Subject: CMBS Rating Upgrade (UPG)

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 ...

Deal NameCurrentPoolBal. $mlnOrig.PoolBal $mlnClassSize$mlnFitchNewRatingFitchOldRatingReason for Rating ActionJP Morgan Chase Commercial Mortgage Securities Corp., 2002-CIBC5891.01,000.0F28.9AA+AA-Increased subordination; defeasance (34.4 percent of pool.)---G16.3AA-A----H18.8BBB+BBB-Nomura Asset Securities Corp., 1998-D63,000.03,720.0B-237.2A+A-Increased subordination; defeasance (40.8 percent of pool.)---B-337.2BBB+BBB-Bear Stearns Commercial Mortgage Securities Inc., 2004-PWR51,160.01,230.0B29.3AA+AADefeasance (15.6 percent of pool.)---C9.3AAAA-----E13AA--DLJ ...

Deal NameCurrentPoolBal. $mlnOrig.PoolBal $mlnClassSize$mlnFitchNewRatingFitchOldRatingReason for Rating ActionJP Morgan Chase Commercial Mortgage Securities Corp., 2002-CIBC5891.01,000.0F28.9AA+AA-Increased subordination; defeasance (34.4 percent of pool.)---G16.3AA-A----H18.8BBB+BBB-Nomura Asset Securities Corp., 1998-D63,000.03,720.0B-237.2A+A-Increased subordination; defeasance (40.8 percent of pool.)---B-337.2BBB+BBB-Bear Stearns Commercial Mortgage Securities Inc., 2004-PWR51,160.01,230.0B29.3AA+AADefeasance (15.6 percent of pool.)---C9.3AAAA-----E13AA--DLJ ...

  Deal NameCurrentPoolBal. $mlnOrig.PoolBal $mlnClassSize$mlnMoody'sNewRatingMoody'sOldRatingReason for Rating ActionMerrill Lynch Mortgage Trust, 2002-MW1935.61,100.0D10.8Aa1Aa2Increased subordination; defeasance (32.9 percent of pool)---E18.9Aa2A2----F17.6A3Baa2----G17.6Baa2Baa3-Commercial Mortgage Asset Trust, 1999-C11,860.02,370.0F53.4Baa1Baa2Defeasance (27.7 percent of pool)Wachovia Bank Commercial Mortgage Trust, 2003-C6890.2952.7D25.0AaaAa3Increased subordination; defeasance (26.8 percent of pool)---E14.3Aa1A1----F17.9A1Baa1----G13.1A3Baa2----H13.1Baa2Baa3-Morgan Stanley Dean Witter ...

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, are ...

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, are ...

  Deal NameCurrentPoolBal. $mlnOrig.PoolBal $mlnClassSize$mlnMoody'sNewRatingMoody'sOldRatingReason for Rating ActionMerrill Lynch Mortgage Trust, 2002-MW1935.61,100.0D10.8Aa1Aa2Increased subordination; defeasance (32.9 percent of pool)---E18.9Aa2A2----F17.6A3Baa2----G17.6Baa2Baa3-Commercial Mortgage Asset Trust, 1999-C11,860.02,370.0F53.4Baa1Baa2Defeasance (27.7 percent of pool)Wachovia Bank Commercial Mortgage Trust, 2003-C6890.2952.7D25.0AaaAa3Increased subordination; defeasance (26.8 percent of pool)---E14.3Aa1A1----F17.9A1Baa1----G13.1A3Baa2----H13.1Baa2Baa3-Morgan Stanley Dean Witter ...

  Deal NameCurrentPoolBal. $mlnOrig.PoolBal $mlnClassSize$mlnS&PNewRatingS&POldRatingReason for Rating ActionCDC Commercial Mortgage Trust, 2002-FX1581.9637.5G12.8AAAA-Increased subordination; defeasance (51 percent of pool)---H9.6AA-A-----J14.3A-BBB+----K12.7BBBBBB-----L6.4BB+BB----M4.8BBBB-----N4.0BB-B+----P3.2B+B-Morgan Stanley Capital I Inc., 2006-XLF571.51,560.0B34.2AAAAA+Increased subordination---C53.3AAAAA----D38.0AAAAA----E69.5AAAAA----F23.7AAAA-----G23.7AA-A+----H23.7A+A----J23.3A--Morgan Stanley Capital I Inc., 1999-CAM1240.2806.5E20.2AAAAA-Increased subordination---F8.1AA+A+----G14.1AA-BBB+----H14.1A-BBB--First Union National Bank Commercial Mortgage Trust, 2001-C2867.81,002.0F10.0AAAAA+Increased subordination; defeasance (42 ...

Deal NameCurrentPoolBal. $mlnOrig.PoolBal $mlnClassSize$mlnFitchNewRatingFitchOldRatingReason for Rating ActionMorgan Stanley Capital I Inc., 1998-WF2504.91,060.0F21.2AAAAAIncreased subordination---G23.9A+A-----H10.6BBB+BBB----J8.0BBBBBB-----K8.0BB+BB-CSFB Mortgage Securities Corp., 2006-TFL1583.61,080.0B39.0AAAAA+Increased subordination---C34.0AA+AA----D27.0AAAA-----E29.0AA-A+----F24.0A+A----G25.0AA-----H25.0A-BBB+-GMAC Commercial Mortgage Securities Corp., 2002-C3709.3777.4F9.7AAAAA+Increased subordination; defeasance (26.3 percent of pool)---G9.7AAAA-----H9.7A+A-Banc of America, First Union Commercial Mortgage Trust, 2001-3956.81,140.0G17.1AAAAA+Defeasance (25.9 percent of ...