DBRS Finalizes Ratings to JPMCC 2012-CIBX Mortgage Trust

DBRS has today assigned final ratings to the following classes of Commercial Mortgage Pass-Through Certificates (the 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-4FL at AAA (sf)
– Class A-4FX 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-4FL, A-4FX, 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. Holders of the Class A-4FL certificates may exchange all or a portion of their certificates for a like principal amount of Class A-4FX certificates having the same pass-through rate as the Class A-4FL/4FX regular interest. DBRS ratings do not address any shortfalls or delays in payment that investors in the Class A-4FL certificates may experience as a result of the conversion of the pass-through rate on Class A-4FL certificates from a floating interest rate to a fixed rate.

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 amount 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 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 compared with 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.

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 (January 2012), which can be found on our website under Methodologies.