Fitch Ratings Upgrades JP Morgan 2000-FL1 Cls C & D.

Business Editors

NEW YORK--(BUSINESS WIRE)--Feb. 10, 2004

J.P. Morgan Commercial Mortgage Finance Corp.'s mortgage pass-through certificates, series 2000-FL1 are upgraded by Fitch Ratings as follows:

-- $19.6 million class C to 'AA+' from 'AA';

-- $18.8 million class D to 'A-' from 'BBB+'.

The following certificates are affirmed by Fitch:

-- $27.3 million class A 'AAA';

-- Interest-only class X2 'AAA';

-- $17.4 million class B 'AAA';

-- $5.8 million class E 'BBB';

-- $7.2 million class F 'BBB-';

-- $10.9 million class G 'BB';

-- $11.6 million class H 'CCC';

-- $4.4 million class J 'CC'.

The $2.0 million class NR certificates are not rated by Fitch.

The upgrades to the senior classes are primarily the result of increased subordination levels due to loan amortization and payoffs, as well as the deal conversion to sequential pay in June 2003.

As of the January 2004 distribution date, the pool's aggregate principal balance has been reduced by approximately 80% to $124.9 million, from $622.2 million at issuance. The certificates are currently collateralized by 8 floating-rate mortgage loans, consisting primarily of retail (61% by balance), office (31%), hotels (5.0%), and healthcare (2.8%) properties.

Three loans (27%) are currently being specially serviced including a real estate owned (REO) loan (1.4%). Losses are expected on all three of them. The largest specially serviced loan (19.9%) is secured by a retail center in Frederick, MD. A new anchor tenant opened in 2003, increasing occupancy at the center to 80%. The loan has matured and the special servicer is evaluating options, including a note sale and deed in lieu. The second largest specially serviced loan (5.4%) is secured by retail property in Dallas, TX. Comp USA, whose lease expires March 2008, vacated. The building is dark and the special servicer is evaluating options. The REO is secured by a retail center in Yeadon, MD, which is currently 92% occupied. The special servicer is trying to increase occupancy before marketing the property for sale.

Two loans (21%) are past maturity with the remaining loans maturing in 2004. The deal is concentrated with the largest loan representing 28% of the pool and the top three loans representing 74% of the pool. The largest loan, currently on the master servicer's watchlist due to upcoming maturity in April 2004, is secured by a retail center in Bradley, IL. The property's YE 2002 net cash flow declined 14% from issuance. ORIX is working on extending the maturity date to 2005.

Fitch will continue to monitor this transaction, as surveillance is ongoing.