TEXT-Fitch cuts one speculative class of JP Morgan 2002-CIBC5
July 26 - Fitch Ratings has downgraded one class of JP Morgan Chase Commercial Mortgage Securities Corporation's (JPMC) commercial mortgage pass-through certificates, series 2002-CIBC5. A detailed list of rating actions follows at the end of this press release. The downgrade is primarily due to an increase in Fitch expected losses on the real estate owned (REO) asset. Fitch modeled losses of 3.6% of the remaining pool; expected losses of the original pool are at 2.6%, including losses already incurred to date (1.5%). Fitch has identified five loans (11.5%) as Fitch Loans of Concern, including the REO asset (3.7%). Fitch expects class N and the non-rated class NR to be fully depleted and class M to be impacted from losses associated with the REO asset. As of the July 2012 distribution date, the pool's aggregate principal balance has reduced by 69.5% to $306.7 million from $1 billion at issuance. There are 46 loans remaining in the pool, including 16 (41.6%) that have fully defeased. Interest shortfalls totaling $0.6 million are currently affecting classes M through NR The largest contributor to Fitch-modeled losses is a 74,676 square feet (SF) former A&P grocery-anchored retail center located in Woodbridge, NJ. The loan was transferred to special servicing in Oct 2010 due to monetary default. A&P occupied 69.5% of the property and closed in 2010 due to bankruptcy. The loan became REO in Feb. 2012. As of 2Q12, the property is only 24% occupied. The special servicer is working to lease up and sell the property. Fitch expects significant losses upon liquidation of the asset based on recent property valuations obtained by the servicer. Fitch has downgraded the following class as indicated: --$8.8 million class M to 'Csf' from 'CCsf'; RE to 35% from 95%. Fitch has affirmed the following classes as indicated: --$487.2 million class A-2 at 'AAAsf'; Outlook Stable; --$36.4 million class B at 'AAAsf'; Outlook Stable; --$13.8 million class C at 'AAAsf'; Outlook Stable; --$27.6 million class D at 'AAAsf'; Outlook Stable; --$13.8 million class E at 'AAAsf'; Outlook Stable; --$28.9 million class F at 'AA+sf'; Outlook Stable; --$16.3 million class G at 'AA-sf'; Outlook Stable; --$18.8 million class H at 'BBB+sf'; Outlook Stable; --$12.6 million class J at 'BBB-sf'; Outlook Negative; --$5.0 million class K at 'BBsf'; Outlook Negative; --$5.0 million class L at 'Bsf'; Outlook Negative; --$2.5 million class N at 'Csf'; RE0%. Class A1 and the interest only Class X-2 have paid in full. Fitch does not rate the class NR. Fitch has previously withdrawn the rating of the interest-only class X-1.
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