Ratings On Four Classes From JPMorgan Chase Commercial Mortgage Securities Series 2006-FL1 Lowered Feb 13

  • ID: 2405694
  • February 2013
  • Standard & Poors
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OVERVIEW We lowered our ratings on four classes from JPMorgan Chase Commercial Mortgage Securities Corp.'s Series 2006-FL1, a U.S. CMBS transaction, and removed them from CreditWatch with negative implications. In addition, we withdrew our 'AAA (sf)' rating on the Class X-2 interest-only certificates from the same transaction based on our IO criteria. The collateral remaining in this transaction consists of a floating-rate loan with the special servicer. The lowered ratings reflect our analysis of the transaction, which included our revaluation of the remaining loan, the transaction structure, liquidity available to the trust, and losses that we anticipate will occur upon the eventual resolution of the specially serviced loan. We also considered our expectation, based on our discussions with the special...

Companies mentioned in this report are:
- JPMorgan Chase Commercial Mortgage Securities Corp.

Action: Downgraded

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.

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- JPMorgan Chase Commercial Mortgage Securities Corp.

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