TEXT-Fitch cuts 3 classes of JPMCCM 2004-C3

June 21 - Fitch Ratings has downgraded three and affirmed 16 classes of JP
Morgan Chase Commercial Mortgage Securities Corp. series 2004-C3 (JPMCCM
2004-C3) commercial mortgage pass-through certificates. A detailed list of
rating actions follows at the end of this press release.

The downgrades reflect an increase in Fitch modeled losses across the pool, due
to further deterioration of loan performance, most of which involves higher
losses on the specially-serviced loans. Fitch modeled losses of 8.5% of the
remaining pool; modeled losses of the original pool are at 7.4%, including
losses already incurred to date.

As of the May 2012 distribution date, the pool's aggregate principal balance has
been reduced by 30.5% to $1.05 billion from $1.52 billion at issuance, due to a
combination of principal repayment (29%) and realized losses (1.5%). Interest
shortfalls totaling $6.2 million are currently affecting classes H through NR.
Nine loans (13.7%) are fully defeased.

Fitch has identified 38 loans (45.8%) as Fitch Loans of Concern, which includes
eight specially-serviced loans (10.5%).

The largest contributor to modeled losses is a real estate owned (REO) portfolio
(5.3% of the pool) of eight industrial/flex properties located in the greater
Boston metropolitan statistical area. The loan went into maturity default in
January 2010, and the Trust took title to the properties this year. A
third-party manager has been hired and the special servicer is reviewing a
project capital improvement plan and evaluating a leasing and disposition
strategy.

The second largest contributor to modeled losses is a defaulted loan (2.5%)
secured by a 650-unit multifamily property located in Tampa, FL. The loan
transferred to the special servicer in December 2009 as amortization was
scheduled to commence and cash flow from the property could not support the
higher debt service obligation. While the borrower has been making partial
payments, disposition discussions with the special servicer remain ongoing.

The third largest contributor to modeled losses is a loan (5.7%) secured by a
310,000 square foot (sf) anchored retail center located in White Plains, NY. As
of the March 2012 rent roll, occupancy at the property was approximately 82%.
Cash flow declined when bankrupt A&P Supermarket (12% of the net rentable area
) vacated its space in 2011. An additional 10% of the space rolls over the
next 12 months.

Fitch has downgraded the following class and assigned Recovery Estimates (RE) as
indicated:

--$19 million class G to 'CCCsf' from 'B-sf'; RE 50%;
--$15.2 million class H 'CCCsf' from 'B-sf'; RE 0%;
--$20.9 million class J to 'CCsf' from 'CCCsf'; RE 0%.

Fitch has affirmed the following classes and revised Outlooks as indicated:

--$141.9 million class A-1A at 'AAAsf'; Outlook Stable;
--$44.7 million class A-3 at 'AAAsf'; Outlook Stable;
--$166.1 million class A-4 at 'AAAsf'; Outlook Stable;
--$421.4 million class A-5 at 'AAAsf'; Outlook Stable;
--$87.3 million class A-J at 'AAsf'; Outlook Stable;
--$43.6 million class B at 'Asf''; Outlook Stable;
--$13.3 million class C at 'BBB-sf'; Outlook Stable;
--$13.3 million class D at 'BBsf'; Outlook Stable;
--$15.2 million class E at 'BBsf'; Outlook Stable;
--$15.2 million class F at 'Bsf'; Outlook to Negative from Stable;
--$7.6 million class K at 'Csf'; RE 0%;
--$5.7 million class L at 'Csf'; RE 0%;
--$9.5 million class M at 'Csf'; RE 0%;
--$3.8 million class N at 'Csf'; RE 0%;
--$5.7 million class P at 'Csf'; RE 0%;
--$5.6 million class Q at 'Dsf'; RE 0%.

Additional information is available at 'www.fitchratings.com'. The ratings above
were solicited by, or on behalf of, the issuer, and therefore, Fitch has been
compensated for the provision of the ratings.

Applicable Criteria and Related Research:
--'Global Structured Finance Rating Criteria' (Aug. 4, 2011);
--'Surveillance Methodology for U.S. Fixed-Rate CMBS Transactions' (Dec. 21
2011).

Applicable Criteria and Related Research:
Surveillance Methodology for U.S. Fixed-Rate CMBS Transactions
Global Structured Finance Rating Criteria