Fitch Ratings Upgrades JP Morgan, Series 2002-CIBC5.

NEW YORK -- Fitch Ratings upgrades JP Morgan Chase Commercial Mortgage Securities Corporation's commercial mortgage pass-through certificates, series 2002-CIBC5 as follows:

-- $36.4 million class B to 'AAA' from 'AA';

-- $13.8 million class C to 'AA+' from 'AA-';

-- $27.6 million class D to 'AA' from 'A';

-- $13.8 million class E to 'AA-' from 'A-';

-- $28.9 million class F to 'A-' from 'BBB';

-- $16.3 million class G to 'BBB+' from 'BBB-';

-- $18.8 million class H to 'BBB-' from 'BB+'.

Fitch also affirms the following classes:

-- $272.9 million class A-1 'AAA';

-- $487.2 million class A-2 'AAA';

-- Interest-only classes X-1 and X-2 'AAA';

-- $12.6 million class J 'BB';

-- $5.0 million class K 'BB-';

-- $5.0 million class L 'B+';

-- $8.8 million class M 'B';

-- $2.5 million class N 'B-'.

Fitch does not rate the $17.3 million class NR.

The rating upgrades reflect the improved credit enhancement levels from scheduled amortization and defeasance. As of the August 2005 distribution date, the pool has paid down 3.7% to $966.9 million from $1.0 billion at issuance. Four loans (2.7%) have defeased.

One asset (0.75%), secured by a multifamily property in Winston-Salem, NC, is currently real estate owned (REO). A new appraisal has been ordered and the special servicer is planning to market the property shortly.

Fitch reviewed the two credit assessed loans in the pool, the Simon Mall Portfolio (10.5%) and the Avion Portfolio (4.7%). Both loans maintain investment grade credit assessments. The debt service coverage ratio (DSCR) for each loan is calculated using servicer provided net cash flow adjusted for vacancy, management, and required reserves divided by debt service payments based on the current loan balance using a Fitch stressed refinance constant.

The Simon Mall Portfolio is secured by a total of 1.5 million square feet (sf) in four regional malls located in Ohio, Texas, Indiana, and Wisconsin. The subject loan consists of an A note with a total outstanding principal balance as of August 2005 of $103.5 million and a B note with a current outstanding principal balance of $17.2 million. The A-note year-end (YE) 2004 DSCR is 1.60 times (x) compared to 1.45x at issuance. The portfolio's in-line occupancy has declined to 86.8% as of June 30, 2005 compared to 92.4% at issuance.

The Avion Portfolio is secured by seven suburban office and flex buildings in Chantilly, VA, with a total of 586,466 sf. The YE 2004 DSCR has increased to 1.71x from 1.41x at issuance. As of Dec. 31, 2004, the portfolio's occupancy improved to 93.6% from 89% at issuance.

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.