Fitch Ratings has upgraded two classes of J.P. Morgan Chase Commercial Mortgage Securities Corp.'s (JPMC) commercial mortgage pass-through certificates series 2001-C1. A detailed list of rating actions follows at the end of this press release.

KEY RATING DRIVERS

The upgrades reflect high defeasance concentration in the pool coupled with lower expected losses due to the change in pool composition. This change is largely the result of the disposal of a large specially serviced asset with better-than-expected recoveries. There are five loans remaining in the pool, two of which are defeased (87.4%).

As of the January 2016 distribution date, the pool's aggregate principal balance has been reduced by 98.5% to $15.1 million from $1.07 billion at issuance. The pool has experienced $46 million (4.3% of the original pool balance) in realized losses to date. Interest shortfalls are currently affecting classes J through NR.

Since last review, Quail Hollow at the Lakes Apartment (formerly 37.9% of the pool), has liquidated. The asset was previously in special servicing and was eventually foreclosed upon in July 2015 after the loan's initial monetary default in June 2010. Despite the sponsor's multiple attempts to forestall the process, the property was eventually sold and the proceeds paid in full. As a result, the pool reflects improved credit characteristics.

The largest driver of potential losses is the Chapel Ridge Apartments (11.9%). Refinance challenges at maturity in October 2016 could result in loss to the trust. However, the loan is currently performing and reflects a YE 2014 debt service coverage ratio (DSCR) of 1.27x, down slightly from 1.34x at YE 2013. Occupancy at the property was reported at 91.7% as of YE 2014, with no occupancy number reported as of YE 2013.

RATING SENSITIVITIES

The Rating Outlook on class H is expected to remain Stable given defeasance covering the entirety of the class. Class J may be subject to downgrade if losses are realized from a material negative credit event related to the largest non-defeased loan in the pool, Chapel Ridge Apartments.

DUE DILIGENCE USAGE

No third-party due diligence was provided or reviewed in relation to this rating action.

Fitch upgrades the following classes and revises the RE as indicated:

--$5.7 million class H to 'AAAsf' from 'BBBsf'; Outlook Stable;

--$9 million class J to 'CCCsf' from 'Csf', RE 100%.

Fitch affirms the following classes:

--$333,431 class K at 'Dsf'; RE 0%;

--$0 class L at 'Dsf'; RE 0%;

--$0 class M at 'Dsf'; RE 0%;

--$0 class N at 'Dsf'; RE 0%.

The balances on classes L, M and N have been reduced to zero due to realized losses. The class A-1, A-2, A-3, B, C, D, E, F, G, NC-1, NC-2 and X-2 certificates have paid in full. Fitch does not rate the class NR certificates. Fitch previously withdrew the rating on the interest-only class X-1 certificates.

Additional information is available at 'www.fitchratings.com

Applicable Criteria

Global Structured Finance Rating Criteria (pub. 06 Jul 2015)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=867952

U.S. and Canadian Fixed-Rate Multiborrower CMBS Surveillance and U.S. Re-REMIC Criteria (pub. 13 Nov 2015)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=873395

Additional Disclosures

Dodd-Frank Rating Information Disclosure Form

https://www.fitchratings.com/creditdesk/press_releases/content/ridf_frame.cfm?pr_id=998664

Solicitation Status

https://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=998664

Endorsement Policy

https://www.fitchratings.com/jsp/creditdesk/PolicyRegulation.faces?context=2&detail=31

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