Subject: CMBS Rating Upgrade (UPG)

Standard & Poor's has downgraded two classes of Morgan Stanley Capital I Inc., 2005-XLF, because the properties securing two collateral loans have fallen in value. The rating agency downgraded the deal's: - $36.8 million class L to BBB- from BBB ...

  Deal Name CurrentPoolBal. $mln Orig.PoolBal $mln Class Size$mln Moody'sNewRating Moody'sOldRating Reason for Rating Action Bear Stearns Commercial Mortgage Securities Trust, 2001- TOP4 631.1 902.5 C 24.8 Aa2 Aa3 Increased subordination; defeasance (14.6 percent of pool) - - - D ...

Moody's Investors Service has downgraded the $5.5 million class M of Banc of America Commercial Mortgage Inc., 2001-1, to Caa1 from B3 because of losses from loans in special servicing. The transaction has suffered $19.5 million as a result of ...

Standard & Poor's has downgraded the $5.3 million class M of Morgan Stanley Capital I Inc., 1998-WF2, to CCC- from CCC, because of the expectation that its subordination level will decline when several underperforming collateral loans are resolved. The transaction ...

  Deal Name CurrentPoolBal. $mln Orig.PoolBal $mln Class Size$mln Moody'sNewRating Moody'sOldRating Reason for Rating Action Heller Financial Commercial Mortgage Asset Corp., 2000 PH-1 707.8 957.0 E 35.9 Aaa Aa1 Increased subordination; defeasance (37.5 percent of pool) - - - F ...

  Deal Name CurrentPoolBal. $mln Orig.PoolBal $mln Class Size$mln S&PNewRating S&POldRating Reason for Rating Action Bear Stearns Commercial Mortgage Securities Trust, 2004-PWR3 958.2 1,108.0 B 26.3 AA+ AA- Increased subordination; defeasance (6 percent of pool) - - - C 12.5 ...

Deal Name CurrentPoolBal. $mln Orig.PoolBal $mln Class Size$mln Moody'sNewRating Moody'sOldRating Reason for Rating Action Asset Securitization Corp., 1997-MD VII 32.5 499.6 A-3 26.7 Aaa Baa1 Full defeasance GE Capital Commercial Mortgage Corp., 2001-2 797.4 1,000.0 C 45.1 Aaa Aa1 Increased ...

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 Name CurrentPoolBal. $mln Orig.PoolBal $mln Class Size$mln Moody'sNewRating Moody'sOldRating Reason for Rating Action Morgan Stanley Dean Witter Capital I Trust, 2000-LIFE2 561.4 765.3 C 24.9 Aa2 Aa3 Increased subordination; defeasance (8.5 percent of pool) JPMorgan Chase Commercial Mortgage ...

  Deal Name CurrentPoolBal. $mln Orig.PoolBal $mln Class Size$mln S&PNewRating S&POldRating Reason for Rating Action LB-UBS Commercial Mortgage Trust, 2000-C4 782.0 999.1 D 12.5 AAA AA+ Defeasance (33 percent of pool) - - - E 7.5 AA+ AA - Banc ...