Chase CMSC 1998-2 Upgraded by Fitch Ratings.

Business Editors

CHICAGO--(BUSINESS WIRE)--April 13, 2004

Fitch Ratings upgrades Chase Commercial Mortgage Securities Corp.'s, commercial mortgage pass-through certificates, series 1998-2, as follows:

-- $63.4 million class B to 'AAA' from 'AA';

-- $69.7 million class C to 'A+' from 'A';

-- $72.9 million class D to 'BBB+' from 'BBB'.

The following certificates are affirmed:

-- $85 million class A-1 'AAA';

-- $720.6 million class A-2 'AAA';

-- Interest-only class X 'AAA';

-- $19 million class E 'BBB-';

-- $57.1 million class F 'BB';

-- $12.7 million class G 'BB-';

-- $22.2 million class H 'B';

-- $9.5 million class I 'B-'.

The $17.1 million class J is not rated by Fitch.

The upgrades are due to an increase in credit enhancement since issuance, and subordination levels that are in line with the levels of deals issued today having similar characteristics.

As of the March 2004 distribution date, the transaction's aggregate principal balance has decreased 9.4% to $1.15 billion from $1.27 billion at issuance.

The five largest loans represent 38.5% of the deal's outstanding loan balance. The performance of these loans has shown improvement since issuance, with the year-end 2002 weighted-average debt service coverage ratio (DSCR) of 2.20 times (x) compared to 1.66x at issuance. In addition, the largest loan, 75 State Street, represents 15% of the transaction. The loan is collateralized by a 767,096 square foot (sf) office property located in Boston, MA. The loan continues to perform well with a year-end 2003 DSCR of 1.86x. Occupancy remains 100% as of Sept. 30, 2003.

One loan (0.7%) is 90 days delinquent and specially serviced. The loan is secured by two office properties located in Fort Washington, PA. The loan transferred to special servicing when a tenant accounting for 25% of the gross leasable area (GLA) vacated. Fitch expects losses on the loan; however, the loss is anticipated to be absorbed by the non-rated class J.