Fitch Ratings Upgrades One Class of Salomon Brothers 2001-MM

Business Wire, August 24, 2007

CHICAGO -- Fitch Ratings has upgraded one class of Salomon Brothers commercial mortgage pass-through certificates, series 2001-MM, as follows:

--$24.1 million class C to 'AA ' from 'AA'.

In addition, Fitch affirms the following classes:

--$27.4 million class A-3 at 'AAA';

--Interest only class X at 'AAA';

--$19.3 million class B at 'AAA';

--$10.6 million class D at 'A '.

Classes A-1 and A-2 have paid in full.

The upgrades are due to the payoff of seven loans and improved overall performance of the remaining collateral since Fitch's last rating action. As of the August 2007 distribution date, the transaction's aggregate loan balance has decreased 61.3% to $261.3 million from $674.4 million at issuance.

The 15 remaining underlying loans are grouped into eight series, each of which consisted of four loans at issuance. The aggregate loan balance of each series is divided into a senior and junior portion. The senior portions are pooled, and represent classes A1 through D on an aggregate basis. The junior portions are not pooled, but provide credit support to each respective series. Principal paydowns are first applied toward the senior portion of each loan group. Only after the entire senior portion of each loan group is paid off in full will the respective junior portions begin receiving principal payments. Losses are applied in reverse sequential order, first through each of the respective junior loan groups and then to the pooled portion of the transaction.

Based on Fitch adjusted net cash flow (NCF) and refinance constant for each loan, the year-end (YE) 2006 weighted average debt service coverage ratio (DSCR) increased to 1.92 times (x) from 1.42x at issuance. This number has increased from the YE 2005 DSCR of 1.69x.

Though performance since issuance has improved for the majority of the remaining loans, three loans have experienced diminished occupancy: 2777 Glenpointe Center East (12.0%), and SouthPark Towers II (10.6%), East Camelback Road (3.9%). All three of the loans are current, and there are no expected losses. Furthermore, all three loans are supported by their respective junior loan positions and the A notes continue to have investment grade credit assessments.

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