Rating Action: Moody’s upgrades one and affirms two classes of JPMCC 2004-CIBC10Global Credit Research – 11 Feb 2021Approximately $21.3 million of structured securities affectedNew York, February 11, 2021 — Moody’s Investors Service, (“Moody’s”) has upgraded the rating on one class and affirmed the ratings on two classes in J.P. Morgan Chase Commercial Mortgage Securities Corp., Commercial Pass-Through Certificates, Series 2004-CIBC10 as follows:Cl. E, Upgraded to Aa2 (sf); previously on Dec 14, 2020 Upgraded to Ba1 (sf)Cl. F, Affirmed Ca (sf); previously on Dec 14, 2020 Affirmed Ca (sf)Cl. X-1*, Affirmed C (sf); previously on Dec 14, 2020 Affirmed C (sf)* Reflects interest-only classesRATINGS RATIONALEThe rating on Cl. E was upgraded due to the increased share of defeased loans in the pool. Cl. E is now fully covered by defeasance, however, the class was previously impacted by interest shortfalls for over three years between June 2013 through August 2016. The deal has paid down 3.5% since Moody’s last review and just under 99% since securitization. The largest remaining loan, representing 27% of the pool, recently defeased in January 2021.The rating on Cl. F was affirmed due to the anticipated plus cumulative realized losses. Cl. F has already experienced a 36% loss from previously liquidated loans.The rating on the IO class, Cl. X-1, was affirmed based on the credit quality of the referenced 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 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 7.7% of the original pooled balance, the same as 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 RATINGSThe 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, an increase in realized and expected losses from specially serviced and troubled loans or interest shortfalls.METHODOLOGY UNDERLYING THE RATING ACTIONThe principal methodology used in rating all classes except interest-only classes was “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 methodologies used in rating interest-only classes were “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 *). Alternatively, please see the Rating Methodologies page on www.moodys.com for a copy of these methodologies.DEAL PERFORMANCEAs of the January 12, 2021 distribution date, the transaction’s aggregate certificate balance has decreased by 3.5% to $21.3 million from $22.1 million at last review. The certificates are collateralized by 10 mortgage loans. Four loans, constituting 41.6% of the pool, have defeased and are secured by US government securities. The largest remaining loan, representing 27% of the pool, recently defeased in January 2021.All of the remaining loans are fully amortizing over their loan term and as of the January 2021 remittance report, all loans were current on their debt service payments. Thirty-three loans have been liquidated from the pool, resulting in an aggregate realized loss of $150.3 million (for an average loss severity of 42%).Moody’s received full year 2019 and partial year 2020 operating results for 100% of the pool (excluding specially serviced and defeased loans). Moody’s weighted average conduit LTV is 28.0%. Moody’s conduit component excludes loans with structured credit assessments, defeased and CTL loans, and specially serviced and troubled loans. Moody’s net cash flow (NCF) reflects a weighted average haircut of 24.8% to the most recently available net operating income (NOI). Moody’s value reflects a weighted average capitalization rate of 9.2%.Moody’s actual and stressed conduit DSCRs are 1.09X and 3.61X, respectively, compared to 1.15X and 3.60X 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 non-defeased loans represent 48.5% of the pool balance. The largest loan is the Foss Manufacturing loan ($5.2 million — 24.2% of the pool), which is secured by three buildings (industrial, mixed use, and office) that total 528,000 SF. The properties are located in Hampton, New Hampshire. As of January 2021, the properties were fully leased to Foss Performance Materials, which has a lease expiration in August 2035. The loan is fully amortizing, has amortized 69.4% since securitization and matures in July 2024. Due to the single tenancy, Moody’s analysis incorporated a lit/dark analysis. Moody’s LTV and stressed DSCR are 27% and 3.67X, respectively.The second largest loan is the Southern View Apartments loan ($3.4 million — 16.1% of the pool), which is secured by a 26 building, 300-unit garden style apartment complex located in Fayetteville, AR. As of the June 2020 Rent Roll, the complex was nearly fully leased. The loan is fully amortizing, has amortized 69.0% since securitization and matures in October 2024. Moody’s LTV and stressed DSCR are 26% and 3.72X, respectively.The third largest loan is the Dick’s Sporting Goods- Greenwood loan ($1.7 million — 8.1% of the pool), which is secured by a single tenant retail property located in Greenwood, Indiana. The asset functions as a shadow anchor building within the Greenwood Park Mall. The property is 100% leased to Dick’s Sporting Goods with a lease expiration date in March 2024. The loan is fully amortizing, has amortized 65.3% since securitization and matures in October 2024. Moody’s LTV and stressed DSCR are 26% and greater than 4.00X, respectively.REGULATORY DISCLOSURESFor 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_1243406.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.The Global Scale Credit Rating on this Credit Rating Announcement was issued by one of Moody’s affiliates outside the UK and is endorsed by Moody’s Investors Service Limited, One Canada Square, Canary Wharf, London E14 5FA under the law applicable to credit rating agencies in the UK. Further information on the UK 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. Ashton Khan Associate Lead Analyst Structured Finance Group Moody’s Investors Service, Inc. 250 Greenwich Street New York, NY 10007 U.S.A. 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