Fitch Downgrades 10 Classes of J.P. Morgan, Series 2007-LDP10; Revises Outlooks.

CHICAGO -- Fitch Ratings downgrades 10 classes and revises the Rating Outlooks for J.P. Morgan Chase Commercial Mortgage Securities Corp., series 2007-LDP10, commercial mortgage pass-through certificates as follows:

--$44.9 million class G to 'BBB-' from 'BBB'; Outlook Negative;

--$21.8 million class G-S to 'BBB-' from 'BBB'; Outlook Negative;

--$40.4 million class H to 'BB' from 'BBB-'; Outlook Negative;

--$19.6 million class H-S to 'BB' from 'BBB-'; Outlook Negative;

--$20 million class J to 'BB-' from 'BB+'; Outlook Negative;

--$20 million class K to 'B' from 'BB'; Outlook Negative;

--$13.3 million class L to 'B-' from 'BB-'; Outlook Negative;

--$6.7 million class M to 'B-' from 'B+'; Outlook Negative;

--$6.7 million class N to 'CCC/DR1' from 'B';

--$13.3 million class P to 'CCC/DR1' from 'B-'.

Fitch also affirms the following classes:

--$29.8 million class A-1 at 'AAA'; Outlook Stable;

--$198.6 million class A-1S at 'AAA'; Outlook Stable;

--$250 million A-2 at 'AAA'; Outlook Stable;

--$688.9 million class A-2S at 'AAA'; Outlook Stable;

--$150 million class A-2SFL at 'AAA'; Outlook Stable;

--$1,714.1 million class A-3 at 'AAA'; Outlook Stable;

--$179.9 million class A-3S at 'AAA'; Outlook Stable;

--$506.3 million class A-1A at 'AAA'; Outlook Stable;

--$359 million class A-M at 'AAA'; Outlook Stable;

--$174.1 million class A-MS at 'AAA'; Outlook Stable;

--$200.7 million class A-J at 'AAA'; Outlook Stable;

--$145.8 million class AJ-S at 'AAA'; Outlook Stable;

--$100 million class A-JFL at 'AAA'; Outlook Stable;

--Interest-only class X at 'AAA'; Outlook Stable;

--$71.8 million class B at 'AA'; Outlook Stable;

--$34.8 million class B-S at 'AA'; Outlook Stable;

--$26.9 million class C at 'AA-'; Outlook Stable;

--$13.1 million class C-S at 'AA-'; Outlook Stable;

--$49.4 million class D at 'A'; Outlook Stable;

--$23.9 million class D-S at 'A'; Outlook Stable.

In addition, Fitch affirms and revises the Rating Outlooks for the following classes:

--$40.4 million class E at 'A-'; Outlook revised to Negative from Stable;

--$19.6 million class E-S at 'A-'; Outlook revised to Negative from Stable;

--$44.9 million class F at 'BBB+'; Outlook revised to Negative from Stable;

--$21.8 million class F-S at 'BBB+'; Outlook revised to Negative from Stable.

Fitch does not rate the $66.6 million class NR.

The rating downgrades are due to projected losses on the seven loans that are specially serviced or will be imminently transferred to the special servicer (1.7%). The Rating Outlooks reflect the likely direction of any rating changes over the next one or two years. Forty loans (15.2%) are considered Fitch Loans of Concern, including the specially serviced loans. Eleven additional loans (6.3%) have been identified as Loans of Concern since the last Fitch rating action.

The largest specially serviced loan is Lembi Multifamily Portfolio (0.9%), collateralized by eight multifamily properties in San Francisco, CA. The loan transferred to the special servicer when the borrower failed to replenish a debt service reserve as the loan documents require. The loan is current, and the special servicer is considering forbearance on the requirement as long as the loan remains current. Losses are not expected.

The second largest specially serviced loan is the Anchor Government Assets Portfolio (0.6%), collateralized by five office properties in Columbus, OH. The primary tenants are state government entities, and the portfolio's tenants have contracted due to budget cuts. The loan is 30 days delinquent, and losses are expected.

The largest Loan of Concern (2.3%) is collateralized by a regional mall located in Miami, FL that was in the process of stabilizing at issuance due to a recently added lifestyle center. Based on the September 2008 rent roll, the property is approximately 95% occupied. The servicer reported debt service coverage ratio (DSCR) through May 2008 was 1.16 times (x). Leases on approximately 6% of the net rentable area have recently expired or will expire in 2009. Given the rollover and the current outlook for retail properties, the stabilization as originally expected is not likely to occur.

The largest loan in the pool (4.3%) is secured by a regional mall in Estrero, FL. The property was completed in 2006. The majority of the leases expire in 2016 or later. The servicer reported DSCR and occupancy through September 2008 were 1.26x and 99.8%, respectively.

There are two shadow rated loans within the transaction: Centro Heritage Portfolio V (2.4%) and Center West (1.7%). Occupancy as of June 2008 for Centro Heritage Portfolio V and as of September 2008 for Center West were 89.5% and 72%, respectively, consistent with issuance. Both of the loans maintain investment grade shadow ratings.

Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site.