OREANDA-NEWS. November 25, 2015. Fitch Ratings has upgraded two classes and affirmed 11 classes of J.P. Morgan Chase Commercial Mortgage Securities Corp., (JPMCC) commercial mortgage pass-through certificates series 2005-LDP4. A detailed list of rating actions follows at the end of this press release.

KEY RATING DRIVERS

The upgrades reflect the increase in credit enhancement due to significant loan pay down since Fitch's last rating action in February 2015. Fitch modeled losses of 28.49% of the remaining pool; expected losses on the original pool balance total 9.4%, including \\$220.6 million (8.24% of the original pool balance) in realized losses to date. Fitch has designated 11 loans (79.1%) as Fitch Loans of Concern, which includes eight specially serviced assets (70.3%). The specially serviced loans include the top three loans in the pool (50%).

As of the November 2015 distribution date, the pool's aggregate principal balance has been reduced by 95.9% to \\$109.2 million from \\$2.68 billion at issuance. The pool is highly concentrated with only 17 of the original 184 loans remaining in the transaction. There are no defeased loans. Interest shortfalls are currently affecting classes D through NR.

The largest loan in the pool is secured by a 350,000 square foot (SF) suburban office building located in Holmdel, NJ (26.2% of the pool). The property is 100% occupied by Vonage with lease expiration in August 2017. The net operating income (NOI) debt service coverage ratio (DSCR) reported at 1.63x for year to date June 2015 and 1.83x for year- end December 2014. The asset transferred to special servicing in July 2015 due to a lease modification request by the tenant. According to the servicer, the tenant is looking to downsize its occupied space to 204,000 SF (to 58% of the net rentable area) and is seeking significant funds for tenant improvements. The proposed modification could affect repayment of the loan at its maturity in September 2018. The loan remains current as of the November 2015 remittance.

The largest contributor to expected losses is secured by a 68,066 SF office property in Las Vegas, NV (14.4% of the pool). The property experienced cash flow issues due to two major tenant vacancies. The property occupancy declined to 48%, compared to 63% and 100% at year-end 2014 and 2013, respectively. The loan transferred to special servicing in August 2015 for monetary default. The special servicer has hired counsel and is in process of pursuing foreclosure.

The second largest contributor to losses is secured by 484 unit student housing property in Kalamazoo, MI (9.87%), located across the street from the Western Michigan University campus. The property had experienced cash flow issues due to poor property management coupled with water damage at the property, which created high vacancies. The loan transferred to special servicing in August 2013 for payment default. A foreclosure sale was held in May 2015, where the lender was the successful bidder. The loan is currently in a six month mandatory redemption period before the foreclosure can be finalized. A receiver has been appointed to manage the property in the interim. The property is 70% occupied as of October 2015.

RATING SENSITIVITIES

The rating on class B is expected to remain stable as the class will benefit from increasing credit enhancement and continued delivering of the transaction through amortization and repayment of maturing loans. Further upgrades to the class are not likely due to the concentrated nature of the remaining pool and adverse selection as many of the remaining properties are located in secondary or tertiary markets. In addition, full repayment of the class would require repayment from the disposition of the specially serviced loans, for which timing is currently unclear.

DUE DILIGENCE USAGE

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

Fitch has upgraded the following classes and assigned Outlooks as indicated:

--\\$48.7 million class B to 'BBsf' from 'CCsf'; Stable Outlook;
--\\$23.4 million class C to 'CCCsf' from 'Csf'; RE 100%.

Fitch affirms the following classes:

--\\$37.0 million class D at 'Dsf'; RE 20%;
--\\$0 class E at 'Dsf'; RE 0%;
--\\$0 class F at 'Dsf'; RE 0%;
--\\$0 class G at 'Dsf'; RE 0%;
--\\$0 class H at 'Dsf'; RE 0%;
--\\$0 class J at 'Dsf'; RE 0%;
--\\$0 class K at 'Dsf'; RE 0%;
--\\$0 class L at 'Dsf'; RE 0%;
--\\$0 class M at 'Dsf'; RE 0%;
--\\$0 class N at 'Dsf'; RE 0%;
--\\$0 class P at 'Dsf'; RE 0%.

The class A-1, A-1A, A-2, A-2FL, A-3A1, A-3A2, A-4, A-SB, A-M, and A-J certificates have paid in full. Fitch does not rate the class NR certificates. Fitch previously withdrew the ratings on the interest-only class X-1 and X-2 certificates.