Fitch Affirms Morgan Stanley Capital I Trust Series 2007-TOP27

Business Wire, August 1, 2008

CHICAGO -- Fitch Ratings affirms Morgan Stanley Capital I Trust, series 2007-TOP27, commercial mortgage pass-through certificates:

--$85.1 million class A-1 at 'AAA';

--$279.3 million class A-2 at 'AAA';

--$137.4 million class A-3 at 'AAA';

--$112.3 million class A-AB at 'AAA';

--$1,077.1 million class A-4 at 'AAA';

--$287.8 million class A-1A at 'AAA';

--$172.3 million class A-M at 'AAA';

--$100 million class A-MFL at 'AAA';

--$190.6 million class A-J at 'AAA';

--$50.2 million class AW34 at 'AAA';

--Interest only class X at 'AAA';

--$54.5 million class B at 'AA';

--$30.6 million class C at 'AA-';

--$30.6 million class D at 'A';

--$23.8 million class E at 'A-';

--$23.8 million class F at 'BBB ';

--$30.6 million class G at 'BBB';

--$23.8 million class H at 'BBB-';

--$3.4 million class J at 'BB ';

--$3.4 million class K at 'BB';

--$6.8 million class L at 'BB-';

--$6.8 million class M at 'B ';

--$6.8 million class N at 'B';

--$3.4 million class O at 'B-'.

The $23.8 million class P is not rated by Fitch.

The ratings affirmations are the result of stable performance since issuance. As of the July 2008 remittance, the transaction has paid down 0.3% to $2.764 billion from $2.773 billion at issuance.

Fitch has identified three loans of concern (0.9%), two of which are specially serviced (0.4%). Potential losses would be absorbed by the non-rated class P. The largest specially serviced asset (0.4%) is a 97,733 square foot (sf) office property in Jersey City, NJ. The loan was transferred to special servicing in June 2008 due to monetary default and is 60 days delinquent.

The second specially serviced asset (0.1%) is a retail property in St. Cloud, FL. The property has suffered from a high vacancy rate and the loan is 90 days delinquent.

Fitch reviewed the most recent servicer provided operating statement analysis reports for the fourteen shadow rated loans (10.3%). Based on their stable performance, the loans maintain their investment grade shadow ratings.

The largest shadow rated loan (2.0%) is secured by the 75 room Mercer Hotel in New York, NY. As of year-end (YE) 2007, the average daily rate (ADR) and revenue per available room (RevPAR) have increased to $683 and $639, respectively, from $623 and $588, respectively, at issuance.

The second largest shadow rated loan (1.6%) is secured by a 280,060 sf office building located in New York, NY. As of YE 2007, occupancy at the property has increased to 99.9% from 87.2% at issuance.

The fifth largest shadow rated loan (0.7%) is secured by a 285-unit multifamily property in Bloomington, IN. Although the property's net cash flow (NCF) has declined since issuance, the occupancy as of YE 2007 of 95.0% is in line with the occupancy at issuance of 96.5%. Fitch will continue to monitor the NCF and occupancy.

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