Fitch Upgrades CS First Boston, Ser 1994-CFB1 Cls D, E& F.

Business Editors

NEW YORK--(BUSINESS WIRE)--June 30, 2000

CS First Boston Mortgage Securities Corp.'s commercial mortgage pass-through certificates, series 1994-CFB1 are upgraded by Fitch as follows: $4.5 million class D to `AAA' from `AA-`, $13.2 million class E to `AAA' from

The certificates are collateralized by 21 multifamily and commercial mortgage loans, consisting of multifamily (66%), retail (22%), office (11%) and a manufactured housing community (1%). The properties are located in three different states with significant concentration in California (88%). Twenty of the remaining 21 loans are adjustable rate mortgages. The weighted-average coupon for the pool is 7.3% compared to 6.2% at issuance.

As of the June 2000 distribution date, the pools aggregate certificate balance was $63.6 million, down 76% from origination. Wells Fargo, as master servicer, collected 100% of the financials for the properties remaining in the pool. As of yearend 1999, the weighted-average debt service coverage ratio (DSCR) for the pool is 1.44 times (x), which has increased slightly from 1.43x in 1998.

A stress scenario was run in which eight loans, representing 55% of the pool, were assumed to default at various loss rates. Two of these loans, representing 13% of the pool, are currently in special servicing, and the remaining six loans, while current, have shown significant decline in net operating income from issuance. Under this stress scenario, subordination levels were still slightly higher than origination, resulting in an upgrade of the class D, E and F certificates. Fitch will continue to monitor the performance of this transaction.

Fitch is an international rating agency that provides ratings global capital market investors with the highest quality ratings ad research. Dual headquartered in New York and London with a major office in Chicago, Fitch rates entities in 75 countries in and has some 1,100 employees in more than 40 local offices worldwide. The agency, which is a combination of Fitch IBCA and Duff & Phelps Credit Rating Co., provides ratings for Financial Institutions, Insurance, Corporates, Structured Finance, Sovereigns and Public Finance Markets worldwide.