OREANDA-NEWS. Fitch Ratings has upgraded two classes and affirmed nine classes of JP Morgan Chase Commercial Mortgage Securities Corp.'s commercial mortgage pass-through certificates 2004-CIBC9. A detailed list of rating actions follows at the end of this press release.

KEY RATING DRIVERS
The upgrades reflect the increased credit enhancement levels after significant paydown since Fitch's last rating action. Of the original 117 loans, only nine remain. Fitch modeled losses of 4% of the remaining pool; expected losses on the original pool balance total 6.6%, including $71.6 million (6.5% of the original pool balance) in realized losses to date. Fitch has designated one loan (18.3%) as a Fitch Loan of Concern. There are not any specially serviced loans.

As of the June 2015 distribution date, the pool's aggregate principal balance has been reduced by 97.1% to $32.5 million from $1.1 billion at issuance. Per the servicer reporting, one loan (7.2% of the pool) is defeased. Interest shortfalls are currently affecting classes F through NR.

The largest contributor to expected losses is the Fitch Loan of Concern (18.3% of the pool). It is secured by a 81,903 square foot (sf) retail center located in Littleton, CO, which is approximately 20 miles southwest of Denver. The anchor space, which accounts for 51% of the net rentable area, is currently dark. The space was formerly occupied by Wild Oats, but the tenant continues to pay full rent as it searches for a replacement tenant to sublease. Per the servicer, occupancy as of February 2015 was 86%, but physically, the property is only 52% occupied. The year-end (YE) 2014 debt service coverage ratio was reported to be 1.07x.

RATING SENSITIVITIES
Rating Outlooks on classes D and E are Stable. These senior classes will continue to benefit from paydown as the remaining loans amortize. No downgrades are expected unless there is a significant deterioration in performance of any of the remaining loans. Pool concentration will limit further upgrades.

DUE DILIGENCE USAGE
No third party due diligence was provided or reviewed in relation to this rating action.

Fitch upgrades and assigns Rating Outlooks to the following classes:

--$13 million class D to 'Asf' from 'BBsf'; Outlook Stable;
--$11 million class E to 'BBsf' from 'CCCsf'; Outlook Stable Assigned.

Fitch affirms the following classes:

--$8.4 million class F at 'Dsf'; RE 95%;
--$0 class G at 'Dsf'; RE 0%;
--$0 class H at 'Dsf'; RE 0%;
--$0 class J at 'Dsf'; RE 0%;
--$0 class K at 'Dsf'; RE 0%;
--$0 class L at 'Dsf'; RE 0%;
--$0 class M at 'Dsf'; RE 0%;
--$0 class N at 'Dsf'; RE 0%;
--$0 class P at 'Dsf'; RE 0%.

The class A-1, A-2, A-3, A-4, A1-A, B and C certificates have paid in full. Fitch does not rate the class NR certificates. Fitch previously withdrew the rating on the interest-only class X certificates.