Fitch Upgrades Class K of Salomon Brothers 2000-NL1, P-T Ctfs

Business Wire, March 8, 2006

NEW YORK -- Fitch has upgraded Salomon Brothers Mortgage Securities VII, Inc.'s commercial mortgage pass-through certificates, series 2000-NL1, as follows:

-- $5 million class K to 'BBB ' from 'BB '.

Fitch also affirms the following classes:

-- Interest-only class X at 'AAA';

-- $5 million class F at 'AAA';

-- $10.9 million class G at 'AAA';

-- $5.9 million class H at 'AAA';

-- $4.2 million class J at 'AAA';

-- $3.3 million class L at 'B-'.

Fitch does not rate the $4.5 million class M certificates.

Classes A-1, A-2, B, C, D and E have paid-off in full.

The upgrade reflects the increased credit enhancement resulting from pay-down and amortization. As of the February 2006 distribution date, the pool's aggregate certificate balance has decreased 83.7% to $42.1 million from $334.2 million at issuance.

There is one loan in special servicing (27%), which is secured by a 127,439 square-foot (SF) mixed-use industrial/R&D property located in Freemont, CA. The loan was transferred to the special servicer due to monetary default. The special servicer has initiated foreclosure proceedings, and based on a recent appraisal valuation, losses are likely upon the liquidation of this asset.

None of the loans have lockout provisions, and as such, the deal is expected to continue to pay-down. Currently, 92% matures in 2008.

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