Fitch Places 2 Classes of JPMCC 2006-CIBC15 on Rating Watch Negative

Fitch Ratings has placed two classes of commercial mortgage pass-through certificates from of JP Morgan Chase Commercial Mortgage Securities Corp series 2006-CIBC15 on Rating Watch Negative.

Classes A-M and A-J have been placed on Rating Watch Negative based on an increase in Fitch's preliminary estimate of expected losses for the 20 specially serviced loans, four of which are within the top 15 loans in the pool.

Fitch expects to resolve the Rating Watch status within the next several months following a complete review of the transaction including updated performance data for performing loans. Fitch expects classes A-M and A-J could be downgraded several categories given limited subordination of the remaining classes to offset losses.

Fitch has placed the following classes on Rating Watch Negative:

--$211.8 million class A-M 'Asf';

--$164.2 million class A-J 'B-sf'.

Additional information on Fitch's criteria is available in the Dec. 21, 2011 report, 'Surveillance Methodology for U.S. Fixed-Rate CMBS Transactions', which is available at 'www.fitchratings.com' under the following headers:

Structured Finance then CMBS then Criteria Reports

Additional information is available at 'www.fitchratings.com'. The ratings above were solicited by, or on behalf of, the issuer, and therefore, Fitch has been compensated for the provision of the ratings.

Applicable Criteria and Related Research:

'Surveillance Methodology for U.S. Fixed-Rate CMBS Transactions' Dec. 21, 2011.

Applicable Criteria and Related Research:

Surveillance Methodology for U.S. Fixed-Rate CMBS Transactions

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=662869

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE.

Contacts:

Fitch Ratings
Primary Analyst
Lisa Cook, [phone]
Director
Fitch, Inc.
One State Street Plaza
New York, NY 10004
or
Committee Chairperson
Adam Fox, [phone]
Senior Director
or
Media Relations:
Sandro Scenga, [phone]
Email: [e-mail]