Moody's Investor Service said today in an "unsolicited" comment that the JP Morgan Chase CMBS conduit,  Commercial Mortgage Securities Trust 2012-C8, lacks sufficient credit enhancement throughout most of the deal's capital structure.

Most of the notes, with the exception of the triple-A rated, Classes A-1, A-2, A-3 and A-SB, lack the appropriate enhancement , said Moody's.  The biggest deficiency in enhancement occurs at the lower end of the investment-grade spectrum -- the deal is structured with  double-A, single-A, triple-B plus, triple-B minus, double-B  and single B rated notes. Standard & Poor's, Fitch Ratings, Kroll Bond Ratings and DBRS were hired to rate the deal.

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