Fitch Ratings has placed five classes of J.P. Morgan Chase Commercial Mortgage Securities Corp., series 2006-CIBC17, commercial mortgage pass-through certificates on Rating Watch Negative.
Classes A-M through D have been placed on Rating Watch Negative based on an increase in Fitch's preliminary estimate of expected losses for the 20 specially serviced loans, three of which are within the top 15 loans in the pool. The largest contributor to expected losses is the Bank of America Plaza loan. The loan is secured by a 1.25 million square foot (sf) office property located in downtown Atlanta, GA.
Fitch expects to resolve the Rating Watch status within the next several months following a complete review of the transaction including updated performance data for performing loans. Following its review, the classes placed on Rating Watch Negative may be downgraded several categories.
Fitch has placed the following classes on Rating Watch Negative:
--$253.7 million class A-M 'AAAsf';
--$202.9 million class A-J 'BBsf';
--$44.4 million class B 'Bsf';
--$19 million class C 'B-sf';
--$34.9 million class D 'B-sf'.
Additional information on Fitch's criteria is available in the Dec. 21, 2011 report, 'Surveillance Methodology for U.S. Fixed-Rate CMBS Transactions', which is available at 'www.fitchratings.com' under the following headers:
Structured Finance >> CMBS >> Criteria Reports
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:
--'Surveillance Methodology for U.S. Fixed-Rate CMBS Transactions' Dec. 21, 2011.
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