Fitch Affirms JP Morgan Series 2007-LDP10; Assigns Outlooks

NEW YORK--(BUSINESS WIRE)--Fitch affirms and assigns outlooks for J.P. Morgan Chase Commercial Mortgage Securities Corp., series 2007-LDP10, commercial mortgage pass-through certificates as follows:

--$32.2 million class A-1 at 'AAA';; Outlook Stable;

--$198.9 million class A-1S 'AAA';; Outlook Stable;

--$250.0 million A-2 at 'AAA'; Outlook Stable;

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

--$150.0 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;

--$506.5 million class A-1A at 'AAA'; Outlook Stable;

--$359.0 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;

--$100.0 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;

--$40.4 million class E at 'A-'; Outlook Stable;

--$19.6 million class E-S at 'A-'; Outlook Stable;

--$44.9 million class F at 'BBB+'; Outlook Stable;

--$21.8 million class F-S at 'BBB+'; Outlook Stable;

--$44.9 million class G at 'BBB'; Outlook Stable;

--$21.8 million class G-S at 'BBB'; Outlook Stable;

--$40.4 million class H at 'BBB-'; Outlook Negative;

--$19.6 million class H-S at 'BBB-'; Outlook Negative;

--$20.0 million class J at 'BB+'; Outlook Negative;

--$20.0 million class K at 'BB'; Outlook Negative;

--$13.3 million class L at 'BB-'; Outlook Negative;

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

--$6.7 million class N at 'B'; Outlook Negative;

--$13.3 million class P at 'B-'; Outlook Negative.

Fitch does not rate the $66.6 million class NR.

The rating affirmations reflect minimal paydown since issuance and stable performance of the pool. As of the September 2008 distribution date, the transaction has paid down by 0.22% to $5.320 billion from $5.332 billion at issuance. Outlooks reflect likely rating changes over the next one to two years.

There have been no specially serviced loans since issuance. Fitch has identified 29 loans (8.9%) as Loans of Concern. The largest Fitch Loan of Concern (1.4%) is secured by a multifamily property in Ventura, CA. Although the borrower has nearly completed all planned renovations, the property has made concessions to increase occupancy. The property reported a DSCR of 0.67x as of June 2008.

The second largest Loan of Concern (1.2%) is secured by a multifamily property in Sunnyvale, CA. The property is currently undergoing a $13 million dollar renovation project which is responsible for a decrease in average occupancy. Renovations will take approximately two years to be completed.

There were three additional loans at issuance, Southland Mall (2.3%), Orchard at Saddleback (1.9%), and Arches Apartments (1.2%), that were in the process of stabilizing. Fitch has reviewed the updated occupancy and cash flow information for these loans and has determined that Southland Mall and Orchard at Saddleback were in-line with the stabilization schedule set forth at issuance. Renovations at Arches Apartments will take approximately two years to be completed, based on a recent servicer inspection. Information regarding the stabilization schedule was not available at issuance.

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 Center West were 89.5% and 74.2%, 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.