Fitch Upgrades 6 Classes of First Union, Series 1999-C4

Business Wire, April 4, 2007

CHICAGO -- Fitch Ratings upgrades six classes of First Union National Bank Commercial Mortgage Trust's (First Union) commercial mortgage pass-through certificates, series 1999-C4, as follows:

--$13.3 million class F to 'AAA' from 'AA '.

--$33.2 million class G to 'A' from 'BBB ';

--$11.1 million class H to 'BBB ' from 'BBB-';

--$2.2 million class J to 'BBB-' from 'BB ';

--$6.6 million class K to 'BB ' from 'BB';

--$8.9 million class L to 'B ' from 'B'.

In addition, Fitch affirms the following classes:

--$11.7 million class A-1 at 'AAA';

--$447.2 million class A-2 at 'AAA';

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

--$46.5 million class B at 'AAA';

--$42.1 million class C at 'AAA';

--$13.3 million class D at 'AAA';

--$28.8 million class E at 'AAA';

--$8.9 million class M at 'B-'.

Fitch does not rate the $6.2 million class N certificates.

The rating upgrades are due to defeasance and paydown since Fitch's last ratings action. Forty-seven loans (32%) have defeased since issuance, including five of the top 10 loans (12.3%). As of the March 2007 distribution date, the pool has paid down 23.2% to $679.9 million from $885.7 million at issuance.

There is currently one asset (0.7%) that is 30-days delinquent. The loan is secured by two industrial properties in Dallas, TX. Combined occupancy at the two properties as of March 2007 has declined to 83% from 100% at issuance. The loan is due for its February and March payments. Fitch will continue to monitor the performance of this asset.

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