JPMorgan CMBS Downgraded

The ratings on three classes of J.P. Morgan Commercial Mortgage Finance Corp.'s mortgage pass-through certificates, series 1997-C5, have been lowered by Standard & Poor's Ratings Services.The downgrades were as follows: class F, from BB to B-plus; class G, from B-minus to CCC-plus; and class H, from CCC-plus to D. S&P also raised the ratings on three classes in the deal and affirmed the ratings on three others. The rating agency attributed the downgrades to expected credit support erosion upon the disposition of some specially serviced assets (especially industrial, multifamily, and lodging assets); concerns about certain loans on the servicer's watchlist (especially health care assets); continuing interest shortfalls to class H; and the susceptibility of class G to future interest shortfalls. S&P can be found online at http://www.standardandpoors.com.