Deal Name: Wachovia Bank Commercial Mortgage Trust

Deal NameCurrentPoolBal. $mlnOrig.PoolBal $mlnClassSize$mlnMoody'sNewRatingMoody'sOldRatingReason for Rating ActionWachovia Bank Commercial Mortgage Trust, 2004-WHALE4164.61,100.0D12.7AaaAa2Increased subordination---E15.8AaaAa3----F15.8AaaA1----G18.4AaaA3----H23.7A2Baa1-Morgan Stanley Dean Witter Capital I Trust, 2000-LIFE2631.4765.3C24.9Aa3A1Increased subordination---D6.9A1A3----E18.8Baa1Baa2-

Deal NameCurrentPoolBal. $mlnOrig.PoolBal $mlnClassSize$mlnFitchNewRatingFitchOldRatingReason for Rating ActionDLJ Commercial Mortgage Corp., 1999-CG21,330.01,550.0B-158.1AAAAA-Increased subordination; defeasance (27.5 percent of pool)---B-223.3AAAA+----B-338.8AA-BBB+----B-431.0A-BBB-----B-515.5BBBBB----B-619.4BB+BB-----B-715.5B+B-First Union National Bank Commercial Mortgage Trust, 2000-C1691.1776.3E25.2AAAAADefeasance (24.8 percent of pool)---F11.6AA+AA-----G29.1BBB+BBB----H7.8BBBBBB-----J3.9BBB-BB+----K7.8BB+BB----L5.8BBB-Wachovia Bank Commercial Mortgage Trust, 2004-C121,060.01,080.0B25.2AA+AAStable performance; debt paydown---C9.3AAAA--

Deal NameCurrentPoolBal. $mlnOrig.PoolBal $mlnClassSize$mlnFitchNewRatingFitchOldRatingMoody'sNewRatingMoody'sOldRatingS&PNewRatingS&POldRatingReason for Rating ActionMorgan Stanley Mortgage Capital I Inc., 1999-RM1583.7859.4D12.89  AaaAa1  Increased subordination and defeasance   E34.374  AaaA2      G10.742  Aa3Baa2      H23.632  Baa1Ba1   DLJ Commercial Mortgage Corp, 1999-CG210041006A-419.38  AaaAa2  Increased subordination and defeasance   B-158.141  A1A3      B-223.257  A3Baa2   Wachovia Bank Commercial Mortgage Trust, 2003-C6921.8952.7B29.774  AaaAa1  Increased subordination and defeasance   C13.101  Aa1Aa2      D25.01  A1A2      E14.292  A2A3   Credit Suisse First Boston Mortgage Securities Corp., 1997-C1593.41360D61.03  AaaA2  Increased subordination and ...

  ClassSize ($mln)SubLevel (%)Avg Life (yrs)RatingS&PRatingMoody'sPricing (bp)BnchmarkA-147.6230.002.93AAAAaa+5swapsA-1A643.4330.008.31AAAAaaNAswapsA-2265.9630.004.96AAAAaa+16swapsA-PB111.3230.007.24AAAAaa+25swapsA-31,087.6130.009.82AAAAaa+26swapsA-M307.9920.009.89AAAAaa+29swapsA-J223.2912.759.89AAAAaa+32swapsB69.3010.509.94AAAa2+36swapsC30.809.509.98AA-Aa3+38swapsD7.709.259.98A+A1+41swapsE38.508.009.98AA2+45swapsF26.957.1259.98A-A3+51swapsG38.505.8759.98BBB+Baa1+71swapsH34.654.759.98BBBBaa2+87swapsJ34.653.6259.98BBB-Baa3+110swapsK19.253.009.98BB+Ba1NAswapsL7.702.75 BBBa2NAswapsM15.402.25 BB-Ba3NAswapsN3.852.125 B+B1NAswapsO11.551.75 BB2NAswapsP7.701.50 B-B3NAswapsQ46.200.00 NRNRNAswapsX-C3,079.91*NA AAAAaaNATreas*Notional AmountCollateral Balance: $3,079.91 millionBookrunners: Wachovia Capital Markets, Nomura SecuritiesLead Managers: Wachovia Capital Markets, Nomura SecuritiesCo-managers: Credit Suisse, Citigroup, Goldman Sachs, LaSalle Financial ServicesB-piece Buyer: Redwood TrustMaster Servicer: Wachovia BankSpecial Servicer: LNR PartnersTrustee: Wells ...

Following is the second and final part of a list of CMBS upgrades by Moody's Investors Service. The upgrades resulted from the adoption by the rating agency of a quantitative examination of certain seasoned conduit transactions.Deal NameClassSize$mlnMoody'sNewRatingMoody'sOldRatingNotesMorgan Stanley Dean Witter ...

Deal NameCurrentPoolBal. $mlnOrig.PoolBal $mlnClassSize$mlnFitchNewRatingFitchOldRatingMoody'sNewRatingMoody'sOldRatingS&PNewRatingS&POldRatingReason for Rating ActionFirst Union National Bank Commercial Mortgage Trust, 1999-C4703.1885.7D13.3 - - - -AAAAAImproved subordination; defeasance (12 percent of pool) - -  -E28.8 -  - - -AA+A- - - - -F13.3 - - - -ABBB+ -  - - -G33.2 - - - -BBBBB+ -Merrill Lynch Mortgage Investors Inc., 1999-C1465.1592.4C26.6 - - - -AA+AA-Improved subordination - - -D8.9 - - - -AAA - - - -E20.7 - - - -BBB+BBB -Morgan Stanley Capital I Inc., 1999-FNV1512.9632.1C26.8 - - - -AAAAA+Improved subordination; defeasance - - -D12.6 - - - -AAAAA - - - -E30.0 - - - -AABBB+ - - - -G20.5 - ---BBBBB+ - - - -H7.9 - -- -BB+BB -Credit Suisse First Boston Mortgage Securities Inc., 1997-C1593.41,356.0F64.4 - -- - ABBImproved ...

Standard & Poor's Ratings Services has downgraded two classes of Wachovia Bank Commercial Mortgage Trust, 2004-Whale4, that are tied to properties that have experienced weakened performance.The rating agency downgraded the deal's $2 million class RC to BB from BBB-. The ...

  ClassAmt$mlnSubLevel%AvgLife (yrs)RatingFitchRatingMoody'sFinalPricing (bp)BnchmarkA-185.8230.003.16AAAAaa+7swapsA-2122.4330.004.79AAAAaa+12swapsA-357.6930.005.97AAAAaa+25swapsA-PB150.0030.005.97AAAAaaNAswapsA-PB275.7830.008.03AAAAaa+23swapsA-4723.7430.009.64AAAAaa+23swapsA-5500.0030.009.88AAAAaa+22swapsA-1A388.2330.008.75AAAAaaNAswapsA-M286.2420.009.91AAAAaa+27swapsA-J218.2612.3759.96AAAAaa+30swapsB10.7312.009.96AA+Aa1+31swapsC35.7810.759.96AAAa2+33swapsD32.209.6259.96AA-Aa3+35swapsE17.899.009.96A+A1+39swapsF32.207.8759.96AA2+42swapsG32.206.759.96A-A3NAswapsH32.205.6259.96BBB+Baa1NAswapsJ32.204.509.96BBBBaa2NAswapsK32.203.3759.96BBB-Baa3NAswapsL10.733.009.96BB+Ba1NAswapsM10.732.6259.96BBBa2NAswapsN10.732.259.96BB-Ba3NAswapsO7.162.009.96B+B1NAswapsP7.161.759.96BB2NAswapsQ7.161.509.96B-B3NAswapsS42.940.0010.47NRNRNAswapsX-C2,862.42NA8.74AAAAaaNATreas*Notional amount, interest onlyCollateral balance: $2,862.42 millionBookrunner(s): Wachovia Capital MarketsLead Managers: Wachovia Capital MarketsCo-managers: BB&T Capital Markets, Credit Suisse, Nomura B-piece Buyer: CWCapitalMaster Servicer: Wachovia BankSpecial Servicer: CWCapitalTrustee: Wells FargoOriginators: Wachovia Bank (97.6 percent), CWCapital (2.4 percent)Number ...

Commercial Real Estate Direct Staff ReportAmerican Capital Strategies Ltd. said it paid $66 million for the B-piece of Wachovia Bank Commercial Mortgage Trust, 2006-C23. The B-piece comprised bonds with a face value of $130 million that were rated BB+ and ...

Moody's Investors Services has upgraded two classes of Wachovia Bank Commercial Mortgage Trust, 2004-Whale3 because of increased subordination levels.The deal's balance has decreased by almost 92 percent to $80 million from $950.2 million at issuance. So Moody's upgraded the deal's:- ...