Chase CMSC 2000-FL1 Affirmed By Fitch.

Business Editors

NEW YORK--(BUSINESS WIRE)--Dec. 18, 2001

Chase Commercial Mortgage Securities Corp., commercial mortgage pass-through certificates, series 2000-FL1 is affirmed by Fitch as follows: $164.9 million class A at `AAA', $25 million class B at `AA', $21.3 million class

The affirmations reflect the current performance of the loans and the financial structure of the transaction. No loans are delinquent or in special servicing and one loan totaling $27 million (8.6% of the original balance) has paid off. The financial structure allocates all principal payments on a pro rata basis among all the outstanding classes until a sequential trigger is met. The ratings assigned at closing reflect the worst case stressed scenario once the deal converts to a sequential payment structure.

Master servicing on this transaction was recently switched to GMAC Commercial Mortgage Corp. from the Chase Manhattan Bank. GMAC provided year-end (YE) 2000 financials for 20 of the 22 loans. The net operating income from the loans were essentially unchanged from the closing of the transaction to year-end 2000.

Fitch anticipates rapid payoffs over the next year as all of the loans have an original maturity date in 2002. The lockout period for fifteen of the loans (65% of the remaining pool) will expire by Jan. 9, 2002 allowing the borrowers to seek new financing. All of the remaining loans have the ability to extend the maturity for one year, at the borrower's option. The pro rata financial structure of this transaction makes rating upgrades due to pay-downs unlikely.

Fitch will continue to monitor this transaction, as surveillance is ongoing.