DBRS Assigns Provisional Ratings to JPMCC 2012-CIBX

DBRS has today assigned provisional ratings to the following classes of Commercial Mortgage Pass-Through Certificates, Series 2012-CIBX, to be issued by JPMCC 2012-CIBX Mortgage Trust. The trends are Stable.

– Class A-1 at AAA (sf)
– Class A-2 at AAA (sf)
– Class A-3 at AAA (sf)
– Class A-4 at AAA (sf)
– Class A-3FL at AAA (sf)
– Class A-S at AAA (sf)
– Class X-A at AAA (sf)
– Class X-B at AAA (sf)
– Class B at AA (sf)
– Class C at A (sf)
– Class D at BBB (high) (sf)
– Class E at BBB (low) (sf)
– Class F at BB (sf)
– Class G at B (sf)

Classes A-3FL, X-B, D, E, F and G are privately placed, pursuant to Rule 144a.

The Class X-A and Class X-B balances are notional. DBRS ratings on interest-only certificates address the likelihood of receiving interest, based on the notional amount outstanding. DBRS considers the interest-only certificate’s position within the transaction payment waterfall when determining the appropriate rating.

The collateral consists of 49 fixed-rate loans secured by 59 multifamily and commercial properties. The portfolio has a balance of $1,288,103,216. The pool consists of moderate financing, with a DBRS weighted-average term debt service coverage ratio (DSCR) and debt yield of 1.39 times (x) and 9.6%, respectively. Based on the DBRS sample of 24 loans, representing 78.3% of the pool, the loans were, in general, prudently underwritten. The average DBRS NCF variance was -5.0%. The refinance risk of the transaction is considered low, due to a relatively high level of amortization (15.8% of the cut-off balance) by maturity, and a DBRS exit debt yield of 11.6% based on the trust loan balance. The pool is somewhat concentrated by the number of loans, but benefits from concentrations in more in-fill markets. Properties located in urban markets represent 41.4% of the pool, which is considered a relatively high concentration in comparison to recent multi-borrower conduit transactions. The pool also features concentrations of retail and hotel property types, which represent 37.1% and 18.4% of the pool, respectively.

The ratings assigned to the Certificates by DBRS are based exclusively on the credit provided by the transaction structure and underlying trust assets. All classes will be subject to ongoing surveillance, which could result in upgrades or downgrades by DBRS after the date of issuance.

Finalization of ratings is contingent upon receipt of final documents conforming to information already received.

Notes:
All figures are in U.S. dollars unless otherwise noted.

This rating did not include issuer participation and is based solely on publicly available information.

This rating is endorsed by DBRS Ratings Limited for use in the European Union.

The applicable methodology is CMBS Rating Methodology, which can be found on our website under Methodologies.