Fitch Affirms 3 Classes of JPMC 1998-C6

Fitch Ratings has affirmed three classes of JP Morgan Commercial Mortgage Finance Corp. (JPM) commercial mortgage pass-through certificates series 1998-C6. A detailed list of rating actions follows at the end of this press release.

KEY RATING DRIVERS

The affirmations reflect the sufficient credit enhancement on the remaining classes from amortization as well as the pending resolution of the one specially serviced asset. The performance on the six non-specially serviced loans has been stable since Fitch's last rating action. Expected losses on the original pool balance total 4.1%, including $17.5 million (2.2% of the original pool balance) in realized losses to date. Fitch has designated two loans (71.5%) as Fitch Loans of Concern, which includes one specially serviced asset (70.4%).

As of the March 2014 distribution date, the pool's aggregate principal balance has been reduced by 96.1% to $31.1 million from $796.4 million at issuance. No loans are defeased. Interest shortfalls are currently affecting classes G through H.

The specially serviced asset, The Court at Deptford (70.4% of the pool), is a 361,000 square foot retail center in Deptford, NJ. The property has experienced cash flow issues from occupancy declines. The property was previously anchored by a Sam's Club (33% of the property's net rentable area (NRA)), Sports Authority (11% NRA) and Circuit City (9% NRA); all three vacated at or prior to the individual lease expirations between 2008 and 2010. Occupancy as of January 2014 was reported at 35%, unchanged from March 2012, with the three anchor spaces still vacant.

The loan transferred to special servicing in February 2009 for imminent default. A receiver was appointed in April 2010 and the asset has been real estate owned (REO) since May 2012. The asset is under contract with closing scheduled to occur in May 2014. The projected sales proceeds should result in better recoveries than previously expected.

RATING SENSITIVITY

Rating Outlook on class F is revised to Stable from Negative due to sufficient credit enhancement and continued paydown. Further upgrades are not projected due to the concentration of the remaining pool and losses affecting the subordinate classes.

Fitch affirms the following class and revises Rating Outlook as indicated:

--$8.9 million class F at 'BBB-sf', Outlook to Stable from Negative.

Fitch affirms the following class but revises REs as indicated:

--$19.9 million class G at 'Csf', RE 40%.

Fitch affirms the following class as indicated:

--$2.4 million class H at 'Dsf', RE 0%.

The class A1, A2, A3, B, C, D and E certificates have paid in full. Fitch does not rate the class NR certificates. Fitch previously withdrew the rating on the interest-only class X certificates.

Additional information on Fitch's criteria for analyzing U.S. CMBS transactions is available in the Dec. 11, 2013 report, 'U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria', which is available at 'www.fitchratings.com' under the following headers:

Structured Finance >> CMBS >> Criteria Reports

Additional information is available at 'www.fitchratings.com'.

Applicable Criteria and Related Research:

--'Global Structured Finance Rating Criteria' (May 24, 2013);

--'U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria' (Dec. 11, 2013).

Applicable Criteria and Related Research:

U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=724961

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=708661

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=827687

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE '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. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.