OREANDA-NEWS. March 01, 2016. Fitch Ratings affirms J.P. Morgan Chase Commercial Mortgage Securities Corp. (JPMCC) commercial mortgage pass-through certificates, series 2005-CIBC13. A full list of rating actions follows at the end of this rating action commentary.

KEY RATING DRIVERS
Fitch modeled losses of 14.8% of the remaining pool; expected losses on the original pool balance total 12.7%, including \\$321.8 million (11.8% of the original pool balance) in realized losses to date. Fitch has designated 14 loans (58.5%) as Fitch Loans of Concern, which includes eight specially serviced assets (27.3%).

As of the February 2016 distribution date, the pool's aggregate principal balance has been reduced by 94% to \\$162.7 million from \\$2.72 billion at issuance. Per the servicer reporting, one loan (19.3% of the pool) is defeased. Interest shortfalls are currently affecting classes B through NR.

The largest contributor to expected losses is the specially-serviced Bayou Walk Village loan (7.4% of the pool), which is secured by a 69,088 square foot (sq) retail property located in Shreveport, LA. The loan transferred to special servicing in January 2014, for imminent default due to structural issues at the property and is currently in monetary default. The property is occupied by four tenants, Office Max (34%), expiration Dec. 31, 2017; Barnes & Noble (33%), expiration February 2018; Old Navy (22%), expiration August 2017; and Mattress Firm (11%), expiration November 2021. As of September 2015, the property is 100% occupied with average rent of \\$13 sf. Per the special servicer, they were previously working on a deed in lieu but the borrower has become uncooperative. They are currently proceeding with foreclosure with a receiver in place.

The next largest contributor to expected losses is the specially-serviced Cressona Mall loan (5.1%), which is secured by a partially enclosed 281,752 sf community shopping center anchored by Giant Food Store. Other major tenants include Ollie's Bargain Outlet (16%) and Staples (7%) with lease expirations in January 2020 and February 2016; respectively. The loan transferred to special servicing in October 2014 and is currently real estate owned (REO). Per the special servicer, they are working on several lease renewals and a new lease for approximately 23,000 sf. There are currently no disposition plans at this time. The property is currently 81% occupied as of September 2015.There is approximately 27% upcoming rollover in 2016 and 47% in 2017.

The third largest contributor to expected losses is the State Farm Insurance Building loan (5.8%), which is secured by 58,905 sf office property located in Vallejo, CA. The decline in performance is due to a decline in base rent of \\$274,000 as a result of the sole tenant, State Farm (46,038 sf; 78% net rentable area [NRA]; Sept. 30, 2019 exp.) amending their lease to reduce occupancy from 100% to 78% with average rent \\$32/sf. Per the master servicer, the borrower has indicated, they are in the process of lease execution documents with a tenant for approximately 9,500 sf. Per REIS, as of the fourth quarter 2015, the Vallejo-Fairfield market vacancy rate is 27% with average asking rent \\$23 sf. The loan did not pay off at its anticipated repayment date of Aug. 1, 2015.

RATING SENSITIVITIES
Although the credit enhancement to class AJ has improved, future upgrades are not expected due to the high concentration of specially serviced loans (over 27% of the pool), increased deal concentration, and adverse selection. In addition, several of the top 15 loans are secured by single-tenanted properties which carry binary risk. Losses remain possible.

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

Fitch has affirmed and revised REs to the following ratings:

--\\$126.7 million class AJ at 'CCCsf'; RE 100% from 75%;
--\\$36 million class B at 'Dsf'; RE 40% from 0%;
--\\$0 class C at 'Dsf'; RE 0%;
--\\$0 class D at 'Dsf'; RE 0%;
--\\$0 class E at 'Dsf'; RE 0%;
--\\$0 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-1A, A-2, A-2FL, A-3A1, A-3A2, A-4, A-SB, A-2FX and A-M 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.