TEXT-S&P; raises 3 JPMorgan Comm Mortgage 2010-CNTR ratings

OVERVIEW
     -- We raised our ratings on classes C, D, and X-B certificates from 
JPMorgan Chase Commercial Mortgage Securities Trust 2010-CNTR, a U.S. CMBS 
transaction, and removed the ratings on classes C and D from CreditWatch with 
positive implications, where we placed them on Sept 5, 2012. 
     -- Concurrently, we affirmed four other ratings from the same 
transaction, including class B, which we removed from CreditWatch with 
positive implications.
     -- The collateral in this standalone transaction consists of one 
fixed-rate amortizing mortgage loan. 
     -- The rating actions follow our analysis of the transaction using our 
recently updated criteria for rating U.S. and Canadian CMBS transactions and 
reflect our analysis of the transaction, which included our revaluation of the 
collateral.
 
NEW YORK (Standard & Poor's) Sept. 24, 2012--Standard & Poor's Ratings 
Services today raised its ratings on the class C, D, and X-B commercial 
mortgage pass-through certificates from JPMorgan Chase Commercial Mortgage 
Securities Trust 2010-CNTR, a U.S. commercial mortgage-backed securities 
(CMBS) transaction and removed the ratings on classes C and D from CreditWatch 
with positive implications where we placed them on Sept. 5, 2012. 
Concurrently, we affirmed our ratings on four other classes from the same 
transaction, including class B, which we removed from CreditWatch with 
positive implications (see list).

The affirmed ratings on the principal and interest certificates reflect 
subordination and liquidity support levels that are consistent with the 
outstanding ratings. We affirmed our 'AAA (sf)' rating on the class X-A 
interest-only (IO) certificates and raised our rating to 'A+ (sf)' on the 
class X-B interest-only (IO) certificates based on our current criteria.

The rating actions follow our analysis of the transaction, using our recently 
updated criteria for rating U.S. and Canadian CMBS transactions, which was the 
primary driver of the rating actions. The analysis of standalone transactions 
is predominantly a recovery-based approach that assumes a loan default. 
Reflecting this approach, our property level analysis included a revaluation 
of the 72 retail-property portfolio securing the mortgage loan in the trust. 
Based on our analysis, we derived our sustainable net cash flow, which was 
then divided by a weighted average capitalization rate of 7.47% to determine 
our expected-case value. This yielded a loan-to-value ratio of 68.6%. 

Our analysis also considered potential environmental issues. At issuance, the 
environmental consultant conducted phase I environmental reviews for all 
properties and identified 46 properties (67.7% of the pool) with potential 
environmental issues relating to dry cleaning operations, soil and ground 
water contamination, underground storage tanks, and other conditions. The 
estimated remediation costs for all properties covered under the insurance 
policy is $45.6 million. To further assess the actual environmental conditions 
at the properties and to estimate a more likely cost to remediate, the 
engineer recommended phase II reviews. However, in lieu of phase II reviews, 
the borrower obtained environmental insurance with a policy that has an 
aggregate limit of $25.0 million. Standard & Poor's was not provided updated 
information, and in its analysis adjusted our valuation for the insurance 
shortfall. 

The portfolio exhibits both property and geographic diversity. The portfolio 
generates cash flow from 72 retail properties that are located in 20 states. 
Standard & Poor's accounted for this diversity by making a positive adjustment 
to the derived credit enhancement levels.

We based our analysis, in part, on a review of the borrower's consolidated 
operating statements for the trailing-12 months ended March 31, 2012, the 
year-ended Dec. 31, 2011, and May and June 2012, rent rolls. The master 
servicer, KeyBank Real Estate Capital (KeyBank), reported an in-trust debt 
service coverage (DSC) and occupancy of 1.95x and 91.0%, respectively, for the 
year-ended Dec. 31, 2011.

As of the Sept. 7, 2012, trustee remittance report, the mortgage loan has a 
trust and whole-loan balance of $474.3 million. The mortgage loan amortizes on 
a 30-year schedule and pays interest based on 6.268% per year. The mortgage 
loan matures on Aug. 1, 2020. 

The borrower will pay costs, fees, and expenses of the servicer, special 
servicer, trustee, operating advisor, or the trust under the trust and 
servicing agreement. 

STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

SEC Rule 17g-7 requires an NRSRO, for any report accompanying a credit rating 
relating to an asset-backed security as defined in the Rule, to include a 
description of the representations, warranties and enforcement mechanisms 
available to investors and a description of how they differ from the 
representations, warranties and enforcement mechanisms in issuances of similar 
securities. The Rule applies to in-scope securities initially rated (including 
preliminary ratings) on or after Sept. 26, 2011.

If applicable, the Standard & Poor's 17g-7 Disclosure Reports included in this 
credit rating report are available at 
 
 
RELATED CRITERIA AND RESEARCH
 
     -- Rating Methodology And Assumptions For U.S. And Canadian CMBS, Sept. 
5, 2012
     -- CMBS Global Property Evaluation Methodology, Sept. 5, 2012
     -- The Application Of Standard & Poor's Revised U.S. And Canadian CMBS 
Criteria For The Sept. 5, 2012, CreditWatch Actions, published September 5, 
2012.
     -- Application Of CMBS Global Property Evaluation Methodology In U.S. And 
Canadian Transactions, Sept. 5, 2012
     -- U.S. And Canadian CMBS Ratings Affected By The Sept. 5, 2012, 
CreditWatch Actions, Sept. 5, 2012
     -- Global Structured Finance Scenario And Sensitivity Analysis: The 
Effects Of The Top Five Macroeconomic Factors, Nov. 4, 2011 
     -- U.S. CMBS Legal And Structured Finance Criteria: Property-Specific And 
Large Loan Transactions, May 1, 2003
 
 
RATINGS RAISED

JPMorgan Chase Commercial Mortgage Securities Trust 2010-CNTR 
Commercial mortgage pass-through certificates
                  Rating
Class        To            From
C            A+ (sf)      A (sf)/Watch Pos
D            BBB (sf)     BBB- (sf)/Watch Pos 
X-B          A+ (sf)      A (sf)

RATING AFFIRMED AND REMOVED FROM CREDITWATCH POSITIVE

JPMorgan Chase Commercial Mortgage Securities Trust 2010-CNTR 
Commercial mortgage pass-through certificates
                  Rating
Class        To            From
B            AA (sf)       AA (sf)/Watch Pos

RATINGS AFFIRMED
   
JPMorgan Chase Commercial Mortgage Securities Trust 2010-CNTR 
Commercial mortgage pass-through certificates
Class     Rating   
A-1       AAA (sf)  
A-2       AAA (sf)
X-A       AAA (sf)