2008-07-31 23:58:03 -

- 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, conflicts of interest, affiliate firewall, compliance and other 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