Fitch Upgrades 5 Classes of JP Morgan's 1999-C8 P-T Ctfs.

Business Editors

CHICAGO--(BUSINESS WIRE)--July 16, 2003

J.P. Morgan Commercial Mortgage Finance Corp.'s mortgage pass-through certificates, series 1999-C8, are upgraded by Fitch Ratings as follows:

-- $36.6 million class B to 'AA+' from 'AA';

-- $32.9 million class C to 'A+' from 'A';

-- $14.6 million class D to 'A' from 'A-';

-- $25.6 million class E to 'BBB+' from 'BBB';

-- $11 million class F to 'BBB' from 'BBB-'.

In addition Fitch affirms the following classes:

-- $123.1 million class A-1 'AAA';

-- $357 million class A-2 'AAA';

-- Interest-only class X 'AAA';

-- $16.5 million class G 'BB+';

-- $20.1 million class H at 'BB-';

-- $23.8 million class J at 'B-';

-- $7.3 million class K at 'CC'.

Fitch does not rate the $12.6 million class NR certificates. The upgrades follow Fitch's annual review of the transaction, which closed in August 1999.

The upgrades are primarily the result of increased subordination levels due to loan amortization. As of the June 2003 distribution date, the pool's aggregate principal balance has been reduced by 7%, from $731 million to $681 million at issuance.

Midland Loan Services, Inc., the master servicer, collected year-end (YE) 2002 financials for 71% of the pool balance. Based on the information provided, the resulting YE 2002 weighted average debt service coverage ratio (DSCR) is 1.53 times (x), compared to 1.38x at issuance for the same loans.

Currently, seven loans (5.2%) are in special servicing. Of the seven loans, three are cross-collateralized cross-defaulted Horizon group properties located in Sealy, TX (1.6%); Gretna, NE (1.1%); and Traverse City, MI (0.73%). Negotiations continue for a discounted payoff (DPO) for the Sealy and Gretna properties and reinstatement of the Traverse City property. Under this agreement, a loss will be incurred to the trust for the DPO.

In re-modeling the pool, Fitch applied the expected loss to the trust, as well as various hypothetical stress scenarios. Even under these stress scenarios, the resulting subordination levels were sufficient to upgrade the designated classes. Fitch will continue to monitor this transaction, as surveillance is ongoing.