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Rating Action:

Moody's Upgrades Three and Downgrades One Class of JPMC 2004-C1

17 May 2018

Approximately $8.5 Million of Structured Securities Affected

New York, May 17, 2018 -- Moody's Investors Service, ("Moody's") has upgraded the ratings on three classes and downgraded the rating on one class in J.P. Morgan Chase Commercial Mortgage Securities Corp. 2004-C1, Commercial Pass-Through Certificates, Series 2004-C1 as follows:

Cl. M, Upgraded to Aaa (sf); previously on Oct 19, 2017 Upgraded to A2 (sf)

Cl. N, Upgraded to Aa1 (sf); previously on Oct 19, 2017 Upgraded to Ba2 (sf)

Cl. P, Upgraded to B3 (sf); previously on Oct 19, 2017 Upgraded to Ca (sf)

Cl. X-1, Downgraded to C (sf); previously on Oct 19, 2017 Upgraded to Ca (sf)

RATINGS RATIONALE

The ratings on the three P&I Classes were upgraded due to an increase in credit support resulting from loan paydowns, amortization and an increase in defeasance. The deal has paid down 48.2% since Moody's last review and defeasance now represents 72.0% of the pool, compared to 41.5% at Moody's last review. Classes M and N are now fully covered by defeasance. The rating of Cl. N was upgraded due to the class being fully covered by defeasance, however, the class had experienced previous interest shortfalls for approximately 27 months between 2011 and 2016.

The rating on the IO Class, Cl. X-1, was downgraded due to the decline in the credit quality of its reference classes resulting from principal paydowns of higher quality reference classes.

Moody's does not anticipate losses from the remaining collateral in the current environment. However, over the remaining life of the transaction, losses may emerge from macro stresses to the environment and changes in collateral performance. Our ratings reflect the potential for future losses under varying levels of stress. Moody's base expected loss plus realized losses is now 1.5% of the original pooled balance, the same as at the last review. Moody's provides a current list of base expected losses for conduit and fusion CMBS transactions on moodys.com at http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF215255.

FACTORS THAT WOULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS:

The performance expectations for a given variable indicate Moody's forward-looking view of the likely range of performance over the medium term. Performance that falls outside the given range can indicate that the collateral's credit quality is stronger or weaker than Moody's had previously expected.

Factors that could lead to an upgrade of the ratings include a significant amount of loan paydowns or amortization, an increase in the pool's share of defeasance or an improvement in pool performance.

Factors that could lead to a downgrade of the ratings include a decline in the performance of the pool, loan concentration, an increase in realized and expected losses from specially serviced and troubled loans or interest shortfalls.

METHODOLOGY UNDERLYING THE RATING ACTION

The principal methodology used in rating J.P. Morgan Chase Commercial Mortgage Securities Corp. 2004-C1, Cl. M, Cl. N and Cl. P was "Moody's Approach to Rating Large Loan and Single Asset/Single Borrower CMBS" published in July 2017. The methodologies used in rating J.P. Morgan Chase Commercial Mortgage Securities Corp. 2004-C1, Cl. X-1 were "Moody's Approach to Rating Large Loan and Single Asset/Single Borrower CMBS" published in July 2017 and "Moody's Approach to Rating Structured Finance Interest-Only (IO) Securities" published in June 2017. Please see the Rating Methodologies page on www.moodys.com for a copy of these methodologies.

DEAL PERFORMANCE

As of the May 15, 2018 distribution date, the transaction's aggregate pooled certificate balance has decreased by 99.2% to $8.5 million from $1.04 billion at securitization. The certificates are collateralized by ten mortgage loans ranging in size from less than 1% to 15.5% of the pool. Seven loans, constituting 72.0% of the pool, have defeased and are secured by US government securities.

Eight loans have been liquidated from the pool, resulting in an aggregate realized loss of $15.4 million (for an average loss severity of 42%). There are no loans that are currently in special servicing.

The three non-defeased loans represent 28.0% of the pool balance and are all fully amortizing over their loan terms. The largest non-defeased loan is the Eureka Office Loan ($1.3 million -- 15.5% of the pool), which is secured by a 35,000 square foot (SF) office property located in Eureka, California. The property was 100% leased as of December 2017 and occupancy remains unchanged since 2014. The loan has paid down over 56% since securitization and has a scheduled maturity date in December 2023. The loan is on the master servicer's watchlist due to the largest tenant, representing approximately 73% of the net rentable area, having a lease expiration date in September 2018. Due to the tenant concentration, Moody's valuation reflects a lit/dark analysis. Moody's LTV and stressed DSCR are 59.3% and 1.73X, respectively.

The second largest non-defeased loan is the Bay Park Shopping Center Loan ($873,366 -- 10.2% of the pool), which is secured by a 22,000 SF Walmart and Sam's Club shadow anchored retail property located in La Marque, Texas approximately 38 miles southeast of Houston. The property was 90.7% leased as of December 2017 to various local tenants. The loan has paid down 69% since securitization and has a scheduled maturity date in November 2021. Moody's LTV and stressed DSCR are 31.3% and 3.46X, respectively.

The third largest non-defeased loan is the Pointe South Shopping Center Loan ($191,442 -- 2.2% of the pool), which is by a 54,000 SF Food Lion anchored retail property located in Randleman, North Carolina approximately 6 miles north of Asheboro. The property was 95% leased as of March 2017. The loan has paid down 93% since securitization and has a scheduled maturity date in November 2019. Moody's LTV and stressed DSCR are 5.8% and greater than 4.00X, respectively.

REGULATORY DISCLOSURES

For further specification of Moody's key rating assumptions and sensitivity analysis, see the sections Methodology Assumptions and Sensitivity to Assumptions of the disclosure form.

The analysis includes an assessment of collateral characteristics and performance to determine the expected collateral loss or a range of expected collateral losses or cash flows to the rated instruments. As a second step, Moody's estimates expected collateral losses or cash flows using a quantitative tool that takes into account credit enhancement, loss allocation and other structural features, to derive the expected loss for each rated instrument.

Moody's did not use any stress scenario simulations in its analysis.

For ratings issued on a program, series or category/class of debt, this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the credit rating action on the support provider and in relation to each particular credit rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this credit rating action, and whose ratings may change as a result of this credit rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.

Tulay Sangiray
Analyst
Structured Finance Group
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653

Matthew Halpern
Vice President - Senior Analyst
Structured Finance Group
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653

Releasing Office:
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653

No Related Data.
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