Fitch Ratings Upgrades Four Classes of First Union, Series 1999-C4

Business Wire, August 9, 2007

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

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

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

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

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

In addition, Fitch affirms the following classes:

--$414.3 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';

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

--$8.9 million class L at 'B ';

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

The class A-1 has paid in full. 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. Fifty-three loans (40.3%) have defeased since issuance, including six of the top 10 loans (15.8%). As of the July 2007 distribution date, the pool has paid down 28.3% to $635.3 million from $885.7 million at issuance.

There are currently no delinquent or specially serviced loans.

Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site.