Fitch Affirms JP Morgan Commercial Mortgage Finance Corp. 1997-C5; Assigns ...
NEW YORK, May 14, 2010 (BUSINESS WIRE) -- Fitch Ratings affirms, assigns Loss Severity (LS) ratings and Outlooks to J.P. Morgan Commercial Mortgage Finance Corp.'s mortgage pass-through certificates, series 1997-C5, as follows:
--Interest-only class X at 'AAA'; Outlook Stable.
--$51.7 million class F at 'A-/LS2'; Outlook Stable.
Fitch does not rate the following classes:
--$2.5 million class E;
--$36.1 million class G;
--$363 thousand class H.
In addition, classes A-1, A-2, A-3, B, C and D have paid in full.
The affirmations are warranted by the limited pay down since the last Fitch review. As of the April 2010 distribution date, the pool's aggregate certificate balance has been reduced 91% to $90.7 million from $1.03 billion at issuance. Twenty-nine loans remain in the pool.
Currently there are 12 Fitch loans of concern (17%) due to declining occupancy and/or debt service coverage ratios (DSCRs) less than 1.0 times (x). As of the April 2010 distribution date, there is one loan (1%) in special servicing. The Days Inn hotel is located in Orangeburg, SC and was transferred into special servicing in July 2009 due to imminent default. Occupancy and DSCR on the property is down owing to competition from other hotels in the market. The borrower has been approved for a forbearance plan expiring in June 2010.
