Six classes of J.P. Morgan Chase Commercial Mortgage Securities Corp. commercial mortgage pass-through certificates, series 2005-LDP2, have been downgraded by Moody's Investors Service.The downgrades were as follows: class L, from Ba1 to Ba2; class M, from Ba2 to Ba3; class N, from Ba3 to B1; class O, from B1 to B2; class P, from B2 to B3; and class Q, from B3 to Caa2. In addition, Moody's affirmed the ratings on 21 classes in the deal. The downgrades were attributed to realized losses and loan-to-value dispersion. The rating agency said approximately 47.9% of the pool has a Moody's LTV in excess of 100%, compared with 38.5% at securitization. Moody's can be found online at http://www.moodys.com.
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