Deal Name: Nomura Hotel First Mortgage

Deal NameCurrentPoolBal. $mlnOrig.PoolBal $mlnClassSize$mlnFitchNewRatingFitchOldRatingMoody'sNewRatingMoody'sOldRatingS&PNewRatingS&POldRatingReason for Rating ActionMorgan Stanley Dean Witter, 2001-PPM274.1623.6E10.9AAAAA-    Increased subordination   F4.7AA+A     Nomura Hotel Mortgage Trust, 1993-123.33551.393B4.4AAAA    Increased subordination   B-1 AAAA     GE Capital Commercial Mortgage Corp., 2001-3882.2963.8D13.3AAAAA+    Increased subordination and defeasance   E7.2AA+A+        F14.5AAA+        G12.0A+A-        H27.7BBB+BBB-        I8.4BBB-BB+        J7.2BB+BB        K12.0BB-B+     GMAC Commercial Mortgage Securities Inc., 2000-C2617.0773.7D10.6AAAAA+    Increased subordination and defeasance   E19.3AAA        F9.7A+BBB+     

Fitch Ratings yesterday upgraded classes from three CMBS transactions largely because of improved subordination levels.The rating agency upgraded four classes of Nomura Hotel Mortgage, 1993-1, which has a balance of $34.4 million compared with $51.4 million at issuance. It upgraded ...