Subject: CMBS Rating Upgrade (UPG)

Deal Name CurrentPoolBal. $mln Orig.PoolBal $mln Class Size$mln FitchNewRating FitchOldRating Reason for Rating Action JP Morgan Chase Commercial Mortgage Securities Corp., 2002-CIBC5 891.0 1,000.0 F 28.9 AA+ AA- Increased subordination; defeasance (34.4 percent of pool.) - - - G 16.3 ...

Moody's Investors Service has downgraded three classes of Salomon Brothers Commercial Mortgage Trust, 2001-C2, because of expected losses from loans in special servicing. The rating agency said three of the deal's collateral loans, totaling 3.1 percent of the deal's balance, ...

  Deal Name CurrentPoolBal. $mln Orig.PoolBal $mln Class Size$mln Moody'sNewRating Moody'sOldRating Reason for Rating Action Merrill Lynch Mortgage Trust, 2002-MW1 935.6 1,100.0 D 10.8 Aa1 Aa2 Increased subordination; defeasance (32.9 percent of pool) - - - E 18.9 Aa2 A2 ...

  Deal Name CurrentPoolBal. $mln Orig.PoolBal $mln Class Size$mln S&PNewRating S&POldRating Reason for Rating Action CDC Commercial Mortgage Trust, 2002-FX1 581.9 637.5 G 12.8 AA AA- Increased subordination; defeasance (51 percent of pool) - - - H 9.6 AA- A- ...

Deal Name CurrentPoolBal. $mln Orig.PoolBal $mln Class Size$mln FitchNewRating FitchOldRating Reason for Rating Action Morgan Stanley Capital I Inc., 1998-WF2 504.9 1,060.0 F 21.2 AAA AA Increased subordination - - - G 23.9 A+ A- - - - - H ...

Standard & Poor's has downgraded four classes of JPMorgan Chase Commercial Mortgage Securities Corp., 2004-CIBC8, because of a $13.9 million principal loss resulting from the liquidation of a $26.6 million apartment loan. The loss has impacted credit support levels for ...

  Deal Name CurrentPoolBal. $mln Orig.PoolBal $mln Class Size$mln Moody'sNewRating Moody'sOldRating Reason for Rating Action JPMorgan Chase Commercial Mortgage Securities Corp., 2003-CIBC6 993.9 1,060.0 C 32.5 Aa2 A1 Increased subordination; defeasance (18.1 percent of pool) - - - D 11.7 ...

Moody's Investors Service has downgraded three classes of JPMorgan Commercial Mortgage Securities Corp., 2002-C2 that are tied to a large shopping center loan whose collateral has seen a decline in performance. The rating agency downgraded the deal's: - $5.2 million ...

Moody's Investors Service last week upgraded a total of 100 classes in 51 CMBS transactions, the latest batch of mass upgrades resulting from its regular quantitative analysis of conduit deals. The rating agency last year adopted what it termed "Q ...

Deal Name CurrentPoolBal. $mln Orig.PoolBal $mln Class Size$mln DBRSNewRating DBRSOldRating Reason for Rating Action COMM, 2004-LNB2 1,172.1 1,686.0 B 24.4 AAhigh AA Defeasance (19.4 percent of pool) - - - C 10.7 AA AAlow - - - - D 22.9 ...