Fitch to Rate JPMCC Mortgage Securities Trust 2014-FBLU; Presale Issued

Fitch Ratings has issued a presale report on J.P. Morgan Chase Commercial Mortgage Securities Trust 2014-FBLU.

Fitch expects to rate the transaction and assign Rating Outlooks as follows:

--$205,000,000 class A 'AAAsf'; Outlook Stable;

--$340,000,000* class X-CP 'A-sf'; Outlook Stable;

--$340,000,000* class X-EXT 'A-sf'; Outlook Stable;

--$77,000,000 class B, 'AA-sf'; Outlook Stable;

--$58,000,000 class C 'A-sf'; Outlook Stable;

--$76,000,000 class D 'BBB-sf'; Outlook Stable;

--$119,000,000 class E 'NR'.

* Interest-only classes X-CP X-EXT are equal to the notional balance of classes A, B and C.

The expected ratings are based on information provided by the issuer as of Jan. 3, 2014.

The certificates represent the beneficial ownership in the trust, the primary asset of which is one loan having an aggregate principal balance of approximately $535 million as of the cutoff date and secured by the Fontainebleau Miami Beach, a 1,594 room luxury resort hotel located along the beach in Miami, FL. The loan was originated by JP Morgan Chase Bank, National Association.

KEY RATING DRIVERS

Single-Asset Concentration: The transaction is secured by a single hotel property and therefore more susceptible to single event risk related to the market. Hotel performance is considered to be more volatile due to their operating nature.

Moderate Trust Leverage: Fitch Ratings' stressed DSCR and LTV for the trust component of the debt are 1.30x and 81.0%, respectively.

Asset Quality and Market Positioning: The Fontainebleau Resort is a class A luxury resort located in Miami Beach, FL with an irreplaceable location directly along the Atlantic Ocean and first-class amenities including over 200,000 sf of meeting and event space, a 40,000-sf spa, 12 swimming pools and multiple dining and entertainment options. The property consistently ranks among the top conference hotels in the region and is a dominant property in its primary competitive set.

Upward Trending Performance: Revenue per available room (RevPAR) as of the trailing twelve months (TTM) ended November 2013 reflected an increase of 9.0% over year-end (YE) 2012 and a 16.2% increase over YE 2011.

Volatility of Food and Beverage Revenue: Approximately 45.5% of revenue at the property is derived from food and beverage (F&B) revenue, which is considered more volatile than room revenue. Although the overall level of F&B is high, it is spread among multiple venues and sources such as restaurants, banquet functions and lounges. The property's signature restaurants and LIV nightclub serve as draws for non-hotel guests as well.

RATING SENSITIVITIES

Fitch found that the pool could withstand a 84.0% decline in value and an approximately 73.1% decrease in the most recent actual cash flow prior to experiencing $1 of loss to the 'AAAsf' rated class.

Fitch evaluated the sensitivity of the ratings for class A and a 30.0% decline in Fitch NCF would result in a one category downgrade, while a 51.0% decline would result in a downgrade to below investment grade. The Rating Sensitivity section in the presale report includes a detailed explanation of additional stresses and sensitivities.

Key Rating Drivers and Rating Sensitivities are further described in the accompanying presale report. The presale report is available to all investors on Fitch's web site 'www.fitchratings.com'.

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

Applicable Criteria and Related Research:

--'Criteria for Analyzing Large Loans in U.S. Commercial Mortgage Transactions' (September 2013);

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

--'U.S. Commercial Mortgage Servicer Rating Criteria' (February 2011);

--'Counterparty Criteria for Structured Finance Transactions and Covered Bonds' (May 2013) .

Applicable Criteria and Related Research: J.P. Morgan Chase Commercial Mortgage Securities Trust 2014-FBLU (US CMBS)

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=729118

Criteria for Analyzing Large Loans in U.S. Commercial Mortgage Transactions

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=718468

Global Structured Finance Rating Criteria

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

U.S. Commercial Mortgage Servicer Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=584005

Counterparty Criteria for Structured Finance Transactions - Effective 12 March 2012 to 20 May 2012

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=667929

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=813993

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

Fitch Ratings
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Lauren Cerda
Senior Director
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Fitch Ratings, Inc.
70 West Madison Street
Chicago, IL 60602
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Brook Sutherland
Director
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Eric Rothfeld
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