Fitch Affirms JPMCC 2007-LDP12

Fitch Ratings has affirmed J.P. Morgan Chase Commercial Mortgage Securities Trust commercial mortgage pass-through certificates series 2007-LDP12. A full list of rating actions follows at the end of this ratings action commentary.

KEY RATING DRIVERS

The affirmations and Stable Rating Outlooks reflect sufficient credit enhancement relative to pool expected losses. As of the November 2016 distribution date, the pool's aggregate principal balance has been reduced by 49% to $1.28 billion from $2.5 billion at issuance. Per the servicer reporting, 16 loans (10% of the pool) are defeased. Interest shortfalls are currently affecting classes D through NR.

Higher Loss Expectations: Fitch modeled losses of 18.4% of the remaining pool; expected losses on the original pool balance total 15.4%, including $151.4 million (6% of the original pool balance) in realized losses to date. Modeled losses at the previous rating action were 12.7% of the original pool balance. The higher modeled loss is due to higher losses on the specially serviced loans, including additional specially serviced loans. The three largest contributors to expected losses are Liberty Plaza (3.1% of the pool), a real estate owned (REO) asset, BB&T Tower (2.2%), REO asset and St. Joe-150 Main St., an office building in Norfolk, VA (3.5%) with lease volatility.

Increased Defeasance: Sixteen loans (10% of pool) are defeased, up from three loans (2%) at Fitch's last rating action.

Loans of Concern: Fitch has designated 27 (27.4% of current pool balance) Fitch Loans of Concern, which includes 14 specially serviced assets (12.1%). Three of the top 15 loans (7.5%) are currently in special servicing. The specially serviced assets include seven that are REO (8.3%), four loans (0.7%) which are over 90+ days delinquent and three loans (3.1%) in foreclosure.

Maturity Concentration: Excluding the specially serviced assets, 88% of the pool is scheduled to mature in 2017. The majority of the 2017 loan maturities are concentrated during third and fourth quarters (48.5% and 25.6% of pool, respectively).

RATING SENSITIVITIES

The Stable Outlooks on classes A-4, A-1A, and A-M reflect sufficient credit enhancement relative to pool expected losses. The distressed classes may be subject to further downgrades if there is an increase in the number of specially serviced loans and additional losses are realized.

USE OF THIRD-PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G-10

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

Fitch has also affirmed the following classes as indicated:

--$524.7 million class A-4 at 'AAAsf'; Outlook Stable;

--$153.5 million class A-1A at 'AAAsf'; Outlook Stable;

--$250.5 million class A-M at 'Asf'; Outlook revised to Stable from Positive;

--$197.2 million class A-J at 'CCCsf'; RE 55%;

--$21.9 million class B at 'CCCsf'; RE 0%;

--$28.2 million class C at 'CCsf'; RE 0%;

--$21.9 million class D at 'CCsf'; RE 0%;

--$12.5 million class E at 'Csf'; RE 0%;

--$25 million class F at 'Csf'; RE 0%;

--$28.2 million class G at 'Csf'; RE 0%;

--$14.6 million 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%;

--$0 class Q at 'Dsf'; RE 0%;

--$0 class T at 'Dsf'; RE 0%.

The class A-1, A-2, A-3 and A-SB certificates have paid in full. Fitch does not rate the class NR certificates. Fitch previously withdrew the rating on the interest-only class X certificates.

Additional information is available at www.fitchratings.com.

Applicable Criteria

Counterparty Criteria for Structured Finance and Covered Bonds (pub. 01 Sep 2016)

https://www.fitchratings.com/site/re/886006

Global Structured Finance Rating Criteria (pub. 27 Jun 2016)

https://www.fitchratings.com/site/re/883130

North America and Asia-Pacific Multiborrower CMBS Surveillance Criteria (pub. 01 Dec 2016)

https://www.fitchratings.com/site/re/891159

Additional Disclosures

Dodd-Frank Rating Information Disclosure Form

https://www.fitchratings.com/creditdesk/press_releases/content/ridf_frame.cfm?pr_id=1015989

Solicitation Status

https://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=1015989

Endorsement Policy

https://www.fitchratings.com/regulatory

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