Fitch Ratings Affirms Heller Financial Commercial Mortgage Asset Corp. Series 2000-PH1

Business Wire, Jan 23, 2008

CHICAGO -- Fitch Ratings has affirmed Heller Financial Commercial Mortgage Asset Corp.'s (Heller Financial) mortgage pass-through certificates, series 2000-PH1, as follows:

--$450.7 million class A-2 at 'AAA';

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

--$43.1 million class B at 'AAA';

--$47.8 million class C at 'AAA';

--$12 million class D at 'AAA';

--$35.9 million class E at 'AAA';

--$14.4 million class F at 'AAA';

--$26.3 million class G at 'AA ';

--$7.2 million class K at 'BBB-';

--$9.6 million class L at 'BB';

--$9.6 million class M at 'B-'.

Fitch does not rate the $19.1 million class H, $9.6 million class J, or $11.4 million class N certificates. Class A-1 has been paid in full.

Although the transaction has had an additional 3% pay down and 7% defeased since the last rating action, affirmations are warranted due to the high amount of Fitch loans of concern. There are 18 (11.5%) Fitch Loans of concern or 19% of the non-defeased total, including two (1%) specially serviced assets.

The largest specially serviced asset (0.9%) became real estate-owned in November 2007. The asset is an industrial property in Irving, TX, that reported a December 2007 physical occupancy of 14%. The master servicer is working to stabilize the asset and the Fitch projected losses are anticipated to be absorbed by the non-rated class.

The second specially serviced asset (0.1%) is a self-storage facility in Paso Robles, CA. The loan is current and if stable performance continues, the asset will be returned to the master servicer.

Five loans (1.8%) are scheduled to mature in 2008, of which one loan has defeased (0.4%). The four non-defeased loans are performing and the weighted average coupon rate is 7.03%.

As of the January 2008 distribution date, the pool's certificate balance has been reduced by 27% to $697 million from $957 million at issuance. In total, 50 loans (40%) have defeased, including five (12.2%) of the top 10 loans in the pool.

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