Fitch Upgrades DB Mortgage Services, LLC Primary Servicer Rating; Affirms Special Servicer

Business Wire,  April 11, 2008  

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CHICAGO -- Fitch upgrades DB Mortgage Services, LLC's (DBMS) primary servicer rating to 'CPS2-' from 'CPS3+' and affirms its special servicer rating of 'CSS3'.

The primary servicer rating upgrade reflects the significant reduction in staff turnover in 2007, the implementation of borrower and investor web portals, the execution of a continuous process improvement program, and the increased focus on staff training. The special servicer rating is based on DBMS's ability to manage non-performing commercial real estate loans. Both ratings consider the company's significant servicing experience as well as the strength and tenure of its management team.

DBMS is a subsidiary of Deutsche Bank, an active participant in the commercial real estate market, with extensive experience in originating, financing, and securitizing commercial real estate debt. As of March 31, 2008, DBMS was the primary servicer for 2,180 non-CMBS loans totaling $23.7 billion. As of the same date, DBMS was the special servicer for 26 non-CMBS loans totaling $129.8 million.

Fitch rates commercial mortgage primary, master, and special servicers on a scale of 1 to 5, with 1 being the highest rating. Within each of these rating levels, Fitch further differentiates ratings by plus (+) or and minus (-) as well as the flat rating. For more information about Fitch commercial mortgage servicer ratings or rating criteria, refer to the report titled 'U.S. Commercial Mortgage Servicer Rating Criteria', dated September 14, 2007, available on Fitch's web site, www.fitchratings.com.

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.

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