Fitch Affirms J.P. Morgan Chase Commercial Mortgage Securities Corp., Ser 2001-CIBC1

Fitch Ratings has affirmed six classes of J.P. Morgan Chase Commercial Mortgage Securities Corp. series 2001-CIBC1 commercial mortgage pass-through certificates. A detailed listing of rating actions follows at the end of this release.

KEY RATING DRIVERS

Fitch modeled losses of 16.0% of the remaining pool; expected losses on the original pool balance total 6.2%, including $58.3 million (5.8% of the original pool balance) in realized losses to date. Fitch has designated four loans (46.2%) as Fitch Loans of Concern, which includes one specially serviced asset (10.4%).

As of the December 2013 distribution date, the pool's aggregate principal balance has been reduced by 97.2% to $28.9 million from $1 billion at issuance. Nine of the original 165 loans remain. Six loans (85.1%) have anticipated repayment dates, with final maturity dates ranging from 2026 through 2030. Three loans (14.9%) have maturity dates between 2015 and 2020. One loan (1.6%) is currently defeased. Interest shortfalls are currently affecting classes H through NR.

The largest contributor to Fitch's modeled losses is a 45,000 square foot (sf) retail property (10.4%) located in Akron, OH. The property was previously 100% occupied by Dicks Sporting Goods which vacated the property upon their lease expiration in November 2013. The property remains completely vacant.

RATING SENSITIVITIES

The rating on the class G notes may be subject to further downgrades as losses are realized.

Fitch has affirmed the following classes as indicated:

--$24.7 million class G notes at 'CCCsf'; RE 90%;

--$2.6 million class H notes at 'Dsf'; RE 0%;

--$0 class J notes at 'Dsf'; RE 0%;

--$0 class K notes at 'Dsf'; RE 0%;

--$0 class L notes at 'Dsf'; RE 0%;

--$0 class M notes at 'Dsf'; RE 0%.

The class A-1, A-2, A-3, B, C, D, E, F, and X2 notes have paid in full. Fitch previously withdrew the rating on the interest-only class X1 certificates.

Additional information is available at 'www.fitchratings.com'.

Applicable Criteria and Related Research:

--'Global Structured Finance Rating Criteria' (May 24, 2013);

--'U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria' (Dec. 11, 2013).

Applicable Criteria and Related Research:

U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=724961

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=708661

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=814139

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Fitch Ratings
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Matthew McGowan
Analyst
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Britt Johnson
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