Subject: CMBS Rating Upgrade (UPG)

  Deal Name CurrentPoolBal. $mln Orig.PoolBal $mln Class Size$mln S&PNewRating S&POldRating Reason for Rating Action Morgan Stanley Dean Witter Capital I Inc., 2002-HQ 548.5 846.0 F 8.5 AA- A+ Increased subordination. - - - G 8.5 A+ A - - ...

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 ...

Deal Name CurrentPoolBal. $mln Orig.PoolBal $mln Class Size$mln FitchNewRating FitchOldRating Reason for Rating Action Banc of America Large Loan Inc., 2005-MIB1 804.3 1,260.0 C 51.2 AAA AA+ Increased subordination - - - D 30.3 AA+ AA - - - - ...

  Deal Name CurrentPoolBal. $mln Orig.PoolBal $mln Class Size$mln DBRSNewRating DBRSOldRating Reason for Rating Action Bear Stearns Commercial Mortgage Securities Inc., 2004-ESA 665.5 2,050.0 F 43.0 AAA AAhigh Defeasance (100 percent) - - - G 43.0 AAA AA - - ...

  Deal Name CurrentPoolBal. $mln Orig.PoolBal $mln Class Size$mln Moody'sNewRating Moody'sOldRating Reason for Rating Action Citigroup Commercial Mortgage Trust, 2006-FL2 773.0 1,300.0 C 20.9 Aaa Aa1 Increased subordination - - - D 38.8 Aa1 Aa2 - - - - E ...

  Deal Name CurrentPoolBal. $mln Orig.PoolBal $mln Class Size$mln S&PNewRating S&POldRating Reason for Rating Action GMAC Commercial Mortgage Securities Inc., 2002-C1 643.9 710.1 E 8.9 AA+ AA Increased subordination; defeasance (32 percent of pool.) - - - F 12.4 AA ...

Fitch Ratings has upgraded CWCapital Asset Management's special servicer rating to CSS2 from CSS2- and affirmed the Needham, Mass., company's CPS2 primary and CMS3 master servicer ratings. The rating agency cited CWCapital's "strong special servicing administration capabilities" and its experienced ...

Deal Name CurrentPoolBal. $mln Orig.PoolBal $mln Class Size$mln FitchNewRating FitchOldRating Reason for Rating Action Merrill Lynch Mortgage Trust, 2004-BPC1 1,210.0 1,240.0 C 12.4 AA AA- Defeasance (9.7 percent of pool) - - - D 18.6 A+ A - - - ...

  Deal Name CurrentPoolBal. $mln Orig.PoolBal $mln Class Size$mln Moody'sNewRating Moody'sOldRating Reason for Rating Action Lehman Brothers Floating-Rate Commercial Mortgage Trust, 2005-LLF C4 212.9 935.6 B 24.3 Aaa Aa1 Increased subordination - - - C 22.1 Aaa Aa2 - - ...

Deal Name CurrentPoolBal. $mln Orig.PoolBal $mln Class Size$mln Moody'sNewRating Moody'sOldRating Reason for Rating Action CalWest Industrial Trust, 2002-CALW 625.0 950.0 B 50.0 Aaa Aa1 Defeasance (100 percent) - - - C 100.0 Aaa A2 - DLJ Commercial Mortgage Corp., 1998-CF2 ...