Deal Name: Series 1997-XL1

Deal NameCurrentPoolBal. $mlnOrig.PoolBal $mlnClassSize$mlnMoody'sNewRatingMoody'sOldRatingReason for Rating ActionCredit Suisse First Boston Mortgage Securities Corp., 1998-C21,500.01,900.0E28.8AaaAa1Defeasance (51.4 percent of pool)---F105.6Ba1Ba2----G19.2Ba2Ba3-Morgan Stanley Capital I Inc., 1997-XL1306.1754.5D45.3AaaAa1Increased subordination; defeasance (66.2 percent of pool); improved performance of Grand Kempinski---E45.3AaaA2----G26.4B2Caa2-LB-UBS Commercial Mortgage Trust, 2000-C4840.0999.1G12.5Baa1Baa2Increased subordination; defeasance ...

Standard & Poor's has downgraded the $26.4 million class G of Morgan Stanley Capital I Inc., 1997-XL1, to CCC from B-, because of expected losses.The transaction is backed by six assets - three loans totaling 67 percent of the pool, ...

Fitch Ratings has downgraded two classes of Morgan Stanley 1997-XL1 because of a decline in performance of a collateral loan.A $19.1 million loan backed by the Westshore Mall near Grand Rapids, Mich., became real estate-owned. A $7.9 million appraisal reduction ...

June 15, 2005 Moody's Investors Service has confirmed the A2 rating of the $45.3 million class E of Morgan Stanley Capital I Inc., 1997-XL1.The rating agency had placed the class's rating under review earlier this year because of expected losses ...

February 10, 2005 Fitch Ratings has downgraded the $22.6 million class H of Morgan Stanley Capital I Inc., 1997-XL1, to double-C from triple-C because of losses expected from the discounted payoff of a large collateral loan. The rating agency said ...

January 26, 2005 Moody's Investors Service has downgraded two classes of Morgan Stanley Capital I Inc., 1997-XL1, and placed another under review for possible downgrade. The actions were prompted by expected losses from loans in special servicing.Moody's downgraded the deal's: ...

April 22, 2004 Moody's Investors Service downgraded two classes and upgraded two others of Morgan Stanley Capital I Inc., 1997-XL1. A story published on April 20 misidentified the transaction.

February 5, 2004 Fitch Ratings has upgraded two classes of Morgan Stanley Capital I Inc., 1997-XL1, because three of the deal's collateral loans, totaling 44.6 percent of its balance, have been defeased, or replaced with Treasury securities.The loans that have ...

December 23, 2003 Moody's Investors Service has placed under review four classes of Morgan Stanley Capital I Inc., 1997-XL1.The rating agency is reviewing for possible downgrades the deal's:– $26.4 million class G, which is rated Ba3; and– $22.6 million class ...

May 21, 2003 GE Real Estate is the special servicer for Morgan Stanley Capital I Inc., 1997-XL1. A story posted yesterday – "Fitch Puts 2 Classes of Morgan Stanley 1997-XL1 on Watch Negative" – misidentified the special servicer.