NEW YORK--(BUSINESS WIRE)--Fitch Ratings has upgraded two and affirmed 11 classes of J.P. Morgan Chase Commercial Mortgage Securities Corp. series 2004-PNC1 commercial mortgage pass-through certificates (JPMCC 2004-PNC1). A detailed list of rating actions follows at the end of this press release. KEY RATING DRIVERS The upgrades reflect an increase in credit enhancement due to principal paydown as a result of better than expected resolutions on the specially serviced loans and continued amortiza