Fitch Downgrades Wells Fargo's CMBS Primary & Special Servicer Ratings to 'CPS2+/CSS2'

Business Wire, June 19, 2009

NEW YORK -- Fitch Ratings has downgraded Wells Fargo Bank's (Wells Fargo) primary and special servicer ratings as follows:

--Primary servicer to 'CPS2 ' from 'CPS1';

--Special servicer to 'CSS2' from 'CSS1'.

Both primary and special servicer ratings remain on Rating Watch Negative, along with Wells Fargo's 'CMS2' master servicer rating.

Fitch's rating actions are based on the recent update of Fitch's servicer rating criteria (published today).

The criteria places increased emphasis on three factors:

--Financial strength;

--Employee experience;

--Company participation in current CMBS market.

Wells Fargo's primary servicer rating downgrade is due to the employee experience score being impacted by the increase in the weighting of this factor. The special servicer rating downgrade is due primarily to their limited participation in CMBS special servicing.

The ratings of the CMBS transactions serviced by Wells Fargo are not expected to be negatively impacted by the servicer downgrades. Fitch will continue to closely monitor the integration of Wells Fargo with the legacy Wachovia Securities' servicing operation and will take ratings actions or provide further commentary, as necessary.

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 ( ) 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 June 19, 2009, which is available on Fitch's web site at 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.