Deal Name: 2004-XLF

Deal NameCurrentPoolBal. $mlnOrig.PoolBal $mlnClassSize$mlnFitchNewRatingFitchOldRatingMoody'sNewRatingMoody'sOldRatingS&PNewRatingS&POldRatingReason for Rating ActionDLJ Commercial Mortgage Corp., 1999-CG110301240A-418.6AAAAA----Increased Subordination and Defeasance---B-146.5AAAA+--------B-215.5AAA---------B-337.2A-BBB--------B-421.7BBB-BB+--------B-59.3BB+BB------First Union National Bank - Bankn of America Mortgage Trust, 2001-C111001300B52.3AAAAA+----Increased Subordination and Defeasance---C26.2AAAAA---------D26.2AAAA--------E16.4AAAA---------F13.1A+BBB+--------G26.2ABBB+--------H16.4A-BBB---------J19.6BBB+BB+--------K16.4BBB-BB+--------L13.1BB+BB--------M6.5BBBB------LB Commercial Mortgage Trust, 1999-C2695.4892.4E23.4AAAAA----Increased Subordination and Improved Performance---F12.3AA+AA------Morgan Stanley Capital I Inc., 2004-XLF192.41100C13.2AAAAA+----Increased ...

A venture led by Vornado Realty Trust and Crescent Real Estate Equities Co. has refinanced a chunk of debt on a portfolio of refrigerated warehouses with a $400 million short-term loan.The financing, a one-year interest-only loan, is backed by 21 ...

The value of Americold Logistics, an operation owned by Vornado Realty Trust, Crescent Real Estate Equities and Yucaipa Cos., is considering refinancing the $725 million of debt on the 85-property portfolio. The portfolio has increased in value substantially and would ...

Moody's Investors Service has upgraded three classes of Morgan Stanley Capital I Inc., 2004-XLF, because of improved subordination levels.The deal's balance is $637.6 million, compared with $1.1 billion at issuance.The rating agency upgraded the deal's:- $38.6 million class B to ...

Standard & Poor's has upgraded seven classes of Morgan Stanley Capital I Inc., 2004-XLF, because of improved subordination levels. The deal's balance is $638.4 million, compared with $1.1 billion at issuance. Only three loans remain in the collateral pool. They ...

The Arlington, Va., REIT is paying $1 billion for a 50 percent stake in a portfolio of malls owned by General Motors Asset Management. The Mills/GM venture is looking to initially raise $754 million of mortgage debt. It will be ...

The company's Pension Trust is looking to recapitalize its mall portfolio, valued at more than $1 billion, by selling at least a 50 percent interest in eight of the 10 regional malls that it owns. AEW Capital Management, GM's real ...

March 4, 2004 Class Amt ($mln) Sub Level (%) Avg Life (yrs)** Rating S&P Rating Fitch Rating Moody's Final Pricing (bp) Bnch mark A1 630.0 42.9 1.99 AAA AAA Aaa +14 Libor A2 219.0 23.0 3.40 AAA AAA Aaa +23 ...