DBRS Confirms All Classes of J.P. Morgan Chase Commercial Mortgage Securities Trust 2012-C8

DBRS has today confirmed all classes of J.P. Morgan Chase Commercial Mortgage Securities Trust 2012-C8 as follows:

-- Classes A-1, A-2, A-3, A-S, A-SB, X-A and X-B at AAA (sf)
-- Class B at AA (sf)
-- Classes C and EC 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)

The trends on all classes are Stable.

The pool consists of 43 loans, secured by 84 multifamily and commercial properties, with a weighted-average debt service coverage ratio (DSCR) and weighted-average debt yield of 1.60 times (x) and 10.1%, respectively. The transaction has experienced 0.9% of collateral reduction since issuance as a result of amortization. The pool benefits from a relatively low-leverage financing, and a healthy amortization schedule. Nine loans in the pool amortize on schedules of 25 years or less, and the pool is scheduled to amortize 14.8% by maturity.

The pool is concentrated by property type, with 26.4% of the pool secured by retail properties. The largest loan in the pool, Battlefield Mall (Prospectus ID#1, 11.1% of the current pool balance), is also the largest retail property in the pool. Five loans representing over 20% of the pool, including Battlefield Mall, are located in tertiary markets. Battlefield Mall is considered a strong regional mall and benefits from superior sponsorship by the owner/operator, Simon Property Group, Inc. Other retail loans were modeled with a penalty for below-average cash flow stability for reasons including rural or tertiary locations, single-tenant occupancy and location in a weak market.

DBRS continues to monitor this transaction in its Monthly CMBS Surveillance Report, with additional information on the DBRS viewpoint for this transaction, including details on the remaining loans in the pool. The August 2013 Monthly Surveillance Report for this transaction will be published shortly. If you are interested in receiving this report, contact us at info@dbrs.com.

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

The applicable methodologies are CMBS Rating Methodology (January 2012) and CMBS North American Surveillance Methodology (November 2012), which can be found on our website under Methodologies.

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