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Fitch Affirms J.P. Morgan 2004-CIBC9
NEW YORK-(Business Wire)-May 6, 2008 - Fitch Ratings affirms J.P. Morgan's commercial mortgage pass-through certificates, series 2004-CIBC9, as follows:
—$24 million class A-1 at 'AAA';
—$146 million class A-2 at 'AAA';
—$103.7 million class A-3 at 'AAA';
—$466.3 million class A-4 at 'AAA';
—$161.1 million class A-1A at 'AAA';
—Interest-only class X at 'AAA';
—$27.5 million class B at 'AA';
—$13.8 million class C at 'AA-';
—$20.7 million class D at 'A';
—$11 million class E at 'A-';
—$15.2 million class F at 'BBB+';
—$9.6 million class G at 'BBB';
—$17.9 million class H at 'BBB-';
—$2.8 million class J at 'BB+';
—$4.1 million class K at 'BB';
—$5.5 million class L at 'BB-';
—$5.5 million class M at 'B+';
—$2.8 million class N at 'B';
—$2.8 million class P at 'B-'.
Fitch does not rate the $13.8 million class NR.
The affirmations reflect stable pool performance and limited paydown (4.4%) since issuance. As of the April 2008 distribution date, the pool's aggregate principal balance is $1.05 billion compared to $1.10 billion at issuance. Loans with full or partial interest-only periods comprise approximately 32.6% of the transaction.
Currently, there are two loans in special servicing (4.8%), one of which (0.5%) is expected to incur losses. The loan is secured by three industrial properties in Portage, MI and is 90+ days delinquent. The loan transferred to special servicing in April 2006 due to delinquency. Fitch-projected losses on the specially serviced loan are expected to be absorbed by the nonrated class NR. The second loan being specially serviced (4.3%) is secured by a retail mall located in Sacramento, CA. The loan transferred in March of 2008 and the special servicer is in the process of gathering more details on the loan. At this time, the loan remains current. Fitch will closely monitor the progression of this loan as more details regarding its resolution become available.
Fitch reviewed the shadow ratings of both the Centro Retail Portfolio II (13.5%) and Grace Building (11.0%). Both loans maintain investment-grade shadow ratings.
The Centro Retail Portfolio is secured by seven, cross-collateralized anchored retail properties in northern and southern California. Performance for the portfolio has improved slightly from issuance and occupancy remains strong at 99% as of year-end (YE) 2007.
The Grace Building is secured by a 1,518,210 square foot office building located in New York, NY. Only the A-1 note is included in the trust; the pari-passu A-2 and A-3 notes and a subordinate B-note are held outside the trust. The interest-only period of the loan has expired and the borrower is now making principal and interest payments. Servicer provided occupancy as of YE 2007 is 97.2%.
Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site.
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