Fitch Affirms First Union, Series 1999-C4

Business Wire, Jan 23, 2008

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

--$409.7 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';

--$33.2 million class G at 'AA-';

--$11.1 million class H at 'A-';

--$2.2 million class J at 'BBB ';

--$6.6 million class K at 'BBB-';

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

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

The class A-1 certificates have paid in full. Fitch does not rate the $6.2 million class N certificates.

The affirmations are due to stable performance since Fitch's last ratings action. Sixty-six loans (47.5%) have defeased since issuance, including six of the top 10 loans (15.8%). As of the January 2008 distribution date, the pool has paid down 28.7% to $630.7 million from $885.7 million at issuance.

No loans are schedules to mature in 2008 and 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.