Fitch Ratings Affirms JPMCC 2004-PNC1

NEW YORK--(Business Wire)--
Fitch Ratings affirms J.P. Morgan Chase Commercial Mortgage
Securities Corp. (JPMCC), commercial mortgage pass-through
certificates, series 2004-PNC1, commercial mortgage pass-through
certificates as follows:

--$5.6 million class A-1 at 'AAA';

--$234.6 million class A-1A at 'AAA';

--$128.3 million class A-2 at 'AAA';

--$98.0 million class A-3 at 'AAA';

--$426.2 million class A-4 at 'AAA';

--Interest-only class X at 'AAA';

--$28.8 million class B at 'AA';

--$13.7 million class C at 'AA-';

--$17.8 million class D at 'A';

--$11.0 million class E at 'A-';

--$16.5 million class F at 'BBB+';

--$11.0 million class G at 'BBB';

--$20.6 million class H at 'BBB-';

--$2.7 million class J at 'BB+';

--$6.9 million class K at 'BB';

--$4.1 million class L at 'BB-';

--$5.5 million class M at 'B+';

--$2.7 million class N at 'B';

--$2.7 million class P at 'B-'.

Fitch does not rate the $15.1 million class NR certificates.

The rating affirmations are the result of minimal reduction of the
pool collateral balance and stable performance since the last Fitch
rating action. As of the May 2008 distribution date, the pool has paid
down 4.1%, to $1.05 billion from $1.10 billion at issuance. Seventeen
loans (22.5%) have defeased since issuance. Three loans (4.6%) are
currently in special servicing. In total, 12.4% of the pool is
considered a Fitch loan of concern.

The largest specially serviced loan, (2.4%), is secured by a
182,322 square foot (sf) office in Melville, NY. The principal of the
borrower, which is also a major tenant at the property (American Home
Mortgage, 41.1% of NRA), filed for Chapter 11 bankruptcy. The
borrowing entity has not filed Chapter 11 and has not been
consolidated into the bankruptcy filing. The borrower is keeping the
loan payments current. The special servicer is currently evaluating
workout options, including a potential loan assumption. Losses are not
expected at this time.

The second largest specially serviced loan (1.7%) transferred to
special servicing in October 2007 after the owner/operator, MBS Cos.,
defaulted on debt service. The loan is secured by a 312-unit
multifamily property located in San Antonio, TX. The property is
currently listed for sale.

The third largest specially serviced loan (0.65%) is secured by a
216-unit multifamily complex located in Houston, TX also owned and
operated by MBS Cos. The special servicer is pursuing workout
strategies, including disposition of the asset. Losses are expected.

The largest loan in the pool, Centro Retail Portfolio (12.8%),
maintains its investment grade shadow rating. The loan is secured by
seven anchored retail properties, 54.1% located in Southern CA, and
45.9 % in Northern, CA. Occupancy as of June 30, 2007 was 93%,
consistent with occupancy at issuance (95%).

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
Chris Bushart, 212-908-0606, New York
Britt Johnson, 312-606-2341, Chicago
or
Media Relations:
Sandro Scenga, 212-908-0278, New York

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