Fitch has issued expected ratings ranging from an investment grade AAA to a speculative grade B on 13 classes of JPMorgan Chase Commercial Mortgage Securities Trust 2013-C10 in a presale report.
Two classes in the deal were not rated.
Among key rating drivers, Fitch noted that the loan-to-value ratio under its methodology is 101.8%. This is above the average 97.2% LTV Fitch recorded for 2012 CMBS deals.
“However, the Fitch [debt service coverage ratio] is 1.28x, above the 2012 average of 1.24x for Fitch-rated deals,” according to the ratings agency.
Fitch called the pool “moderately concentrated,” with the 10 largest loans accounting for 53.5% of the transaction, compared to an average 54.2% concentration in 2012. Retail properties represent the largest concentration at 35.2%, followed by
The largest loan in the transaction is secured by The Shops at Riverside, a regional mall in Hackensack, N.J. The largest regional concentration is in the “Mideast” part of the United States (31.8%), followed by the Great Lakes (21.2%) and the Southeast (19.9%).
