Fitch Upgrades 1 Class of JPMCM 2005-CIBC13

Fitch Ratings has upgraded one and affirmed 18 classes of J.P. Morgan Chase Commercial Mortgage Securities Corp. (JPMCC) commercial mortgage pass-through certificates, series 2005-CIBC13. A detailed list of rating actions follows at the end of this press release.

KEY RATING DRIVERS

The upgrade is due to increased credit enhancement resulting from additional defeasance of 10% coupled with additional paydown of 5% since Fitch's last rating action.

Fitch modeled losses of 15.1% of the remaining pool; expected losses on the original pool balance total 13.6%,, including $121.3 million (4.5% of the original pool balance) in realized losses to date. Fitch has designated 39 loans (37.8%) as Fitch Loans of Concern, which includes 14 specially serviced assets (15%).

As of the March 2015 distribution date, the pool's aggregate principal balance has been reduced by 39.3% to $1.65 billion from $2.72 billion at issuance. Per the servicer reporting, 19 loans (10.9% of the pool) are defeased. Interest shortfalls are currently affecting classes D through NR.

The largest contributor to expected losses remains the DRA-CRT Portfolio I (7.7% of the pool), which is currently real estate owned (REO). Of the original 16 properties securing the loan, only one property remains, located in Rockville, MD. The other 14 properties were sold in 2012 and one in 2014. As of February 2014, the remaining property is 53% occupied. Per the special servicer, leasing agents continue to market the property's available space.

The second largest contributor to expected losses is the 270 Madison Avenue (3.9%) loan, which is secured by a 269,819 square foot (sf) office property located in Midtown Manhattan. The largest tenants are Wolf Haldenstein Adler Freeman & Herz LLP (24%), lease expiration March 2019; Belkin Burden Wenig & Goldman LLP (12%), expiry February 2021; Marcus & Millichap R.E. (8%), expiry November 2015. As of Dec. 31, 2014, the property was 90% occupied with below-market-average rents at approximately $43/sf. The average rents at the property have ranged from $36/sf in 2012 to $41/sf in 2013. Per Reis as of fourth quarter 2014, Grand Central office submarket vacancy is 9.5% with average asking rent of $69.51/sf. The class B/C average vacancy is 11.5% vs. asking rents of $51.15/sf. There is approximately 8% expected rollover in 2015 and minimal rollover in 2016. Performance at the property has declined since issuance with the most recent servicer reported debt-service coverage ratio (DSCR) below 1x as of September 2014.

The third largest contributor to expected losses is the Southport Shopping Center loan (1.9%), which is secured by a 533,053 sf shopping center located in Kenosha, WI, shadow anchored by Target. The largest tenants are Kohl's (15%) and Office Max (4%) with lease expirations in January 2020 and January 2016, respectively. As of the March 2014 rent roll, the property is 78% occupied. The Jewel/Sentry (74,843 sf, 21.92% net rentable area [NRA], Jan. 24, 2016 expiry) grocery store space remains dark and the former tenant continues to pay rent. Per the master servicer, the borrower is actively marketing the property with a broker and is currently receiving interest. It has been publicly reported that the retailer Hobby Lobby has leased 53,000 sf of the former Jewel/Sentry space for opening in 2015. There is approximately 9% rollover in 2015.

RATING SENSITIVITIES

Rating Outlooks on classes A-1A, A-3A1, A-3A2, and A-4 remain Stable due to increasing credit enhancement, paydown, and defeasance; 83% of the pool matures within the third and fourth quarters of 2015, of which 13 loans (32%) are within the top 15 loans in the pool.

Fitch upgrades the following class as indicated:

--$272.1 million class A-M to 'Asf' from 'BBBsf'; Outlook Stable.

Fitch affirms the following classes as indicated:

--$178.8 million class A-1A at 'AAAsf'; Outlook Stable;

--$49.8 million class A-3A1 at 'AAAsf'; Outlook Stable;

--$25 million class A-3A2 at 'AAAsf'; Outlook Stable;

--$751.7 million class A-4 at 'AAAsf'; Outlook Stable;

--$187 million class AJ at 'CCCsf'; RE 75%;

--$54.4 million class B at 'CCsf'; RE 0%;

--$23.8 million class C at 'Csf'; RE 0%;

--$44.2 million class D at 'Csf'; RE 0%;

--$34 million class E at 'Csf'; RE 0%;

--$29.6 million 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-2, A-2FL, A-2FX, and A-SB 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.

Additional information on Fitch's criteria for analyzing U.S. CMBS transactions is available in the Dec. 10, 2014 report, 'U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria', which is available at 'www.fitchratings.com' under the following headers:

Structured Finance >> CMBS >> Criteria Reports

Additional information is available at 'www.fitchratings.com'.

Applicable Criteria and Related Research:

--'Global Structured Finance Rating Criteria' (Aug. 4, 2014);

--'U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria' (Dec. 10, 2014).

Applicable Criteria and Related Research:

U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=812608

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=754389

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=981987

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