Subject: CMBS Rating Upgrade (UPG)

  Deal NameCurrentPoolBal. $mlnOrig.PoolBal $mlnClassSize$mlnS&PNewRatingS&POldRatingReason for Rating ActionBear Stearns Commercial Mortgage Securities Trust, 2004-PWR3958.21,108.0B26.3AA+AA-Increased subordination; defeasance (6 percent of pool)---C12.5AAAA--COMM, 2005-LP51,720.01,790.0GMB-127.5AAABBBDefeasance of GM Building loan---GMB-228.0AAABBB-----GMB-316.2AAABBB-- 

  Deal NameCurrentPoolBal. $mlnOrig.PoolBal $mlnClassSize$mlnMoody'sNewRatingMoody'sOldRatingReason for Rating ActionHeller Financial Commercial Mortgage Asset Corp., 2000 PH-1707.8957.0E35.9AaaAa1Increased subordination; defeasance (37.5 percent of pool)---F14.4Aa1Aa3----H19.1Baa3Ba2----J9.6Ba2Ba3-Credit Suisse First Boston Commercial Mortgage Corp., 2002-CKP1875.1992.9D26.1AaaAa1Increased subordination; defeasance (14.3 percent of pool)---E14.9Aa2Aa3----F13.7A1A2----G14.9A2A3-First Union National Bank Commercial Mortgage Trust, ...

  Deal NameCurrentPoolBal. $mlnOrig.PoolBal $mlnClassSize$mlnS&PNewRatingS&POldRatingReason for Rating ActionBear Stearns Commercial Mortgage Securities Trust, 2004-PWR3958.21,108.0B26.3AA+AA-Increased subordination; defeasance (6 percent of pool)---C12.5AAAA--COMM, 2005-LP51,720.01,790.0GMB-127.5AAABBBDefeasance of GM Building loan---GMB-228.0AAABBB-----GMB-316.2AAABBB-- 

  Deal NameCurrentPoolBal. $mlnOrig.PoolBal $mlnClassSize$mlnMoody'sNewRatingMoody'sOldRatingReason for Rating ActionHeller Financial Commercial Mortgage Asset Corp., 2000 PH-1707.8957.0E35.9AaaAa1Increased subordination; defeasance (37.5 percent of pool)---F14.4Aa1Aa3----H19.1Baa3Ba2----J9.6Ba2Ba3-Credit Suisse First Boston Commercial Mortgage Corp., 2002-CKP1875.1992.9D26.1AaaAa1Increased subordination; defeasance (14.3 percent of pool)---E14.9Aa2Aa3----F13.7A1A2----G14.9A2A3-First Union National Bank Commercial Mortgage Trust, ...

  Deal NameCurrentPoolBal. $mlnOrig.PoolBal $mlnClassSize$mlnS&PNewRatingS&POldRatingReason for Rating ActionLB-UBS Commercial Mortgage Trust, 2000-C4782.0999.1D12.5AAAAA+Defeasance (33 percent of pool)---E7.5AA+AA-Banc of America Large Loan Inc., 2004-BBA4104.4912.3D16.9AAAAA+Increased subordination---E16.9AAAAA----F15.5AAAAA-----G15.1AA+A----H9.4A+A--GE Commercial Mortgage Corp., 2004-C31,301.31,871.5SHP-15.0AAABBB-Full defeasance of collateral loan---SHP-210.4AAABB+----SHP-33.4AAABB+----SHP-413.4AAABB- 

  Deal NameCurrentPoolBal. $mlnOrig.PoolBal $mlnClassSize$mlnS&PNewRatingS&POldRatingReason for Rating ActionLB-UBS Commercial Mortgage Trust, 2000-C4782.0999.1D12.5AAAAA+Defeasance (33 percent of pool)---E7.5AA+AA-Banc of America Large Loan Inc., 2004-BBA4104.4912.3D16.9AAAAA+Increased subordination---E16.9AAAAA----F15.5AAAAA-----G15.1AA+A----H9.4A+A--GE Commercial Mortgage Corp., 2004-C31,301.31,871.5SHP-15.0AAABBB-Full defeasance of collateral loan---SHP-210.4AAABB+----SHP-33.4AAABB+----SHP-413.4AAABB- 

Deal NameCurrentPoolBal. $mlnOrig.PoolBal $mlnClassSize$mlnMoody'sNewRatingMoody'sOldRatingReason for Rating ActionAsset Securitization Corp., 1997-MD VII32.5499.6A-326.7AaaBaa1Full defeasanceGE Capital Commercial Mortgage Corp., 2001-2797.41,000.0C45.1AaaAa1Increased subordination; defeasance (23.2 percent of pool)---D12.5Aa2Aa3----E10.0Aa3A2----F18.8A3Baa2----G11.3Baa1Baa3-GE Capital Commercial Mortgage Corp., 2002-1910.21,000.0D16.9AaaAa2Defeasance (25.2 percent of pool)---E10.4Aa1Aa3----F13.0Aa3A2----G18.2A3Baa2----H10.4Baa1Baa3-First Union ??" Bank of America Commercial Mortgage Trust, ...

  Deal NameCurrentPoolBal. $mlnOrig.PoolBal $mlnClassSize$mlnMoody'sNewRatingMoody'sOldRatingReason for Rating ActionMorgan Stanley Dean Witter Capital I Trust, 2000-LIFE2561.4765.3C24.9Aa2Aa3Increased subordination; defeasance (8.5 percent of pool)JPMorgan Chase Commercial Mortgage Securities Corp., 2002-C1689.4816.7D10.2Aa2Aa3Increased subordination; defeasance (15.4 percent of pool)---E24.5A2A3----F12.3Baa1Baa2-Merrill Lynch Floating Trust, 2006-11,700.02,600.0B55.4AaaAa1Increased subordination---C48.9Aa1Aa2----D32.6Aa2Aa3-GMAC Commercial Mortgage ...

Moody's Investors Service has downgraded two classes of Credit Suisse First Boston Mortgage Securities Corp., 2001-CK3, because of losses. The transaction has so far suffered $21.2 million of losses, and while no loans are in special servicing, 24 loans totaling ...

Deal NameCurrentPoolBal. $mlnOrig.PoolBal $mlnClassSize$mlnMoody'sNewRatingMoody'sOldRatingReason for Rating ActionAsset Securitization Corp., 1997-MD VII32.5499.6A-326.7AaaBaa1Full defeasanceGE Capital Commercial Mortgage Corp., 2001-2797.41,000.0C45.1AaaAa1Increased subordination; defeasance (23.2 percent of pool)---D12.5Aa2Aa3----E10.0Aa3A2----F18.8A3Baa2----G11.3Baa1Baa3-GE Capital Commercial Mortgage Corp., 2002-1910.21,000.0D16.9AaaAa2Defeasance (25.2 percent of pool)---E10.4Aa1Aa3----F13.0Aa3A2----G18.2A3Baa2----H10.4Baa1Baa3-First Union ??" Bank of America Commercial Mortgage Trust, ...