Fitch Affirms J.P. Morgan Chase Commercial 2004-PNC1.

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

--$7.2 million class A-1 at 'AAA';

--$235.3 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. As of the March 2008 distribution date, the pool has paid down 3.8%, to $1.05 billion from $1.10 billion at issuance. Sixteen loans (16.6%) have defeased since issuance. Four loans (5%) are currently in special servicing. In total, 11.7% of the pool is considered a Fitch loan of concern.

The largest specially serviced loan, (2.4%), is secured by an 182,322 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. Approval has been granted on the assumption of this loan which is scheduled to close within 60 days. Additional terms of the assumption require a six-month DSCR reserve and $241,000 escrowed for immediate repairs. The loan is to be brought current along with repayment of advances as a condition of the assumption. Fitch does not anticipate any losses on this loan.

The third largest specially serviced loan 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 possible.

The last specially serviced loan, collateralized by a multifamily property in Evansville, IN, is expected to return to the master servicer.

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%).

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