Fitch Upgrades 1211 Avenue of the Americas, Series 2000-1211.

Business Editors

CHICAGO--(BUSINESS WIRE)--April 7, 2004

Fitch Ratings upgrades the following classes of 1211 Avenue of the Americas Trust, series 2000-1211 commercial mortgage pass-through certificates:

-- $45.0 million Class B to 'AA+' from 'AA';

-- $42.3

-- $43.7 million Class D to 'BBB+' from 'BBB';

-- $27.7 million Class E to 'BBB' from 'BBB-'.

In addition, the following class is affirmed:

-- $141.3 million Class A at 'AAA'.

The rating upgrades are a result of improved performance at the property, mainly due to contractual rent bumps that took effect in 2003, as well as new tenants with higher than existing rents, and the property's excellent location. Fitch's stressed net cash flow (NCF), which was adjusted for on-going reserves and non-cash items, was $48.6 million. In comparison, at issuance Fitch underwrote a stressed NCF of $42.5 million. The weighted average debt service coverage ratio, based upon year-end 2003 operating results, improved to 1.60 times (x) versus 1.39x at issuance.

The property is over 99% leased with 77% of the space leased to long-term credit tenants. The largest tenant, News America Publishing, Inc occupies 680,773 square feet (sf) (37%) with a long-term lease expiring in November 2015. The second largest tenant, J.P. Morgan Chase, leases approximately 290,000 sf (15.8%) expiring in March 2010. CIT Group, the third largest tenant, occupies 180,830 sf or approximately 10% of the space on a lease expiring at the end of 2008.

The Trust assets consist primarily of a $300.0 million first lien mortgage loan secured by the fee interest in 1211 Avenue of the Americas, a 44-story, 1.84 million square-foot class A New York City office building located in midtown Manhattan. The property also secures another first lien mortgage loan in the amount of $50.0 million, which is pari passu with the Trust's class A certificates and was securitized by Credit Suisse First Boston in the CSFB 2000-C1 transaction. The $350.0 million mortgage pays interest only through April 2005 and then amortizes over a 25-year period.