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Rating Action:

Moody's affirms twelve classes of JPMBB 2014-C24

30 Sep 2020

Approximately $899.3 million of structured securities affected

New York, September 30, 2020 -- Moody's Investors Service, ("Moody's") has affirmed the ratings on twelve classes in JPMBB Commercial Mortgage Securities Trust 2014-C24.

Cl. A-2, Affirmed Aaa (sf); previously on Nov 25, 2019 Affirmed Aaa (sf)

Cl. A-3, Affirmed Aaa (sf); previously on Nov 25, 2019 Affirmed Aaa (sf)

Cl. A-4A1, Affirmed Aaa (sf); previously on Nov 25, 2019 Affirmed Aaa (sf)

Cl. A-4A2, Affirmed Aaa (sf); previously on Nov 25, 2019 Affirmed Aaa (sf)

Cl. A-5, Affirmed Aaa (sf); previously on Nov 25, 2019 Affirmed Aaa (sf)

Cl. A-SB, Affirmed Aaa (sf); previously on Nov 25, 2019 Affirmed Aaa (sf)

Cl. A-S, Affirmed Aa1 (sf); previously on Nov 25, 2019 Affirmed Aa1 (sf)

Cl. B, Affirmed Aa3 (sf); previously on Nov 25, 2019 Affirmed Aa3 (sf)

Cl. C, Affirmed A3 (sf); previously on Nov 25, 2019 Affirmed A3 (sf)

Cl. EC**, Affirmed A1 (sf); previously on Nov 25, 2019 Affirmed A1 (sf)

Cl. X-A*, Affirmed Aa1 (sf); previously on Nov 25, 2019 Affirmed Aa1 (sf)

Cl. X-B-1*, Affirmed Aa3 (sf); previously on Nov 25, 2019 Affirmed Aa3 (sf)

* Reflects interest-only classes

** Reflects exchangeable classes

RATINGS RATIONALE

The ratings on nine P&I classes were affirmed because the transaction's key metrics, including Moody's loan-to-value (LTV) ratio, Moody's stressed debt service coverage ratio (DSCR) and the transaction's Herfindahl Index (Herf), are within acceptable ranges.

The ratings on two IO classes were affirmed based on the credit quality of their referenced classes.

The rating on the exchangeable class was affirmed due to the credit quality of the referenced exchangeable classes.

The coronavirus outbreak, the government measures put in place to contain it, and the weak global economic outlook continue to disrupt economies and credit markets across sectors and regions. Our analysis has considered the effect on the performance of commercial real estate from the current weak US economic activity and a gradual recovery for the coming months. Although an economic recovery is underway, it is tenuous and its continuation will be closely tied to containment of the virus. As a result, the degree of uncertainty around our forecasts is unusually high. Stress on commercial real estate properties will be most directly stemming from declines in hotel occupancies (particularly related to conference or other group attendance) and declines in foot traffic and sales for non-essential items at retail properties. We regard the coronavirus outbreak as a social risk under our ESG framework, given the substantial implications for public health and safety.

Moody's rating action reflects a base expected loss of 8.4% of the current pooled balance, compared to 4.8% at Moody's last review. Moody's base expected loss plus realized losses is now 7.2% of the original pooled balance, compared to 4.1% 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 methodologies used in rating all classes except exchangeable classes and interest-only classes were "Approach to Rating US and Canadian Conduit/Fusion CMBS" published in September 2020 and available at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBS_1244778 and "Moody's Approach to Rating Large Loan and Single Asset/Single Borrower CMBS" published in September 2020 and available at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBS_1190579. The principal methodology used in rating exchangeable classes was "Moody's Approach to Rating Repackaged Securities" published in June 2020 and available at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBS_1230078. The methodologies used in rating interest-only classes were "Approach to Rating US and Canadian Conduit/Fusion CMBS" published in September 2020 and available at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBS_1244778, "Moody's Approach to Rating Large Loan and Single Asset/Single Borrower CMBS" published in September 2020 and available at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBS_1190579, and "Moody's Approach to Rating Structured Finance Interest-Only (IO) Securities" published in February 2019 and available at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBS_1111179. Please see the list of ratings at the top of this announcement to identify which classes are interest-only (indicated by the *) and exchangeable classes (indicated by the **). Alternatively, please see the Rating Methodologies page on www.moodys.com for a copy of these methodologies.

DEAL PERFORMANCE

As of the September 17, 2020 distribution date, the transaction's aggregate pooled certificate balance has decreased by 15% to $1.08 billion from $1.27 billion at securitization. The certificates are collateralized by 44 mortgage loans ranging in size from less than 1% to 10.6% of the pool, with the top ten loans constituting 68.4% of the pooled loan balance. Six loans, constituting 5.0% of the pool, have defeased and are secured by US government securities.

Moody's uses a variation of Herf to measure the diversity of loan sizes, where a higher number represents greater diversity. Loan concentration has an important bearing on potential rating volatility, including the risk of multiple notch downgrades under adverse circumstances. The credit neutral Herf score is 40. The pool has a Herf of 16, the same as at the Moody's last review.

As of the September 17, 2020 remittance report, loans representing 79.1% were current or within their grace period on their debt service payments, 0.3% were between 30 -- 59 days delinquent, 11.3% were 60 -- 89 days delinquent and 9.4% were greater than 90 days delinquent or REO.

Nine loans, constituting 23.2% of the pool, are on the master servicer's watchlist. The watchlist includes loans that meet certain portfolio review guidelines established as part of the CRE Finance Council (CREFC) monthly reporting package. As part of Moody's ongoing monitoring of a transaction, the agency reviews the watchlist to assess which loans have material issues that could affect performance.

No loans have been liquidated from the pool since securitization. Four loans, constituting 20.6% of the pool, are currently in special servicing. Three of the specially serviced loans, representing 14.3% of the pool, have transferred to special servicing since May 2020.

The largest loan in special servicing is the 635 Madison Avenue Loan ($88.7 million -- 8.2% of the pool), which is secured by a leasehold interest in a 19 story Class A office building with ground floor retail located at the northeast corner of 59th Street and Madison Avenue in the Plaza District of Midtown Manhattan. The office portion encompasses approximately 156,000 square foot (SF) (88.1% of NRA) of the building with the remainder of the property comprised of retail space on mezzanine level and ground floor levels. The retail portion of the property represented approximately 41% of the base rental revenue in 2019 and the two largest retail tenants are Suit Supply (lease expiration in 2030) and Baccarat (lease expiration in May 2023). The loan transferred to special serving in August 2020 in relation to the coronavirus outbreak and is last paid through its June 2020 payment date. Through year-end 2019 the property performance had been declining over the last two years primarily due to higher operating expenses. Furthermore, as of March 2020 the property's occupancy was 78%, compared to 84% as of December 2019 and 94% at securitization. The special servicer is currently evaluating resolution options.

The second largest loan in special servicing is the North Riverside Park Mall Loan ($67.9 million -- 6.3% of the pool), which is secured by a 429,038 million SF portion of a 1,070,233 SF regional mall located in North Riverside, Illinois, approximately nine miles southwest of the Chicago CBD. The loan was transferred to the special servicer in August 2019 due to imminent maturity default and the borrower was unable to payoff the loan at its October 2019 maturity date. At securitization, the non-collateral anchors included JC Penney (266,275 SF), Sears (199,544 SF) and Carson Pirie Scott (180,588 SF). However, Carson Pirie Scott closed its location last year and Sears also closed in September 2020. The property is currently anchored by JC Penney and a Round1 (located in the lower portion of the former Sear's space). As of July 2019, the collateral occupancy was 89% and the inline space (<10,000 SF) was 87% leased. The loan has passed its maturity date, however, the borrower continued to make debt service payments through the August 2020 remittance date. The property's November 2019 appraisal value was significantly lower in November 2019 as compared to securitization and the master servicer has recognized an appraisal reduction of $22.4 million. The special servicer is currently dual tracking modification discussions with foreclosure proceedings.

The third largest loan in special servicing is the Hilton Houston Post Oak Loan ($33.3 million -- 3.1% of the pool), which represents a pari passu portion of a $76.2 million mortgage loan. The loan is secured by 448 key full-service hotel located in Houston, Texas, near the Houston Galleria shopping area. The loan was transferred to special servicing in May 2020 as a result of performnace issues in connection with the coronavirus outbreak. While property performance has been stable since 2016, the property performance has declined significant from securitization levels. The 2019 NOI DSCR was 1.39X, however, it was 34% below the full year 2015 NOI primarily due to lower revenue per available room (RevPAR). The loan is last paid through the April 2020 payment date and the special servicer is currently pursuing with foreclosure.

The remaining specially serviced loan is secured by two retail properties in Troy, Michigan (3.0% of the pool). As of the September remittance date, the loan was last paid through June 2020, however, the servicer has recently approved a loan modification. Property performance had been stable through year-end 2019 and due to the performing nature this loan was included in the conduit statistics below.

Moody's has also assumed a high default probability for one poorly performing loan secured by a retail center in Fort Wayne, IN, representing 1.5% of the pool. The property had suffered from low DSCR in 2019 due to a decline in occupancy. Moody's has estimated an aggregate loss of $55 million (27% expected loss on average) from the troubled loan and specially serviced loans.

Moody's received full year 2019 operating results for 98% of the pool and partial year 2020 operating results for 69% of the pool. Moody's weighted average conduit LTV is 112%, compared to 109% at Moody's last review. Moody's conduit component excludes loans with structured credit assessments, defeased and CTL loans, and troubled loans and the largest three specially serviced loans. Moody's net cash flow (NCF) reflects a weighted average haircut of 16% to the most recently available net operating income (NOI). Moody's value reflects a weighted average capitalization rate of 9.5%.

Moody's actual and stressed conduit DSCRs are 1.71X and 0.96X, respectively, compared to 1.69X and 0.96X at the last review. Moody's actual DSCR is based on Moody's NCF and the loan's actual debt service. Moody's stressed DSCR is based on Moody's NCF and a 9.25% stress rate the agency applied to the loan balance.

The top three conduit loans represent 29.9% of the pool balance. The largest loan is the Grapevine Mills Loan ($115.0 million -- 10.6% of the pool), which is secured by a 1.34 million SF component of a 1.63 million SF super-regional mall located in Grapevine, Texas. The loan represents a pari passu portion of a $268 million mortgage loan. The property is located approximately 10 miles north of Dallas/Fort Worth International Airport and contains a mix of outlets, traditional retailers and entertainment related venues. The largest tenants include Fieldhouse USA, Burlington Coat Factory, and Round 1 Bowling. The property also includes a 30-screen AMC Theatres. As of March 2020, the property was 94% leased, the same as in December 2019 and compared to 85% at securitization. For the year ending December 2018, in-line sales per square foot for comparable stores less than 10,000 SF were $411 per SF, compared to $407 per SF for the prior year. Property performance has continued to improve since securitization due to higher rental revenues. The loan is interest only for the entire 10-year term Moody's LTV and stressed DSCR are 73% and 1.38X, respectively, compared to 71% and 1.38X at the last review.

The second largest loan is the Mall of Victor Valley Loan ($115.0 million -- 10.6% of the pool), which is secured by a 477,000 SF component of a 575,000 SF enclosed regional mall located in Victorville, California. The property was built in 1986 and is located approximately 20 miles north of San Bernardino and 50 miles northeast of downtown Los Angeles. The current anchors are Macy's (non-collateral), J.C. Penney, 16-screen Cinemark and Dick's Sporting Goods. One prior anchor, a former Sears (16.4% of NRA, 5% of property's base rent) closed its store in February 2020. As of June 2020, the property was 98% leased (however, excluding Sears occupancy would drop to 81%), compared to 98% in June 2019 and 97% at securitization. The 2019 reported NOI DSCR was 2.55X, compared to 2.43X at securitization. The loan is the interest only for the entire 10-year term. Moody's LTV and stressed DSCR are 120% and 0.88X, compared to 107% and 0.96X at the last review.

The third largest loan is the Columbus Square Portfolio Loan ($93.3 million -- 8.6% of the pool), which is secured by five mixed-use buildings containing approximately 500,000 SF located on the Upper West Side neighborhood of New York, NY. The loan represents a pari passu portion of a $388 million mortgage loan. The property contains 31 condominium units at 775, 795, 805, 808 Columbus Avenue and 801 Amsterdam Avenue. The retail component, which contains approximately 276,000 SF is anchored by a Whole Foods, TJ Maxx, HomeGoods and Michael's. As of December 2019, the property was 95% leased, compared to 99% in June 2019 and 96% in December 2017. Furthermore, Target recently signed a lease to occupy 25,000 SF at the 795 Columbus Avenue location for the next 15 years. Property performance has been stable and the NOI has marginally improved since securitization. The loan has amortized 3% after an initial interest only period. Moody's LTV and stressed DSCR are 126% and 0.69X, respectively, compared to 128% and 0.68X at the last review.

REGULATORY DISCLOSURES

For further specification of Moody's key rating assumptions and sensitivity analysis, see the sections Methodology Assumptions and Sensitivity to Assumptions in the disclosure form. Moody's Rating Symbols and Definitions can be found at: https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_79004.

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, category/class of debt or security this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series, category/class of debt, security 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.

The ratings have been disclosed to the rated entity or its designated agent(s) and issued with no amendment resulting from that disclosure.

These ratings are solicited. Please refer to Moody's Policy for Designating and Assigning Unsolicited Credit Ratings available on its website www.moodys.com.

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

Moody's general principles for assessing environmental, social and governance (ESG) risks in our credit analysis can be found at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1133569.

At least one ESG consideration was material to the credit rating action(s) announced and described above.

The Global Scale Credit Rating on this Credit Rating Announcement was issued by one of Moody's affiliates outside the EU and is endorsed by Moody's Deutschland GmbH, An der Welle 5, Frankfurt am Main 60322, Germany, in accordance with Art.4 paragraph 3 of the Regulation (EC) No 1060/2009 on Credit Rating Agencies. Further information on the EU endorsement status and on the Moody's office that issued the credit rating is available on www.moodys.com.

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.

Dariusz Surmacz
Vice President - Senior 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
VP - Senior Credit Officer
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.
© 2021 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

CREDIT RATINGS ISSUED BY MOODY'S CREDIT RATINGS AFFILIATES ARE THEIR CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODY’S (COLLECTIVELY, “PUBLICATIONS”) MAY INCLUDE SUCH CURRENT OPINIONS. MOODY’S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE APPLICABLE MOODY’S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S CREDIT RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS, NON-CREDIT ASSESSMENTS (“ASSESSMENTS”), AND OTHER OPINIONS INCLUDED IN MOODY’S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY’S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY’S ANALYTICS, INC. AND/OR ITS AFFILIATES. MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS, ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES ITS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.

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Moody’s Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody’s Corporation (“MCO”), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody’s Investors Service, Inc. have, prior to assignment of any credit rating, agreed to pay to Moody’s Investors Service, Inc. for credit ratings opinions and services rendered by it fees ranging from $1,000 to approximately $5,000,000. MCO and Moody’s Investors Service also maintain policies and procedures to address the independence of Moody’s Investors Service credit ratings and credit rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold credit ratings from Moody’s Investors Service and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading “Investor Relations — Corporate Governance — Director and Shareholder Affiliation Policy.”

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