Moody's Downgrades JPMorgan CMBS Classes

Six classes from J.P. Morgan Commercial Mortgage Trust commercial mortgage pass-through certificates series 2005-CIBC13 have been downgraded by Moody's Investors Service. The downgrades were as follows: class J, from Ba1 to Ba3; class K, from Ba2 to B1; class L, from Ba3 to B2; class M, from B1 to Caa1; class N, from B2 to Caa2; and class P, from B3 to Caa3. In addition, classes F, G, and H were placed on review for possible downgrade. The downgrades were attributed to an overall decline in pool performance, increased dispersion, and estimated losses from specially serviced loans. The other negative actions were due to significant expected losses for loans currently in special servicing, Moody's said. The rating agency can be found online at http://www.moodys.com.