Fitch Downgrades 2 & Upgrades 2 Classes of JP Morgan 2001-CIBC1.

CHICAGO -- Fitch Ratings has downgraded two classes of J.P. Morgan Chase Commercial Mortgage Securities Corp.'s commercial mortgage pass-through certificates, series 2001-CIBC1:

--$12.7 million class K to 'CCC/DR1' from 'B-';

--$4.7 million class L to 'C/DR6' from 'CC/DR4'.

Fitch has upgraded the following two classes:

--$25.4 million class E to 'AAA' from 'AA';

--$14.0 million class F to 'AA-' from 'A+'.

Fitch has affirmed the following classes:

--$595.8 million class A-3 at 'AAA';

--Interest-only class X-1 at 'AAA';

--Interest-only class X-2 at 'AAA';

--$43.1 million class B at 'AAA';

--$40.6 million class C at 'AAA'.

--$12.7 million class D at 'AAA';

--$29.2 million class G at 'BBB';

--$10.1 million class H at 'BB+';

--$7.6 million class J at 'BB'.

Classes M and NR have been reduced to zero balance due to realized losses, Fitch does not rate the NR class. Classes A-1 and A-2 have been paid in full.

The downgrades to classes K and L are due to expected losses on the two (0.7%) specially serviced assets. The upgrades to classes E and F are due to 13% defeasance and 2% pay down since the last Fitch rating action.

The largest specially serviced asset is a limited service hotel (0.4%) in LaPorte, Indiana, that became real estate owned (REO) in September 2005. The asset is currently under contract for purchase with a projected closing by end of second quarter 2007. The other asset is a multifamily property (0.3%) in Memphis, Tennessee, that became REO in November 2005. The asset is listed for sale and first quarter 2007 occupancy was 66%.

Additionally, the second largest non-defeased loan (2.8%) is a Fitch loan of concern. The loan is secured by a retail center in Wallkill, New York; with a year-end 2006 servicer reported DSCR of 0.74 times (x) and occupancy of 87%. The performance decline is due to a slight drop in effective gross income accompanied by an increase in operating expenses. Fitch will continue to monitor the performance of the collateral.

As of the May 2007 distribution date, the transaction has paid down 21.6% to $795.9 million from $1.01 billion at issuance. In total, 30 loans (36%) have defeased since issuance, including the top three loans (12.7%) in the pool.

Fitch's Distressed Recovery (DR) ratings, introduced in April 2006 across all sectors of structured finance, are designed to estimate recoveries on a forward-looking basis while taking into account the time value of money. For more information on Distressed Recovery ratings, see the full report ('Structured Finance Distressed Recovery Ratings'), which is available on the Fitch Ratings web site at www.fitchratings.com.

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