OREANDA-NEWS.  Fitch Ratings has affirmed 19 classes of J.P. Morgan Chase Commercial Mortgage Securities Trust (JPMBB) commercial mortgage pass-through certificates series 2014-C25. A detailed list of rating actions follows at the end of this press release.

KEY RATING DRIVERS

The affirmations of JPMBB 2014-C25 are based on the stable performance of the underlying collateral since issuance. As of the October 2015 distribution date, the pool's aggregate principal balance has been reduced by 0.33% to $1.190 billion from $1.194 billion at issuance. The pool has experienced no realized losses to date, and there are no interest shortfalls currently affecting the pool. There are currently no delinquent or specially serviced loans; and no loans are defeased.

Fitch has designated one loan (1.72% of the pool) as a Fitch Loan of Concern (FLOC) due to rollover concerns and tenant vacancies. The subject loan, which is currently on the servicers watch list, is secured by a 90,267 square foot (sf) office building located in Austin, TX. Based on the June 2015 rent roll, occupancy reported at 100%; however, leases for approximately 49% of the net rentable area (NRA) are scheduled to expire in 2015 (39.5% NRA) and 2016 (9.3% NRA). Based on leasing updates from the servicer, the borrower is in process of extending existing leases and finalizing new leases with prospective tenants. Two tenants (21.7% NRA) have already vacated or intend to vacate at the end of their lease terms, and one tenant (currently 10% NRA) is expected to extend its lease and move into a larger recently vacated suite (14% NRA). The (YTD) June 2015 net operating income (NOI) debt service coverage ratio (DSCR) reported at 2.28x. The loan has remained current since issuance.

The largest loan in the pool (9.22%) is secured by City Place, an 880,476 sf class-A office campus located in Creve Coeur, MO. The collateral is approximately 18 miles west of downtown St. Louis and consists of five office buildings, a mixed use office and retail building, and three multilevel parking decks. On-site amenities include a fitness center, a full-service corporate cafeteria, a 150-seat auditorium, a 50-seat training facility, and several conference rooms. The property is 86.5% occupied per the July 2015 rent roll. The top three tenants include Arch Coal (9.2% NRA; lease expires June 2025), Lockton Companies (5.8% NRA; lease expires May 2020), and Daugherty Systems (4.6% NRA; lease expires April 2018). The YTD June 2015 NOI DSCR reported at 1.95x. The loan sponsor is a joint venture between Northstar REIT and REDICO.

The second largest loan in the pool (7.03%) is secured by BankNote Building, a 388,442 sf office building located in the South Bronx neighbourhood of New York, NY. Occupancy has remained flat since issuance, reporting at 90% per the March 2015 rent roll. The property's largest tenant is the NYC Department of Citywide Administrative Services Human Resources Administration (NYC DCAS HRA; 52.3% NRA) whose lease expires in August 2034. The YTD March 2015 NOI DSCR reported at 1.28x. The loan sponsor is a joint venture between Madison Marquette and Parella Weinberg Partners.

RATING SENSITIVITIES

The Rating Outlooks remain Stable for all classes due to stable performance of the pool since issuance. Fitch does not foresee positive or negative ratings migration until a material economic or asset level event changes the transaction's portfolio-level metrics.

Additional information on rating sensitivity is available in the report ' JPMBB Commercial Mortgage Securities Trust 2014-C25 (US CMBS)' (Oct. 28, 2014), available at www.fitchratings.com.

DUE DILIGENCE USAGE

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

Fitch has affirmed the following ratings:
--$34.1 million class A-1 at 'AAAsf'; Outlook Stable;
--$109.5 million class A-2 at 'AAAsf'; Outlook Stable;
--$14.4 million class A-3 at 'AAAsf'; Outlook Stable;
--$190 million class A-4A1 at 'AAAsf'; Outlook Stable;
--$85 million class A-4A2 at 'AAAsf'; Outlook Stable;
--$307.9 million class A-5 at 'AAAsf'; Outlook Stable;
--$84.2 million a class A-SB at 'AAAsf'; Outlook Stable;
--$90.3 million class A-S at 'AAAsf'; Outlook Stable;
--$51.8 million a class B at 'AA-sf'; Outlook Stable;
--$42.9 million a class C at 'A-sf'; Outlook Stable;
--$185 million a class EC at 'A-sf'; Outlook Stable;
--$78.5 million class D at 'BBB-sf'; Outlook Stable;
--$28.1 million class E at 'BB-sf'; Outlook Stable;
--$11.8 million class F at 'B-sf'; Outlook Stable;
--$915.4 million * class X-A at 'AAAsf'; Outlook Stable;
--$51.8 million * class X-B 'AA-sf'; Outlook Stable;
--$78.5 million * class X-D at 'BBB-sf'; Outlook Stable;
--$28.1 million class X-E at 'BB-sf'; Outlook Stable;
--$11.8 million class X-F at 'B-sf'; Outlook Stable.

* Notional amount and interest-only.
a Class A-S, B, and C certificates may be exchanged for class EC certificates, and class EC certificates may be exchanged for up to the full certificate principal amount of the class A-S, B and C certificates.

The rating on the interest only class X-C was previously withdrawn. Fitch does not rate the $51.8 million interest only class X-NR, or the $51.8 class NR. Fitch also does not rate the $10 million rake class BNB, which will only receive distributions from, and will only incur losses with respect to, the non-pooled component of the BankNote Building mortgage loan.