Subject: CMBS Rating Downgrade (DOWNG)

February 14, 2005 Moody's Investors Service has downgraded three classes of Winn-Dixie Pass-Through Trust Certificates, 1999-1, to Caa3 from B3. It downgraded the deal's A-1, A-2 and A-3 classes.The rating action follows Moody's downgrade of Winn-Dixie Stores Inc., which guarantees ...

February 11, 2005 Standard & Poor's has placed the ratings of six classes of Morgan Stanley Dean Witter Capital I Trust, 2003-HQ2 on creditwatch with negative implications.The sale of an $8.9 million collateral loan, backed by a 310-unit apartment property ...

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 ...

February 10, 2005 Fitch Ratings has downgraded four classes of Asset Securitization Corp., 1997-MDVII, because it expects one of the deal's loans to result in substantial losses. The rating agency downgraded the deal's: – $40 million class A-3 to triple-B-minus ...

February 1, 2005 Moody's Investors Service has downgraded two classes of LB Commercial Mortgage Trust, 1999-C2, because of losses from loans in special servicing.The rating agency downgraded the deal's: – $2.7 million class M to Caa1 from B3 and– $2.2 ...

February 1, 2005 Moody's Investors Service has downgraded five classes of Salomon Brothers Mortgage Securities VII Inc., 2000-C2, because of losses from loans in special servicing. The rating agency downgraded the deal's: – $13.7 million class J to B3 from ...

January 28, 2005 Moody's Investors Service has downgraded five classes of Salomon Brothers Commercial Mortgage Trust, 2001-C1, because of losses from loans in special servicing. The deal, however, has shrunk to $865.7 million from $952.7 million at issuance. And another ...

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: ...

January 20, 2005 Fitch Ratings has downgraded the $6.9 million class J of Merrill Lynch Mortgage Investors Inc., 1997-C2, to triple-C from single-B-minus because of expected losses from loans in special servicing. The deal's balance has shrunk to $531.9 million ...

January 3, 2005 Moody's Investors Service has placed under review for possible downgrades 10 classes of Morgan Stanley Capital I Inc., 2003-TOP11. The action was prompted by the rating agency's concerns over losses that could result from two loans in ...