JPMorgan CMBS Classes Downgraded

Six classes of J.P. Morgan Chase Commercial Mortgage Securities Corp. commercial mortgage pass-through certificates, series 2004-CIBC8, have been downgraded by Moody's Investors Service.The downgrades were as follows: class J, from Ba1 to Ba2; class K, from Ba2 to Ba3; class L, from Ba3 to B2; class M, from B1 to B3; class N, from B2 to Caa2; and class P, from B3 to Caa3. Moody's also affirmed the ratings of 14 classes from the same transaction. The rating agency attributed the downgrades to potential losses from the $25.6 million specially serviced loan, Parkwoods Apartments, secured by a 30-year old, 824-unit multifamily property in Dallas. "The property is 60% leased and suffers from extensive deferred maintenance and building code violations," Moody's said, estimating a $10 million loss for the loan. The rating agency can be found online at http://www.moodys.com.