Fitch Upgrades 1 Class from J.P. Morgan 1999-C7

CHICAGO--(Business Wire)--
Fitch Ratings upgrades J.P. Morgan Commercial Mortgage Finance
Corp.'s mortgage pass-through certificates, series 1999-C7, as
follows:

--$38.1 million class F to 'AA' from 'A'.

Additionally, Fitch affirms the following classes:

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

--$22.7 million class B at 'AAA';

--$40.1 million class C at 'AAA'.

--$52.1 million class D at 'AAA';

--$12.0 million class E at 'AAA';

--$26.0 million class G at 'BB';

--$4.0 million class H at 'BB-'.

Fitch does not rate the $23.4 million class NR certificates. The
class A-1 and A-2 certificates have paid in full.

The upgrade reflects increased credit enhancement due to scheduled
amortization and loan payoffs since last review of 16.8%. As of the
July 2008 distribution date, the pool's aggregate balance has been
reduced 72.7%, to $218.4 million from $801.4 million at issuance. Two
loans (25.6%), including the largest loan in the pool, have defeased.

One asset (3.3%) has been in special servicing since 2003 and real
estate-owned since 2004. The loan is secured by 107,052 sf of office
space in Ridgeland, MS, a Jackson-area suburb. The properties consist
of two office buildings, one of which needed significant repairs. The
special servicer is working to lease up vacant space and is marketing
the properties for sale. Recent valuations of the asset indicate
losses upon liquidation.

Thirty-one (85.2%) of the remaining 51 loans in the transaction
have an anticipated repayment date in either 2008 or 2009. These
include the two defeased loans (25.6%). The 49 non-defeased loans have
a year-end 2007 weighted average DSCR of 1.71x.

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,
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relevant policies and procedures are also available from the 'Code of
Conduct' section of this site.

Fitch Ratings
Elizabeth Elser, 312-606-2319, Chicago
Britt Johnson, 312-606-2341, Chicago
Sandro Scenga, 212-908-0278, Media Relations, New York

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