NEW YORK CITY-Fitch Ratings has downgraded seven classes of JP Morgan Chase Commercial Mortgage Corp.’s commercial mortgage pass-through certificates part of series 2005-LDP2. The ratings agency designated 48 loans--or 19.6% of the series--as loans of concern, which include 17 specially-serviced loans.

Adam Fox, senior director in Fitch's US CMBS group, tells GlobeSt.com in an e-mail that the downgrades “were the result of a greater certainty of expected losses.” As of the September 2011 distribution date, the pool’s aggregate principal balance has been reduced by 20.61%, including 2.07% of realized losses, to $2.365 billion from $2.9 billion at issuance, says Fitch.

Fox explained that the largest contributor to the losses was the Cross Creek Shopping Center in Memphis, a 363,000-square-foot property anchored by the Home Depot, Kroger Inc. and Rhodes Furniture.