking rent $58.08 psf. The most recent servicer-reported debt-service coverage ratio (DSCR) is 1.71x as of June 2015.

The second largest loan, Columbus Square Portfolio (7.7%), is secured by five retail/community facility units and an underground parking garage, totaling 494,224 sf. The property is located between 97th and 98th streets on Columbus and Amsterdam Avenues in the Upper West Side neighborhood of Manhattan. The largest tenants include Quik Park (21.9% of net rentable area [NRA]), Whole Foods (11.6% of NRA), Mandell School (8.9% of NRA) and TJ Maxx (8.2% of NRA). The property was 95.7% occupied as of July 2014. The most recently reported DSCR is 1.51x as of year-end (YE) 2014.
The third largest loan, Wyvernwood Apartments (7.6%), which is secured by a 151 building, 1,175 unit MF development located in the Boyle Heights neighborhood of Los Angeles, CA. The property is 97.9% occupied as of June 2015 with average rent slightly below market at $1,027. Per REIS as of 2Q 2015, the East LA/Alhambra multifamily submarket vacancy is 2.8% with asking rent of $1,195. The most recently reported DSCR is 2.09x as of June 2015. The $10.5 million nonpooled B note component of the loan is not rated by Fitch.

RATING SENSITIVITIES
The Rating Outlook for all classes remains Stable. 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 Trust, series 2014-C23' (July 22, 2015) available at www.fitchratings.com.

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

Fitch has affirmed the following ratings:

--$44.1 million class A-1 at 'AAAsf'; Outlook Stable;
--$241 million class A-2 at 'AAAsf'; Outlook Stable;
--$36.6 million class A-3 at 'AAAsf'; Outlook Stable;
--$235 million class A-4 at 'AAAsf'; Outlook Stable;
--$307.5 million class A-5 at 'AAAsf'; Outlook Stable;
--$79.3 million class A-SB at 'AAAsf'; Outlook Stable;
--$86.4 million class A-S* at 'AAAsf'; Outlook Stable;
--Interest-only class X-A at 'AAAsf'; Outlook Stable;
--$62.7 million class B* at 'AAsf'; Outlook Stable;
--$52.5 million class C* at 'Asf'; Outlook Stable;
--$201.6 million class EC* at 'Asf'; Outlook Stable;
--$96.6 million class D at 'BBB-sf'; Outlook Stable;
--Interest-only class X-B at 'BBB-sf'; Outlook Stable;
--$30.5 million class E at 'BBsf'; Outlook Stable;
--Interest-only class X-C at 'BBsf'; Outlook Stable;
--$15.3 million class F at 'Bsf'; Outlook Stable;
--Interest-only class X-D at 'Bsf'; Outlook Stable.

*Class A-S, B, and C certificates may be exchanged for a related amount of class EC certificates, and class EC certificates may be exchanged for class. A-S, B, and C certificates.

Fitch does not rate the $62.7 million class NR certificates or the interest-only class X-E. Fitch does not rate the $12.2 million class UH5, which will only receive distributions from, and will only incur losses with respect to, the non-pooled component of the U-Haul Self-Storage Portfolio mortgage loan. Fitch does not rate the $10.5 million class WYA, which will only receive distributions from, and will only incur losses with respect to, the non-pooled component of the Wyvernwood Apartments mortgage loan. Fitch does not rate the $15 million class RIM, which will only receive distributions from, and will only incur losses with respect to, the non-pooled component of the Residence Inn Midtown East mortgage loan. Such class will share in losses and shortfalls on the related componentized mortgage loan.