Fitch Rates ICON Parking Systems IPS 2005-1.

CHICAGO -- ICON Parking Systems IPS 2005-1, commercial mortgage pass-through certificates are rated by Fitch Ratings as follows:

-- $141,000,000 class A-1 'AAA';

-- $47,000,000 class A-2 'AAA';

-- $285,000,000 class X-1* 'AAA';

-- $12,000,000 class B 'AA+';

-- $30,000,000 class C 'AA';

-- $15,000,000 class D 'NR';

-- $12,000,000 class E 'NR';

-- $13,000,000 class F 'NR';

-- $15,000,000 class G 'NR'.

* Notional Amount and Interest-Only

**The initial notional amount for the class X-2 certificates is equal to zero. The notional amount will increase on subsequent dates as specified in the note.

All classes are privately placed pursuant to rule 144A of the Securities Act of 1933. The certificates represent beneficial ownership interest in the trust, the asset of which is a floating rate loan with an aggregate principal balance of $285,000,000 as of the cutoff date.

For a detailed description of Fitch's rating analysis, please see the Report titled 'ICON Parking Systems IPS 2005-1' dated July 11, 2005 available on the Fitch Ratings web site at www.fitchratings.com.

Fitch's rating definitions are available on the agency's public web site, 'www.fitchratings.com'. Published ratings, criteria and methodologies and relevant policies and procedures are also available from this site, at all times. This document will remain on the public site for seven days.