Fitch to Rate JPMCC 2013-C10 Commercial Mortgage Pass-Through Certificates; Presale Issued

NEW YORK--()--Fitch Ratings has issued a presale report on the JPMCC 2013-C10 commercial mortgage pass-through certificates.

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

--$63,440,000 class A-1 'AAAsf'; Outlook Stable;

--$87,164,000 class A-2 'AAAsf'; Outlook Stable;

--$22,445,000 class A-3 'AAAsf'; Outlook Stable;

--$185,000,000 class A-4 'AAAsf'; Outlook Stable;

--$430,080,000 class A-5 'AAAsf'; Outlook Stable;

--$106,694,000 class A-SB 'AAAsf'; Outlook Stable;

--$107,059,000 class A-S 'AAAsf'; Outlook Stable;

--$1,001,882,000b class X-A 'AAAsf'; Outlook Stable;

--$84,689,000 class B 'AA-sf'; Outlook Stable;

--$55,926,000 class C 'A-sf'; Outlook Stable;

--$47,937,000 class D 'BBB-sf'; Outlook Stable;

--$30,360,000a class E 'BBsf'; Outlook Stable;

--$12,783,000a class F 'Bsf'; Outlook Stable.

a Privately placed pursuant to Rule 144A.

b Notional amount and interest-only.

The expected ratings are based on information provided by the issuer as of Feb. 20, 2013. Fitch does not expect to rate the $44,741,391 non-rated class or the $276,436,391 class X-B.

The certificates represent the beneficial ownership in the trust, primary assets of which are 50 loans secured by 101 commercial properties having an aggregate principal balance of approximately $1.138 billion as of the cutoff date. The loans were contributed to the trust by JPMorgan Chase Bank, National Association, CIBC Inc. and Redwood Commercial Mortgage Corporation.

Fitch reviewed a comprehensive sample of the transaction's collateral, including site inspections on 78.9% of the properties by balance, cash flow analysis of 78.7%, and asset summary reviews on 78.7% of the pool.

The transaction has a Fitch stressed debt service coverage ratio (DSCR) of 1.28x, a Fitch stressed loan-to-value (LTV) of 101.8%, and a Fitch debt yield of 8.7%. Fitch's aggregate net cash flow represents a variance of 8.18% to issuer cash flows.

The Master Servicer and Special Servicer will be Midland Loan Services, Inc. and CWCapital Asset Management LLC, rated 'CMS1' and 'CSS1-', respectively, by Fitch.

The presale report is available at 'www.fitchratings.com'.

Additional information is available at 'www.fitchratings.com'. The ratings above were solicited by, or on behalf of, the issuer, and therefore, Fitch has been compensated for the provision of the ratings.

Applicable Criteria and Related Research:

--Criteria for Analyzing Multiborrower U.S. Commercial Mortgage Transactions (August 2012)

--Global Structured Finance Rating Criteria (June 2012)

--Criteria for Special-Purpose Vehicles in Structured Finance Transactions (May 2012)

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

--U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria (December 2012)

--Counterparty Criteria for Structured Finance Transactions (May 2012)

Applicable Criteria and Related Research: JPMCC 2013-C10 (US CMBS)

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=701836

Criteria for Analyzing Multiborrower U.S. Commercial Mortgage Transactions

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=685995

Counterparty Criteria for Structured Finance Transactions

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=678938

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

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=696969

U.S. Commercial Mortgage Servicer Rating Criteria

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

Criteria for Special-Purpose Vehicles in Structured Finance Transactions

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=680591

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=679923

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Contacts

Fitch Ratings
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Tara Sweeney
Senior Director
+1-212-908-0347
Fitch Ratings, Inc.
One State Street Plaza
New York, NY 10004
or
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Eric Rothfeld
Managing Director
+1-212-908-0761
or
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