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TEXT-S&P rates JP Morgan Chase Comm Mortgage 2012-C8
2012年10月18日 / 下午3点50分 / 5 年前

TEXT-S&P rates JP Morgan Chase Comm Mortgage 2012-C8

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.

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