Fitch Affirms Credit Suisse First Boston Mtge Securities Corp., Series 2001-SPG1

Business Wire, Nov 26, 2007

CHICAGO -- Fitch Ratings affirms Credit Suisse First Boston commercial mortgage pass-through certificates, series 2001-SPG1 as follows:

--$17.1 million class A-1 at 'AAA';

--$117.5 million class A-2 at 'AAA';

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

--$30.8 million class B at 'AA';

--$41 million class C at 'A';

--$10.3 million class D at 'A-';

--$13.7 million class E at 'BBB ';

--$8.6 million class F at 'BBB';

--$18.8 million class G at 'BBB-'.

The affirmations are due to the overall stable net cash flow (NCF) and total mall occupancy of the underlying collateral. As of the November 2007 distribution date, the aggregate principal balance was $258 million, a decline of 7% from the $277 million balance at issuance.

The Fitch adjusted year end (YE) 2006 NCF has remained stable with a decline of 2% since issuance. The corresponding debt service coverage ratio based on the current loan balance and a stressed mortgage constant is 1.39 times (x), compared to 1.35x at issuance. Portfolio total mall occupancy as of September 2007, which includes inline and anchor space, remained relatively stable at 92.1% vs. 94.7% at issuance. Portfolio inline occupancy for this period has declined to 77.3% from 89.5% at issuance.

The transaction is collateralized by four regional malls owned and managed by the Simon Property Group, Inc.: Ingram Park Mall in San Antonio, TX (30%); NorthLake Mall in Atlanta, GA (27%); Knoxville Center Mall in Knoxville, TN (23%); and Towne West Square in Wichita, KS (20%).

Although inline occupancy at Ingram Park Mall has remained stable at 92.6%, Northlake Mall, Knoxville Center Mall and Towne West Square have had declines. Northlake Mall inline occupancy declined to 81% as of Sept. 2007 compared to 96.1% at issuance. Additionally, third-quarter 2007 Knoxville Center Mall occupancy declined to 66.5% compared to issuance of 84.9%, and Towne West Square declined to 66.8% compared to issuance of 86.5%.

Overall portfolio YE2006 Fitch NCF was stable due to the continued strong performance of Ingram Park, which has seen a 30% increase compared to issuance. Towne West Square YE2006 Fitch NCF declined 5% compared to issuance and Knoxville Center and Northlake Mall declined 23% and 19%, respectively.

The Simon Group is rated 'A-' by Fitch and is one of the largest publicly traded real estate companies in North America. Simon's sponsorship, management experience, and longstanding relationships with all major national retailers are considered strengths in this transaction. Other transaction characteristics that are considered strengths are a hard lock-box provision that provides secure cash management practices, and the benefits of cross-collateralization among the four properties.

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