OVERVIEW -- J.P. Morgan Chase Commercial Mortgage Securities Trust 2012-C8's issuance is a CMBS securitization backed by 43 commercial mortgage loans with an aggregate principal balance of $1.14 billion, secured by the fee interest in 78 properties, the fee/leasehold in five properties, and the leasehold interest in one property. -- We assigned our ratings to the class A-1, A-2, A-3, A-SB, X-A, A-S, B, C, EC, D, E, F, and G notes. -- The ratings reflect our view of the transaction's credit support, underlying collateral, trustee-provided liquidity, and the relative diversity of the collateral pool, among other factors. NEW YORK (Standard & Poor's) Oct. 18, 2012--Standard & Poor's Ratings Services today assigned its ratings to J.P. Morgan Chase Commercial Mortgage Securities Trust 2012-C8's $1.14 billion commercial mortgage pass-through certificates series 2012-C8 (see list). The note issuance is a commercial mortgage-backed securities transaction backed by 43 commercial mortgage loans with an aggregate principal balance of $1.14 billion, secured by the fee interest in 78 properties, the fee/leasehold in five properties, and the leasehold interest in one property. The ratings reflect our view of the credit support provided by the transaction structure, our view of the economics of the underlying collateral, the trustee-provided liquidity, the relative diversity of the collateral pool, and our overall qualitative assessment of the transaction. Standard & Poor's determined that the collateral pool has, on a weighted average basis, a debt service coverage of 1.56x, and beginning and ending loan-to-value ratios of 82.4% and 70.0%, respectively, based on Standard & Poor's values. STANDARD & POOR'S 17G-7 DISCLOSURE REPORT SEC Rule 17g-7 requires an NRSRO, for any report accompanying a credit rating relating to an asset-backed security as defined in the Rule, to include a description of the representations, warranties and enforcement mechanisms available to investors and a description of how they differ from the representations, warranties and enforcement mechanisms in issuances of similar securities. The Standard & Poor's 17g-7 Disclosure Report included in this credit rating report is available at "RELATED CRITERIA AND RESEARCH Related Criteria -- Application Of CMBS Global Property Evaluation Methodology in U.S. And Canadian Transactions, Sept. 5, 2012 -- CMBS Global Property Evaluation Methodology, Sept. 5, 2012 -- Rating Methodology And Assumptions For U.S. And Canadian CMBS, Sept. 5, 2012 -- U.S. And Canadian CMBS Diversity Adjustment Factor Matrices, Sept. 5, 2012 -- Criteria Methodology Applied To Fees, Expenses, And Indemnifications, July 12, 2012 -- Methodology And Assumptions: Assigning Ratings To Bonds In The U.S. Based On Escrowed Collateral, May 31, 2012 -- Counterparty Risk Framework Methodology And Assumptions, May 31, 2012 -- U.S. Government Support In Structured Finance And Public Finance Ratings, Sept. 19, 2011 -- Principles Of Credit Ratings, Feb. 16, 2011 -- Global Methodology For Rating Interest-Only Securities, April 15, 2010 -- Understanding Standard & Poor's Rating Definitions, June 3, 2009 -- U.S. CMBS Legal And Structured Finance Criteria: Pool Transactions, May 1, 2003 -- U.S. CMBS Legal And Structured Finance Criteria: Property-Specific And Large Loan Transactions, May 1, 2003 -- U.S. CMBS Legal And Structured Finance Criteria: Appendix I: Insurance Criteria For U.S. CMBS Transactions, May 1, 2003 Related Research -- Presale: J.P. Morgan Chase Commercial Mortgage Securities Trust 2012-C8, Sept. 21, 2012 -- Global Structured Finance Scenario And Sensitivity Analysis: The Effects Of The Top Five Macroeconomic Factors, Nov. 4, 2011 RATINGS ASSIGNED J.P. Morgan Chase Commercial Mortgage Securities Trust 2012-C8 Class Rating Amount A-1 AAA (sf) 76,634,000 A-2 AAA (sf) 189,227,000 A-3 AAA (sf) 426,122,000 A-SB AAA (sf) 103,623,000 X-A(i) AAA (sf) 897,898,000 X-B NR 238,681,989 A-S AAA (sf) 102,292,000 B AA (sf) 56,829,000 C A (sf) 44,043,000 EC(ii) A (sf) 203,164,000 D BBB+ (sf) 35,518,000 E BBB- (sf) 32,676,000 F BB (sf) 15,628,000 G BB- (sf) 17,049,000 NR NR 36,938,989 (i)Notional balance. (ii)Exchangeable certificates with notional balance linked to the sum of the class A-S, B, and C certificates. NR--Not rated.