Fitch Ratings has affirmed 12 classes of J.P. Morgan Chase Commercial Mortgage Securities Corp. 2006-LDP7 commercial mortgage pass-through certificates.

RATING ACTIONS

ENTITY/DEBT	RATING		PRIOR

J. P. Morgan Chase Commercial Mortgage Securities Corp. 2006-LDP7

A-J 46628FAN1

LT	Csf 	Affirmed		Csf

B 46628FAP6

LT	Csf 	Affirmed		Csf

C 46628FAQ4

LT	Csf 	Affirmed		Csf

D 46628FAR2

LT	Csf 	Affirmed		Csf

E 46628FAS0

LT	Csf 	Affirmed		Csf

F 46628FAU5

LT	Dsf 	Affirmed		Dsf

G 46628FAW1

LT	Dsf 	Affirmed		Dsf

H 46628FAY7

LT	Dsf 	Affirmed		Dsf

J 46628FBA8

LT	Dsf 	Affirmed		Dsf

K 46628FBC4

LT	Dsf 	Affirmed		Dsf

L 46628FBE0

LT	Dsf 	Affirmed		Dsf

M 46628FBG5

LT	Dsf 	Affirmed		Dsf

VIEW ADDITIONAL RATING DETAILS

KEY RATING DRIVERS

Significant REO Composition; Loss Expectations Remain High: The pool remains highly concentrated with 13 loans; REO assets comprise 98.1% of the remaining pool balance. Given the large concentration of REO assets, losses are considered inevitable.

The largest asset is the Westfield Centro Portfolio (76.2%). The loan, which was originally secured by a portfolio of five retail centers totaling 2.4 million square feet, was transferred to special servicing in May 2014 for imminent default due to a significant decline in portfolio cashflow as a result of a decline in anchor and inline occupancy and increasing operating expenses. The asset became REO in 2016. Three of the five properties were sold between the third quarter of 2017 and first quarter of 2019. The remaining two properties, the Westfield West Park located in Cape Girardeau, MO and Westfield Eagle Rock located in Los Angeles, CA, are both regional malls. Westfield West Park, which was 92% occupied as of YE 2019, is anchored by Macy's, JCPenney and Ashley Home Furniture. The space currently occupied by Ashley Home Furniture has historically suffered from frequent tenant turnover. Westfield Eagle Rock, which was 94% occupied as of year-end 2019, is anchored by Macy's and Target. According to the special servicer, Eagle Rock is currently listed for sale while West Park is not currently being marketed for sale. Based on the significant outstanding loan exposure and the most recent 2019 appraisal valuations for these two remaining properties, significant losses are expected.

The ultimate timing and disposition strategies of all the REO assets remain uncertain at this time.

Minor Improvement in Credit Enhancement: Credit enhancement has increased slightly since Fitch's last rating action due to the full repayment of two loans totaling $5.4 million (1.7% of prior review deal balance). However, future increases in credit enhancement are expected to be minimal given the transaction's high REO composition and adverse selection. As of the June 2020 remittance report, the pool balance has been reduced by 92% to $314.8 million from $3.9 billion at issuance. Realized losses to date total $287.3 million or 7.3% of the deal's original balance. Of the remaining five performing loans, one is defeased and four are fully amortizing.

Coronavirus Exposure: Given the number of REO assets, Fitch expects the coronavirus to have limited effect on property level performance. However, the economic slowdown associated with the virus may hinder the ability of several properties to re-lease and may delay any disposition plans.

RATING SENSITIVITIES

The affirmations at distressed rating levels reflect the classes' reliance on proceeds from REO assets. The disposition of these assets is expected to generate significant losses and impact all of the remaining classes.

Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade:

Sensitivity factors that lead to upgrades would include stable to improved asset performance. Upgrades are considered unlikely given the pool's concentration of REO assets. Upgrades would occur if the REO assets are liquidated with significantly higher recoveries than expected. Upgrades to the 'Dsf' rated classes are not possible; these classes have previously incurred principal losses.

Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade:

Sensitivity factors that lead to downgrades include an increase in pool level losses from underperforming or specially serviced loans. Downgrades to the distressed classes are possible as losses materialize and credit enhancement becomes eroded.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Structured Finance transactions have a best-case rating upgrade scenario (defined as the 99th percentile of rating transitions, measured in a positive direction) of seven notches over a three-year rating horizon; and a worst-case rating downgrade scenario (defined as the 99th percentile of rating transitions, measured in a negative direction) of seven notches over three years. The complete span of best- and worst-case scenario credit ratings for all rating categories ranges from 'AAAsf' to 'Dsf'. Best- and worst-case scenario credit ratings are based on historical performance. For more information about the methodology used to determine sector-specific best- and worst-case scenario credit ratings, visit https://www.fitchratings.com/site/re/10111579.

USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10

No third-party due diligence was provided or reviewed in relation to this rating action.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF RATING

The principal sources of information used in the analysis are described in the Applicable Criteria.

ESG CONSIDERATIONS

The highest level of ESG credit relevance, if present, is a score of 3. This means ESG issues are credit-neutral or have only a minimal credit impact on the entity(ies), either due to their nature or to the way in which they are being managed by the entity(ies). For more information on Fitch's ESG Relevance Scores, visit www.fitchratings.com/esg.

Additional information is available on www.fitchratings.com

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