TEXT-Fitch cuts 3 non-investment classes of JPMorgan 2004-CIBC9

Aug 6 - Fitch Ratings has downgraded three classes and revised the Outlook
of one class of J.P. Morgan Chase Commercial Mortgage Securities Corp.'s
commercial mortgage pass-through certificates, series 2004-CIBC9. A detailed
list of rating actions follows at the end of this release.

The downgrades are primarily the result of higher certainty of losses from the
specially serviced loans. Fitch modeled losses of 5.14% of the remaining pool.
Fitch designated 16 loans (17.2%) as Fitch Loans of Concern, which include eight
specially serviced loans (8.11%).

As of the July 2012 distribution date, the pool's aggregate principal balance
has been reduced by 36.8% (including 5.5% of realized losses) to $696.8 million
from $1.1 billion at issuance. Interest shortfalls are affecting classes G
through NR. Six loans in the pool (6.7%) are currently defeased.

The largest contributor to Fitch's modeled losses is the specially-serviced
loan, Dean Commerce Building (0.6% of the pool), located in Baton Rouge, LA. The
97,422 square foot (sf) eight story vacant office building was built in 1960
within the central business district (CBD). The loan was transferred to the
special servicer in August 2011 for imminent payment default and continues to
work with the borrower on a resolution, including a potential sale of the
property. If finalized, the sale is expected to close in August.

The second largest contributor to Fitch's model losses is a real estate owned
(REO) 204 unit multi-family complex, Bellaire Garden Apartments (0.7%), located
in Houston, TX. The loan was transferred to the special servicer in July 2011
due to maturity default. The special servicer completed a number of capital
improvements before marketing the building for sale.

The third largest contributor to Fitch's modeled losses, the Dean Office
Portfolio (0.9% of the pool), consists of three buildings totaling 153,654 sf in
Baton Rouge, LA. The buildings were built between 1912 and 1965 are located in
the CBD within walking distance of the capital building and the surrounding
amenities. The portfolio transferred to the special servicer in August 2011 for
imminent payment default. The special servicer continues to use a dual track
process and will post for foreclosure. Concurrently, there are on-going
negotiations with a third party to purchase Dean Tower and the borrower has
submitted a preliminary offer for the two remaining buildings. The special
servicer is concentrating on completing an agreement for Dean Tower before
agreeing to a purchase price for the State and Romain buildings.

Fitch downgrades the following classes and updates the recovery estimates:

--$20.7 million class D to 'CCCsf' from 'B-sf'; RE100%;
--$11 million class E to 'CCsf' from 'CCCsf'; RE30% from RE100%
--$15.15 million class F to 'Csf' from 'CCCsf'; RE0% from RE100%;

Fitch affirms, revises Rating Outlooks and maintains recovery estimates to the
following classes:

--$12.2 million class A-3 at 'AAAsf'; Outlook Stable;
--$466.4 million class A-4 at 'AAAsf'; Outlook Stable;
--$125.4 million class A1-A at 'AAAsf'; Outlook Stable;
--$27.5 million class B at 'BBB-sf'; Outlook Stable from Negative;
--$13.8 million class C at 'BBsf'; Outlook Negative;
--$4.6 million class G at 'Dsf'; RE0%;
--$0.0 million class H at 'Dsf'; RE0%;
--$0.0 million class J at 'Dsf'; RE0%;
--$0.0 million class K at 'Dsf'; RE0%;
--$0.0 million class L at 'Dsf'; RE0%;
--$0.0 million class M at 'Dsf'; RE0%;
--$0.0 million class N at 'Dsf'; RE0%;
--$0.0 million class P at 'Dsf'; RE0%..

Classes A-1 and A-2 have repaid in full. Fitch does not rate class NR. The
rating on class X was previously withdrawn.

Additional information is available at 'www.fitchratings.com'. The ratings above
were solicited by, or on behalf of, the issuer, and therefore, Fitch has been
compensated for the provision of the ratings.

Applicable Criteria and Related Research:
--'Global Structured Finance Rating Criteria' (June 6, 2012);
--'Criteria for Analyzing Large Loans in U.S. Commercial Mortgage Transactions'
(Sept. 26, 2011).

Applicable Criteria and Related Research:
Global Structured Finance Rating Criteria
Criteria for Analyzing Large Loans in U.S. Commercial Mortgage Transactions