S&P Lwrs Rtgs on JP Morgan Comm Mtg Fin 1995-C1;Afmd.

Business Editors

NEW YORK--(BUSINESS WIRE)--Standard & Poor's

Nov. 27, 2000-- Standard & Poor's today lowered its ratings on J.P. Morgan Commercial Mortgage Finance Corp.'s commercial mortgage pass-through certificates series 1995-C1 class F to single-'B' from double-'B'-minus

Concurrently, Standard & Poor's affirmed its ratings on its other rated classes (see list).

The lowered ratings reflect Standard & Poor's belief that the Blue Ridge Outlet Center located in West Virginia has had its market value permanently impaired and that losses could impact classes F and G. The trustee effected a collateral value adjustment of $9.6 million on this loan. The borrower is currently not making payments on the loan, and the special servicer is not advancing the loan's principal and interest payments. The special servicer determined the advances to be nonrecoverable. As a result, available funds are not sufficient to satisfy the principal and interest payments due on class G, the lowest rated class.

The Blue Ridge Outlet Center is currently vacant as a result of competing centers coming into the market and capturing the outlet shoppers business. The center's management is attempting to bring other uses to the center, but is having a difficult time attracting tenants.

Other than the Blue Ridge Outlet Center loan, there are currently no other delinquencies or specially serviced loans. The trailing 12-month debt service coverage as provided by the servicer for 2000 is 1.43 times (x) as compared to 1.50x for the trailing 12 months in 1999. The other rated classes have sufficient credit support at their current levels reflecting loan paydowns, Standard & Poor's said.--CreditWire

Outstanding Ratings Lowered

J.P. Morgan Commercial Mortgage Finance Corp. series 1995-C1
Class      Rating
         To      From
F        B       BB-
G        D       CCC

Outstanding Ratings Affirmed

J.P. Morgan Commercial Mortgage Finance Corp. series 1995-C1
Class      Rating
A-1        AAA
A-1X       AAA
A-2        AAA
A-2X       AAA
B          AA
C          A
D          BBB
DX         BBB
E          BB+