Fitch Downgrades 3 Classes of J.P. Morgan, Series 2001-CIBC1.

CHICAGO -- Fitch Ratings downgrades J.P. Morgan Chase Commercial Mortgage Securities Corp.'s commercial mortgage pass-through certificates, series 2001-CIBC1, as follows:

--$12.7 million class K to 'B-' from 'B+';

--$5.1 million class L to 'CC/DR4' from 'B';

--$5.1 million class M to 'C/DR6' from 'CCC/DR4'.

The following classes are affirmed by Fitch:

--$607 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'.

--$25.4 million class E at 'AA';

--$14 million class F at 'A+';

--$29.2 million class G at 'BBB'

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

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

The $6.2 million class NR certificates are not rated by Fitch. Classes A-1 and A-2 have been paid in full.

The downgrades are the result of increased Fitch expected losses on the specially serviced assets. Fitch-projected losses are expected to fully deplete class M and negatively impact classes L and K.

Four loans have defeased (2.1%) since the last Fitch rating action. Since issuance, 19 loans (22.9%) have defeased, including the three largest loans (12.4%) in the pool. As of the October 2006 distribution date, the transaction has paid down 19.3% to $818.7 million from $1.01 billion at issuance.

Currently, six assets (2.6%) are in special servicing and all are real estate owned (REO). Fitch anticipates losses on all six assets. The largest specially serviced asset (1.0%) is a multifamily property in Greece, NY that became REO in June 2006. The special servicer will list this asset for sale in fourth quarter 2006.

The second largest specially serviced asset (1.2%) is a multifamily property in Irving, TX that became REO in September 2004. The asset sustained hurricane damage and is currently 89% vacant. The special servicer is developing an asset disposition strategy for this property.

The next largest specially serviced asset (0.4%) is a hotel in La Porte, IN that became REO in September 2005. The special servicer is currently reviewing the business plan for the hotel.

Fitch has designated 15 loans (9.6%) as Fitch Loans of Concern in the pool. These include the specially serviced loans and loans with low DSCR and occupancies. The largest Fitch Loan of Concern (2.7%) is a retail shopping center in Wallkill, NY and is current. The performance decline is due to a slight drop in effective gross income (EGI) accompanied by an increase in operating expenses. The occupancy at the center is 87.5% as of September 2006. Fitch will continue to monitor the performance of the collateral.

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.

Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, 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.