Fitch Affirms J.P. Morgan Chase 2011-C3 Commercial Mortgage Pass-Through Certificates

Fitch Ratings has affirmed 13 classes of J.P. Morgan Chase Commercial Mortgage Securities Corp. 2011-C3 commercial mortgage pass-through certificates. A detailed list of rating actions follows at the end of this release.

Fitch's affirmations are based on the stable performance of the underlying collateral pool. Fitch modeled losses of less than 1% of the current pool. The pool has experienced no realized losses to date. Fitch has not designated any loans as Fitch Loans of Concern, and no loans are in special servicing.

As of the February 2012 distribution date, the pool's aggregate principal balance has been paid down by 0.7% to $1.48 billion from $1.49 billion at issuance. No loans have defeased since issuance.

Fitch affirms the following classes as indicated:

--$70.5 million class A-1 at 'AAAsf'; Outlook Stable;

--$318.7 million class A-2 at 'AAAsf'; Outlook Stable;

--$253.6 million class A-3 at 'AAAsf'; Outlook Stable;

--$100 million class A-3FL at 'AAAsf'; Outlook Stable;

--$485.4 million class A-4 at 'AAAsf'; Outlook Stable;

--Interest only class X-A at 'AAAsf'; Outlook Stable;

--$41.1 million class B at 'AAsf'; Outlook Stable;

--$52.3 million class C at 'Asf'; Outlook Stable;

--$35.5 million class D at 'BBB+sf'; Outlook Stable;

--$41.1 million class E at 'BBB-sf'; Outlook Stable;

--$9.3 million class G at 'BBsf'; Outlook Stable;

--$16.8 million class H at 'Bsf'; Outlook Stable;

--$3.7 million class J at 'B-sf'; Outlook Stable.

Fitch does not rate the class F, NR and interest-only class X-B certificates.

Additional information on Fitch's criteria for analyzing U.S. CMBS transactions 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 then CMBS then 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:

--'Global Structured Finance Rating Criteria' (Aug. 4, 2011);

--'Surveillance Methodology for U.S. Fixed-Rate CMBS Transactions' (Dec. 21, 2011

Applicable Criteria and Related Research:

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=646569

Surveillance Methodology for U.S. Fixed-Rate CMBS Transactions

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=662869

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Fitch Ratings
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