Subject: CMBS Rating Upgrade (UPG)

Standard & Poor's has downgraded the $48.2 million class HM-1 of JPMorgan Chase Commercial Mortgage Securities Corp., 2006-FL1, to BB+ from BBB- because of a decline in performance of the property underlying the tranche. The bond class is backed by ...

Deal Name CurrentPoolBal. $mln Orig.PoolBal $mln Class Size$mln FitchNewRating FitchOldRating Reason for Rating Action Credit Suisse First Boston Commercial Mortgage Trust, 2001-CF2 766.0 1,128.0 F 18.9 AA AA- Defeasance (37.3 percent of the pool) - - - G 14.0 A+ ...

  Deal Name CurrentPoolBal. $mln Orig.PoolBal $mln Class Size$mln Moody'sNewRating Moody'sOldRating Reason for Rating Action Morgan Stanley Capital I Inc., 2003-IQ4 604.3 727.8 C 23.7 A1 A2 Increased subordination; defeasance (9 percent of pool) - - - D 4.5 A2 ...

  Deal Name CurrentPoolBal. $mln Orig.PoolBal $mln Class Size$mln Moody'sNewRating Moody'sOldRating Reason for Rating Action Banc of America Large Loan Inc., 2006-BIX1 576.0 1,200.0 B 15.0 Aaa Aa1 Increased subordination - - - C 43.2 Aaa Aa2 - - - ...

Deal Name CurrentPoolBal. $mln Orig.PoolBal $mln Class Size$mln DBRSNewRating DBRSOldRating Reason for Rating Action COMM, 2004-LNB3 1,274.3 2,031.9 B 40.1 AAA AA Defeasance (21 percent of pool) - - - C 16.7 AA(high) AA(low) - - - - D 28.4 ...

Deal Name CurrentPoolBal. $mln Orig.PoolBal $mln Class Size$mln FitchNewRating FitchOldRating Reason for Rating Action Morgan Stanley Capital I Inc., 2006-XLF $286.0 $1,600.0 G $23.7 AAA AA+ Increased subordination - - - H $23.7 AA+ AA - Asset Securitization Corp., 1997-MD ...

Fitch Ratings has downgraded the $5.9 million class O of Banc of America Commercial Mortgage Inc., 2001-1, to C from CCC because the losses it expects will result from loans in special servicing has inreased. The rating agency has also downgraded ...

  Deal Name CurrentPoolBal. $mln Orig.PoolBal $mln Class Size$mln Moody'sNewRating Moody'sOldRating Reason for Rating Action DLJ Commercial Mortgage Corp., 1999-CG1 957.4 1,240.0 B-1 46.5 Aa3 A2 Increased subordination; defeasance (43.7 percent of pool) - - - B-2 15.5 A2 Baa1 ...

Deal Name CurrentPoolBal. $mln Orig.PoolBal $mln Class Size$mln Moody'sNewRating Moody'sOldRating Reason for Rating Action COMM 1999-1 1,040.0 1,310.0 E 81.9 Aaa Aa2 Increased subordination; defeasance (40.5 percent of pool) - - - F 19.7 Aa2 A2 - JPMorgan Commercial Mortgage ...

  Deal Name CurrentPoolBal. $mln Orig.PoolBal $mln Class Size$mln S&PNewRating S&POldRating Reason for Rating Action GS Mortgage Securities Corp. II, 2004-GG2 2,515.0 2,604.0 B 65.1 AA+ AA Increased subordination; defeasance (17 percent of pool) - - - C 29.3 AA ...