TEXT-Fitch aAffirms JPMCC 2011-PLSD

Thu Dec 6, 2012 1:17pm EST

Dec 6 - Fitch Ratings has affirmed J.P. Morgan Chase Commercial Mortgage
Securities Trust 2011-PLSD as follows:

--$21.2 class A-1 at 'AAAsf'; Outlook Stable;
--$242.9000 class A-2 at 'AAAsf'; Outlook Stable;
--IO class X-A at 'AAAsf'; Outlook Stable;
--IO class X-B at 'BBBsf'; Outlook Stable;
--$33.2 class B at 'AAsf'; Outlook Stable;
--$35.5 class C at 'Asf'; Outlook Stable;
--$37.6 class D at 'BBBsf'; Outlook Stable.

The affirmations and Stable Rating Outlooks are the result of stable collateral
performance since issuance. At issuance the property was 91.6% leased and 90%
occupied. Per the third quarter 2012 rent roll, the property was 96.7% leased
and 91% occupied.

The certificates are collateralized by a five-year fixed rate (5.658%) loan that
is amortizing on a 30-year schedule. The current balance of the loan is $370.5
million, reduced from $374.6 million at issuance. The loan matures in November
2016. In addition, there is a $150 million mezz debt held outside the trust.

The loan is secured by 1.94 million square feet (SF) of the 2.26 million SF
Palisades Center, a super-regional mall located in West Nyack, NY. The anchors
Macy's and Lord & Taylor own their own spaces. The in-line tenancy consists of
over 200 diverse mix of retailers and entertainment tenants and the collateral
is anchored by JC Penney, Burlington Coat Factory, Dick's Sporting Goods, BJ'
Wholesale Club, Target, and Home Depot. As of year-end 2011, sales for in-line
tenants at the property remain strong at $537 per square foot (PSF)sf, compared
to $529/PSF at issuance.

The property faces minimal near term lease rollover risk. Upcoming lease
expirations are scheduled as follows:

--2012: 0.1% (lease under negotiation for expansion)
--2013: 1.1%
--2014: 0.3%
--2015: 4.4%
--2016: 5.3%

As part of its review, Fitch analyzed the performance of the loan and its
underlying collateral. Fitch modeled cash flow based on YE2011 OSAR and
normalized 2012 rent roll. Credits were given to the executed leases that are
not occupied. This is consistent with Fitch's underwriting approach at issuance
as all free rent/abatements, and leasing costs had been reserved for up-front.
At issuance, the loan had a Free Rent Reserve account with a total balance of
$10.1 million. Currently, the account has a remaining balance of $1.07 million
and is expected to be depleted by the end of 2012.

The Fitch stressed debt service coverage ratio (DSCR) increased to 1.48x from
1.40x at issuance (based on trailing 12 month Sept. 30, 2011). The Fitch
stressed loan-to-value ratio is 59.7% compared to 63.3% at issuance.

Additional information on Fitch's criteria for analyzing U.S. Large Loan CMBS
transactions is available at 'www.fitchratings.com' under the following headers:

Structured Finance >> CMBS >> Criteria Reports

Additional information is available at 'www.fitchratings.com'. The ratings above
were solicited by, or on behalf of, the issuer, and therefore, Fitch has been
compensated for the provision of the ratings.

Applicable Criteria and Related Research:
--'Global Structured Finance Rating Criteria' (June 6, 2012);
--'Criteria for Analyzing Large Loans in U.S. Commercial Mortgage Transactions
(Sept. 21, 2012).

Applicable Criteria and Related Research:
Global Structured Finance Rating Criteria
Criteria for Analyzing Large Loans in U.S. Commercial Mortgage Transactions
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