Three classes of J.P. Morgan Chase Commercial Mortgage Securities Corp. series 2005-CIBC12 have been downgraded by Fitch Ratings. The downgrades were as follows: class M, from B-plus to B; class N, from B to B-minus; and class P, from B-minus to CCC/DR1. Fitch also affirmed the ratings on 21 other classes in the transaction. The downgrades were attributed to projected losses on the mortgage pool's three specially serviced loans, which are collateralized by: a retail property in St. Thomas, Virgin Islands, that is 90 days delinquent; a suburban office building in New London, Conn., that is 90 days delinquent; and an office property in Buffalo, N.Y., that has defaulted.
Processing Content
