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Fitch Upgrades 1 Class of COMM 2001-J1.

NEW YORK -- Fitch Ratings upgrades the following class of COMM Mortgage Trust 2001-J1 commercial mortgage pass-through certificates, as indicated:

--$13.6 million class G to 'AAAsf/LS3' from 'AA+sf/LS3'; Outlook Stable.

In addition, Fitch affirms and revises Outlooks on the following classes as indicated:

--$5.6 million class E at 'AAAsf/LS3'; Outlook Stable;

--$23.3 million class F at 'AAAsf/LS3'; Outlook Stable;

--$13.6 million class H at 'A+sf/LS3'; Outlook to Stable from Negative.

The $11.7 million class J remains at 'Csf/RR2'.

Classes A-1, A-1F, A-2, A-2F, B, C, D, P and M have paid in full. The interest only classes X-GB, X-USB and X-GT have paid in full. Fitch withdraws the rating on the remaining interest-only class X. (For additional information on the withdrawal of the rating on this class, see 'Fitch Revises Practice for Rating IO & Pre-Payment Related Structured Finance Securities', dated June 23, 2010.)

There is one loan remaining in the pool, Boise Towne Square. The loan is collateralized by a 597,338 square feet (sf) of a 1.17 million sf regional mall in Boise, ID. Anchor tenants include JCPenney, Sears, Dillards, and Macy's, of which only Macy's is collateral for the loan. The mall's sponsor is General Growth Properties, Inc. (GGP). The reported property occupancy was 93.5% as of December 2010 with a servicer-reported debt service coverage ratio (DSCR) of 2.28 times (x). The loan transferred to special servicing when GGP filed for bankruptcy in 2009 and the loan's maturity has been extended until August 2014.

Fitch stressed the cash flow of the loan by applying a 5% reduction to 2010 net cash flow, and applying a stressed cap rate to determine value.

Additional information on Fitch's criteria is available in the Sept. 27, 2010 report, 'Criteria for Analyzing Large Loans in U.S. Commercial Mortgage Transactions', which is available at 'www.fitchratings.com' under the following headers:

Structured Finance then CMBS then Criteria Reports

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

Applicable Criteria and Related Research:

--'Global Structured Finance Rating Criteria' (Aug. 13, 2010);

--'Criteria for Analyzing Large Loans in U.S. Commercial Mortgage Transactions' (Sept. 27, 2010).

Applicable Criteria and Related Research:

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=547326

Criteria for Analyzing Large Loans in U.S. Commercial Mortgage Transactions

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=560805

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.
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Comment:Fitch Upgrades 1 Class of COMM 2001-J1.
Publication:Business Wire
Geographic Code:1U2NY
Date:Jun 8, 2011
Words:610
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