Fitch Upgrades Heller Financial Commercial Mortgage Asset Corp. 2000-PH1

Business Wire, March 8, 2005

NEW YORK -- Fitch Ratings upgrades Heller Financial Commercial Mortgage Asset Corp.'s mortgage pass-through certificates, series 2000-PH1, as follows:

-- $47.8 million class C to 'AA-' from 'A ';

The following classes are affirmed by Fitch:

-- $65.3 million class A-1 'AAA';

-- $532.3 million class A-2 'AAA';

-- Interest only class X 'AAA';

-- $43.1 million class B 'AAA';

-- $12 million class D 'A';

-- $35.9 million class E 'BBB';

-- $14.4 million class F 'BBB-';

-- $26.3 million class G 'BB ';

-- $7.2 million class K 'B ';

-- $9.6 million class L 'B';

-- $9.6 million class M 'B-'.

Fitch does not rate the $19.1 million class H, $9.6 million class J, or $13.7 million class N certificates.

The upgrade reflects both the increased credit enhancement levels from loan payoffs and amortization. As of the February 2005 distribution date, the pool's certificate balance has paid down 11.6% to $845.7 million from $957 million at issuance.

Four loans (3.5%) are currently being specially serviced, including a 30 days delinquent (0.11%), a 60 days delinquent (1.2%) and a real estate owned (REO) (0.74%). The 60 days delinquent loan (1.1%) is secured by an industrial/warehouse property in Cicero, IL. The borrower is trying to pay off the loan and the servicer is evaluating options. The REO property is secured by a multifamily property in Spartanburg, SC. The special servicer is working on stabilizing the property before marketing it for sale. Losses are expected.

The second largest loan in the pool (3.6%) is a Fitch loan of concern. The loan is currently on the master servicer's watchlist and is 60 delinquent. The loan is secured by an office property in New York, NY. Two of the tenants at the property are in bankruptcy. Some of the ground level retail space has been recently leased.

Realized losses total $5.5 million to date, or 0.57% of the original principal balance.