TEXT-Fitch cuts 5 classes of J.P. Morgan 2005-LDP5

Aug 22 - Fitch Ratings downgrades five classes of J.P. Morgan Chase
Commercial Mortgage Series Corp. commercial mortgage pass-through certificates,
series 2005-LDP5. A detailed list of rating actions follows at the end of this
release.

The downgrades are the result of increased loss expectations primarily from the
specially serviced loans. Fitch modeled losses of 6.99% of the remaining pool;
losses to date based on the original pool balance are 0.40%. Fitch designated 35
loans (19.6%) as Fitch Loans of Concern, which include 11 specially serviced
loans (8.41%). In addition, Fitch has been notified by the servicer that the
DRA-CRT Portfolio II (3.86%), has recently transferred to the special servicer
for imminent maturity default.

As of the August 2012 distribution date, the pool's aggregate principal balance
has been reduced by 18.9% (including 0.4% of realized losses) to $3.403 billion
from $4.197 billion at issuance. Interest shortfalls are affecting classes L
through NR. Three loans in the pool (0.9%) are currently defeased.

The largest contributor to Fitch's modeled losses is the specially-serviced real
estate owned (REO) Hanover Mall (2.4% of the pool) located in Hanover, MA. The
706,005 square foot (sf) regional mall was built in 1971 and is located 25 miles
south of Boston, MA. The loan was transferred to the special servicer in
November 2009 for imminent payment default and foreclosure of the property was
completed in February 2010 after unsuccessful negotiations with the sponsor. The
special servicer continues to work on releasing the in-line space and
anticipates the opening of a new junior anchor space in late 2012.

The second largest contributor to Fitch's model losses is a 526,245 sf office
complex (2.7%), located in Irving, TX. The loan was transferred to the special
servicer in March 2012 due to a covenant default. NEC is the sole tenant and
their lease expires five months after the loan's maturity in October 2015. They
have provided notice of their intention to downsize their footprint by 50% at
that time.

The third largest contributor to Fitch's modeled losses is an office property
(0.9% of the pool) consisting of two buildings connected on the upper floors
totaling 289,279 sf, in Southfield, MI. Occupancy is currently 68% after a major
tenant, Metropolitan Life Insurance downsized to 63,000 sf. The sponsor is
actively marketing the vacant space and leasing activity has marginally improved
with prospective tenants showing interest.

Fitch downgrades the following classes as indicated:

--$52.5 million class F to 'BBsf' from 'BBB-sf'; Outlook Stable;
--$52.5 million class H to 'CCCsf' from 'Bsf'; RE95%;
--$42 million class J to 'CCCsf' from 'B-sf'; RE0%;
--$26.2 million class L to 'CCsf' from 'CCCsf', RE0%;
--$15.7 million class N to 'Csf' from 'CCsf'; RE0%.

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

--$200.8 million class A-2 at 'AAAsf'; Outlook Stable;
--$171.5 million class A-3 at 'AAAsf'; Outlook Stable;
--$1.4 billion class A-4 at 'AAAsf'; Outlook Stable;
--$95.5 million class A-SB at 'AAAsf'; Outlook Stable;
--$298.9 million class A-1A at 'AAAsf'; Outlook Stable;
--$419.7 million class A-M at 'AAAsf'; Outlook Stable;
--$299 million class A-J at 'AAsf'; Outlook Stable;
--$26.2 million class B at 'AAsf'; Outlook Stable;
--$73.5 million class C at 'Asf'; Outlook Stable;
--$42 million class D at 'Asf'; Outlook Stable;
--$21 million class E at 'BBBsf' ; Outlook Stable;
--$36.7 million class G at 'BBsf'; Outlook to Negative from Stable;
--$63 million class K at 'CCCsf'; RE0%;
--$15.7 million class M at 'CCsf'; RE0%;
--$5.2 million class O at 'Csf'; RE0%;
--$5.2 million class P at 'Csf'; RE0%;
--$10.5 million class Q at 'Csf'; RE0%.

Class A-1 and A-2FL have paid in full. Fitch does not rate class NR or any of
the rake classes HG-1 through HG-5. The ratings on classes X-1 and X-2 were
previously withdrawn.

Additional information is available at 'www.fitchratings.com'. The ratings above
were solicited by, or on behalf of, the issuer, and therefore, Fitch has been
compensated for the provision of the ratings.

Applicable Criteria and Related Research:
--'Global Structured Finance Rating Criteria' (June 6, 2012);
--'Surveillance Methodology for U.S. Fixed-Rate CMBS Transactions' (Dec. 21,
2011).

Applicable Criteria and Related Research:
Global Structured Finance Rating Criteria
Surveillance Methodology for U.S. Fixed-Rate CMBS Transactions