Fitch Affirms J.P. Morgan Chase Commercial Mortgage Securities 2004-C2.

NEW YORK -- Fitch Ratings affirms J.P. Morgan Chase Commercial Mortgage Securities 2004-C2 as follows:

--$71.4 million class A-1 at 'AAA';

--$100 million class A-2 at 'AAA';

--$431.4 million class A-3 at 'AAA';

--$268.2 million class A-1A at 'AAA';

--Interest Only (IO) class X at 'AAA';

--$24.6 million class B at 'AA';

--$10.4 million class C at 'AA-';

--$24.6 million class D at 'A';

--$9.1 million class E at 'A-';

--$11.6 million class F at 'BBB+';

--$7.8 million class G at 'BBB';

--$11.6 million class H at 'BBB-';

--$6.5 million class J at 'BB+';

--$5.2 million class K at 'BB';

--$2.6 million class L at 'BB-';

--$3.9 million class M at 'B+';

--$2.6 million class N at 'B';

--$2.6 million class P at 'B-';

--$5.8 million class RP-1 at 'A';

--$4.5 million class RP-2 at 'A-';

--$4.7 million class RP-3 at 'BBB+';

--$5.2 million class RP-4 at 'BBB';

--$7.8 million class RP-5 at 'BBB-'.

Fitch does not rate the $13.7 million NR class. The RP certificates represent an interest in a subordinate note secured by the Republic Plaza property.

The affirmations are the result of stable performance and limited amortization since issuance. As of the June 2006 distribution date, the pool's aggregate principal balance has decreased 2.6% to $1.04 billion from $1.07 billion at issuance. There are currently no delinquent or specially serviced loans.

Fitch maintains investment-grade credit assessments on two loans in the trust: the Somerset Collection (12.1%) and Republic Plaza (10.3%) loans. The Fitch stressed debt service coverage ratio (DSCR) is calculated based on a Fitch adjusted net cash flow (NCF) and a stressed debt service based on the current loan balance and a hypothetical mortgage constant.

Somerset Collection, a regional mall located in Troy, MI, reported that December 2005 occupancy had increased to 97.7%, versus 94.2% in October. Fitch year-end (YE) 2005 DSCR remains stable at 1.46 times (x) compared with 1.45x at YE 2004.

Republic Plaza is a 1.29 million square foot office property located in Denver, CO. The whole loan consists of two A-note pieces, of which one is pooled and one represents the non-pooled RP certificates, and a B-note, which is not held in the trust. The Fitch YE 2005 DSCR for the pooled A-note portion increased to 1.85x compared with 1.76x at YE 2004. Occupancy at the property continues to stabilize, increasing to 86% at YE 2005 compared with 81.2% at YE 2004.

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