Fitch Ratings Upgrades J.P. Morgan Series 2000-C9 Class B.

NEW YORK -- J.P. Morgan Commercial Mortgage Finance Corp.'s mortgage pass-through certificates, series 2000-C9, $36.6 million class B certificates is upgraded to 'AA+' from 'AA' by Fitch Ratings.

Fitch also affirms the following classes:

-- $122.8 million class A-1 at 'AAA';

-- $404.7 million class A-2 'AAA';

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

-- $38.7 million class C at 'A';

-- $10.2 million class D at 'A-';

-- $28.5 million class E at 'BBB';

-- $14.3 million class F at 'BBB-';

-- $14.3 million class G at 'BB+';

-- $20.4 million class H at 'BB'.

The $26.5 million class J and $2.8 million class K certificates are not rated by Fitch.

The upgrade to class B reflects the increased credit enhancement levels from loan payoffs and amortization. As of the June 2004 distribution date, the pool's aggregate principal balance has been reduced by approximately 12% to $719.7 million from $814.4 million at issuance.

ORIX Capital Markets LLC, the master servicer, collected year-end (YE) 2003 operating statements for 86% of the pool. The pool's YE 2003 weighted average debt service coverage ratio (DSCR) was 1.51 times (x), compared with 1.54x at issuance for the same loans.

Five loans (2.9%) are delinquent, including three specially serviced loans (1.4%). The largest of these loans, English Park Village (0.67%), is secured by an office property in Lancaster, NY. The property is 68% occupied and the special servicer is evaluating workout options. The next loan (0.56%) is secured by a vacant industrial property in Longmont, CO. The foreclosure sale took place in July 2004, and the trust is expected to take the title to the property in September 2004 due to the 75 days redemption period in Colorado. Losses are expected on several of these loans; however, they are expected to be absorbed by the classes not rated by Fitch.

The pool's realized losses total $17.1 million, or 2.4% of the original pool balance.