DBRS Confirms All Classes of J.P. Morgan Chase Commercial Mortgage Securities Trust Series 2014-C25

DBRS Limited (DBRS) confirmed the ratings on the following classes of Commercial Mortgage Pass-Through Certificates, Series 2014-C25 issued by J.P. Morgan Chase Commercial Mortgage Securities Trust, Series 2014-C25:

-- Class A-1 at AAA (sf)
-- Class A-2 at AAA (sf)
-- Class A-3 at AAA (sf)
-- Class A-4A1 at AAA (sf)
-- Class A-4A2 at AAA (sf)
-- Class A-5 at AAA (sf)
-- Class A-S at AAA (sf)
-- Class A-SB at AAA (sf)
-- Class X-A at AAA (sf)
-- Class X-B at AAA (sf)
-- Class B at AA (high) (sf)
-- Class X-C at AA (low) (sf)
-- Class C at A (high) (sf)
-- Class EC at A (high) (sf)
-- Class X-D at BBB (sf)
-- Class D at BBB (low) (sf)
-- Class X-E at BB (high) (sf)
-- Class E at BB (sf)
-- Class X-F at BB (low) (sf)
-- Class F at B (high) (sf)

All trends are Stable.

The rating confirmations reflect the overall stable performance of the transaction, which has remained generally in line with DBRS’s expectations since issuance. The collateral consists of 65 fixed-rate loans secured by 157 properties, and as of the October 2017 remittance, there has been a collateral reduction of 1.9% as a result of scheduled loan amortization. Loans representing 97.4% of the current pool balance are reporting YE2016 figures with a weighted-average (WA) debt service coverage ratio (DSCR) and a WA debt yield of 1.77 times (x) and 10.0%, respectively. The WA DBRS Term DSCR and WA DBRS Debt Yield for the pool at issuance were 1.62x and 9.0%, respectively. The largest 15 loans in the pool collectively represent 58.7% of the transaction balance, and those loans showed a WA net cash flow growth of 4.8% over the DBRS issuance figures at YE2016 with a WADSCR and in-place debt yield of 1.84x and 9.5%, respectively.

As of the October 2017 remittance, one loan, representing 2.6% of the current pool balance, was fully defeased. There is one loan in special servicing and five loans on the servicer’s watchlist, which represents 0.4% and 3.7% of the current pool balance, respectively; however, the two largest watchlisted loans are flagged for outstanding deferred maintenance while the remaining watchlisted loans are being monitored for either cash flow declines or tenant rollover risk.

Classes X-A, X-B, X-C, X-D, X-E and X-F are interest-only (IO) certificates that reference a single rated tranche or multiple rated tranches. The IO rating mirrors the lowest-rated reference tranche adjusted upward by one notch if senior in the waterfall.

All ratings will be subject to ongoing surveillance, which could result in ratings being upgraded, downgraded, placed under review, confirmed or discontinued by DBRS.

DBRS has provided updated loan-level commentary and analysis for larger and/or pivotal watchlisted loans and specially serviced loans in the transaction, as well as the Top 15 loans, in the DBRS Viewpoint platform. Registration is free. To view these and future loan-level updates provided as part of DBRS’s ongoing surveillance for this transaction, please register or log into DBRS Viewpoint at viewpoint.dbrs.com.

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

The related regulatory disclosures pursuant to the National Instrument 25-101 Designated Rating Organizations are hereby incorporated by reference and can be found by clicking on the link to the right under Related Research or by contacting us at info@dbrs.com.

The principal methodology is CMBS North American Surveillance, which can be found on dbrs.com under Methodologies. For a list of the Structured Finance related methodologies that may be used during the rating process, please see the DBRS Global Structured Finance Related Methodologies document on www.dbrs.com. Please note that not every related methodology listed under a principal Structured Finance asset class methodology may be used to rate or monitor an individual structured finance or debt obligation.

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

The rated entity or its related entities did participate initially, in the rating process. DBRS had access to the accounts and other relevant internal documents of the rated entity or its related entities.

For more information on this credit or on this industry, visit www.dbrs.com or contact us at info@dbrs.com