DBRS, Inc. (DBRS Morningstar) downgraded its ratings on six classes of Commercial Mortgage Pass-Through Certificates, Series 2012-CIBX, issued by JPMCC 2012-CIBX Mortgage Trust as follows.

Class B to AA (low) (sf) from AA (high) (sf)

Class C to A (low) (sf) from AA (low) (sf)

Class D to BBB (low) (sf) from A (low) (sf)

Class E to CCC (sf) from BBB (low) (sf)

Class F to C (sf) from BB (sf)

Class G to C (sf) B (sf)

DBRS Morningstar also confirmed its ratings on the remaining classes in the transaction as follows:

Class A-4 at AAA (sf)

Class A-4FL at AAA (sf)

Class A-4FX at AAA (sf)

Class A-S at AAA (sf)

Class X-A at AAA (sf)

Additionally, DBRS Morningstar has discontinued its rating on Class X-B as the lowest-rated reference obligation tranche, Class G, has been downgraded to C (sf).

The trends on Classes A-4, A-4FL, A-4FX, A-S, and X-A are Stable, while the trends on Classes B, C, and D have been changed to Negative from Stable. The remaining classes have ratings that do not carry a trend. With this rating action, Class G has been removed from Under Review with Negative Implications from where it was placed in August 2020.

The rating downgrades and Negative trends reflect the significant increased credit risk to the transaction driven by the five loans in special servicing, which collectively represent 27.8% of the pool balance and are all secured by retail properties. The two largest loans in special servicing are secured by regional malls, representing 16.1% of the pool. Additionally, eight nondefeased loans have scheduled maturity dates in 2021. While these loans are currently performing, select loans secured by retail or hotel properties may face challenges in securing refinance capital.

As of March 2021, the transaction consists of 36 of the original 49 loans, with collateral reduction of 43.3% since issuance. The transaction is concentrated by property type as 16 loans, representing 40.1% of the pool, are secured by retail properties and six loans, representing 20.1% of the pool, are secured by hotel properties. Both asset types have been disproportionately affected by the ongoing Coronavirus Disease (COVID-19) pandemic. The transaction does benefit from defeasance as 10 loans, representing 22.7% of the pool balance, are defeased. In addition to the five loans in special servicing, there are 10 loans on the servicer's watchlist, representing 27.9% of the pool.

The largest loan in special servicing, Jefferson Mall (Prospectus ID#4; 8.3% of the pool), is secured by a regional mall in Louisville, Kentucky, owned by CBL & Associates (CBL), which filed for Chapter 11 bankruptcy protection in November 2020. The collateral includes the inline space at the mall and the junior anchors, which include H&M, Ross Dress for Less, Old Navy, and Jo-Ann Fabrics. The loan has been on the DBRS Morningstar Hotlist since February 2019 after the loss of two non-collateral anchors (Macy's in 2017 and Sears in 2018). The loan initially transferred to special servicing in February 2020 for imminent default risk and was modified in August 2020 with terms including a maturity extension to 2026 and a cash trap. The two remaining traditional anchors, Dillard's and JCPenney, remain open as of March 2021 and to date, no closure for the subject JC Penney location has been announced. The loan was reported current for March 2021 but transferred back to special servicing in January 2021 for imminent nonmonetary default, with no material updates provided by the special servicer to date.

According to the December 2020 rent roll, the collateral remains well occupied at 92.6%. The loan reported a YE2020 net cash flow (NCF) of $6.0 million, a -8.3% variance from the issuance NCF and -24.1% variance from the YE2017 NCF. The YE2020 debt service coverage ratio (DSCR) was 1.34x. At issuance, the collateral was valued at $101.7 million; however, the decline in cash flow, as well as the large remaining anchor vacancies, suggests the desirability and value of the collateral has decreased significantly from issuance. A hypothetical valuation derived by DBRS Morningstar, using the YE2020 NCF and a stressed cap rate suggest a value significantly below the outstanding loan balance of $60.8 million. Given the second transfer to special servicing, the performance declines for the mall from issuance and the sponsor's recent bankruptcy filing, as well as the scenario suggested by the hypothetical valuation, DBRS Morningstar believes a loss at resolution is likely for this loan, one of the primary drivers for the rating downgrades and trend changes.

The second-largest loan in special servicing, Southpark Mall (Prospectus ID#5; 7.8% of the pool), is secured by a regional mall in Colonial Heights, Virginia, also owned by CBL. The collateral includes the inline space, a Regal Cinemas anchor space and the former Sears anchor pad. There was a Dillard's anchor in place at issuance that also served as collateral for the loan; that space was vacated and ultimately re-leased to Dick's Sporting Goods. The loan has been on the DBRS Morningstar Hotlist since March 2020 as a result of increased credit risk. The remaining traditional anchors are Macy's and JCPenney, which remain open and neither chain has announced plans to close the respective locations at the subject property to date. The loan initially transferred to special servicing in March 2020 for imminent default risk and the borrower was granted a 90-day forbearance allowing for the use of all existing reserves to keep the loan current. The loan returned to the master servicer in October 2020 but transferred back to special servicing in January 2021 and was reported current as of the March 2021 remittance. Like the Jefferson Mall loan, updates from the special servicer have been limited but these two transfers may be tied to the CBL bankruptcy filing late last year, which remains ongoing as of March 2021.

According to the December 2020 rent roll, the collateral was 68.8% occupied with the majority of the vacancy concentrated in the former Sears space (28.6% of the NRA). The loan reported a YE2020 NCF of $6.4 million, a -3.3% variance from issuance and -9.5% variance from YE2018. The YE2020 DSCR was 1.52x. At issuance, the collateral was valued at $103.0 million; however, the decline in (NCF) and occupancy suggest the desirability and value of the collateral has decreased. A hypothetical valuation derived by DBRS Morningstar, using the YE2020 NCF and a stressed cap rate, suggests a value significantly below the outstanding loan balance of $56.7 million. Given that scenario, as well as the performance declines from issuance, albeit slightly less pronounced as compared with the Jefferson Mall property, the financial struggles for the loan sponsor and the general challenges for the collateral property in its status as a regional mall located in a secondary market, DBRS Morningstar believes a loss at resolution is likely. This was another primary contributing factor for the rating downgrades and trend changes with this review.

ESG CONSIDERATIONS

A description of how DBRS Morningstar considers ESG factors within the DBRS Morningstar analytical framework can be found in the DBRS Morningstar Criteria: Approach to Environmental, Social, and Governance Risk Factors in Credit Ratings at https://www.dbrsmorningstar.com/research/373262.

Classes X-A and X-B are interest-only (IO) certificates that reference a single rated tranche or multiple rated tranches. The IO rating mirrors the lowest-rated applicable reference obligation tranche adjusted upward by one notch if senior in the waterfall.

All ratings are subject to surveillance, which could result in ratings being upgraded, downgraded, placed under review, confirmed, or discontinued by DBRS Morningstar.

DBRS Morningstar provides issuance metrics and all historical surveillance commentary on the DBRS Viewpoint platform.

For complimentary access to this content, please register for the DBRS Viewpoint platform at www.viewpoint.dbrsmorningstar.com The platform includes issuer and servicer data for most outstanding CMBS transactions (including non-DBRS Morningstar rated), as well as loan-level and transaction-level commentary for most DBRS Morningstar-rated and -monitored transactions.

Notes:

All figures are in U.S. dollars unless otherwise noted.

The principal methodology is North American CMBS Surveillance Methodology (March 6, 2020), which can be found on dbrsmorningstar.com under Methodologies & Criteria. For a list of the structured-finance-related methodologies that may be used during the rating process, please see the DBRS Morningstar Global Structured Finance Related Methodologies document, which can be found on dbrsmorningstar.com in the Commentary tab under Regulatory Affairs. Please note that not every related methodology listed under a principal structured finance asset class methodology may be used to rate or monitor an individual structured finance or debt obligation.

For more information regarding rating methodologies and Coronavirus Disease (COVID-19), please see the following DBRS Morningstar press release: https://www.dbrsmorningstar.com/research/357883. (For use with all groups, all PRs with rating actions, and all methodology PRs).

For more information regarding structured finance rating methodologies and Coronavirus Disease (COVID-19), please see the following DBRS Morningstar press release: https://www.dbrsmorningstar.com/research/358308. (For use with all Structured Finance PRs with rating actions and all Structured Finance methodology PRs.)

For more information regarding the structured finance rating approach and Coronavirus Disease (COVID-19), please see the following DBRS Morningstar press release: https://www.dbrsmorningstar.com/research/359905.

The rated entity or its related entities did participate in the rating process for this rating action. DBRS Morningstar had access to the accounts and other relevant internal documents of the rated entity or its related entities in connection with this rating action.

Please see the related appendix for additional information regarding the sensitivity of assumptions used in the rating process. Please note a sensitivity analysis is not performed for CMBS bonds rated CCC or lower. The DBRS Morningstar long-term rating scale definition indicates that ratings of CCC or lower are assigned when the bond is highly likely to default or default is imminent, thereby prevailing over a sensitivity analysis.

Generally, the conditions that lead to the assignment of a Negative or Positive trend are generally resolved within a 12-month period. DBRS Morningstar's outlooks and ratings are monitored.

For more information on this credit or on this industry, visit www.dbrsmorningstar.com or contact us at info@dbrsmorningstar.com.

DBRS, Inc.

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Chicago, IL 60602 USA

Tel. +1 312 696-6293

Ratings

Date Issued	Debt Rated	Action	Rating	Trend	Attributes

i

US = Lead Analyst based in USA

CA = Lead Analyst based in Canada

EU = Lead Analyst based in EU

UK = Lead Analyst based in UK

E = EU endorsed

U = UK endorsed

Unsolicited Participating With Access

Unsolicited Participating Without Access

Unsolicited Non-participating

24-Mar-21 	Commercial Mortgage Pass-Through Certificates, Series 2012-CIBX, Class A-4	Confirmed	AAA (sf)	Stb	US
24-Mar-21 	Commercial Mortgage Pass-Through Certificates, Series 2012-CIBX, Class A-4FL	Confirmed	AAA (sf)	Stb	US
24-Mar-21 	Commercial Mortgage Pass-Through Certificates, Series 2012-CIBX, Class A-4FX	Confirmed	AAA (sf)	Stb	US
24-Mar-21 	Commercial Mortgage Pass-Through Certificates, Series 2012-CIBX, Class A-S	Confirmed	AAA (sf)	Stb	US
24-Mar-21 	Commercial Mortgage Pass-Through Certificates, Series 2012-CIBX, Class X-A	Confirmed	AAA (sf)	Stb	US
24-Mar-21 	Commercial Mortgage Pass-Through Certificates, Series 2012-CIBX, Class B	Trend Change	AA (high) (sf)	Neg	US
24-Mar-21 	Commercial Mortgage Pass-Through Certificates, Series 2012-CIBX, Class B	Downgraded	AA (low) (sf)	Neg	US
24-Mar-21 	Commercial Mortgage Pass-Through Certificates, Series 2012-CIBX, Class C	Trend Change	AA (low) (sf)	Neg	US
24-Mar-21 	Commercial Mortgage Pass-Through Certificates, Series 2012-CIBX, Class C	Downgraded	A (low) (sf)	Neg	US
24-Mar-21 	Commercial Mortgage Pass-Through Certificates, Series 2012-CIBX, Class D	Trend Change	A (low) (sf)	Neg	US
24-Mar-21 	Commercial Mortgage Pass-Through Certificates, Series 2012-CIBX, Class D	Downgraded	BBB (low) (sf)	Neg	US
24-Mar-21 	Commercial Mortgage Pass-Through Certificates, Series 2012-CIBX, Class F	Trend Change	BB (sf)	Neg	US
24-Mar-21 	Commercial Mortgage Pass-Through Certificates, Series 2012-CIBX, Class E	Downgraded	CCC (sf)	--	US
24-Mar-21 	Commercial Mortgage Pass-Through Certificates, Series 2012-CIBX, Class F	Downgraded	C (sf)	--	US
24-Mar-21 	Commercial Mortgage Pass-Through Certificates, Series 2012-CIBX, Class G	Downgraded	C (sf)	--	US
24-Mar-21 	Commercial Mortgage Pass-Through Certificates, Series 2012-CIBX, Class X-B	Disc.-W/drwn	Discontinued	--	US

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