S&P Asgns Prelim Rtgs in Lehman's First UK CMBS Deal.

Business Editors

LONDON--(BUSINESS WIRE)--Standard & Poor's

Nov. 26, 2001-- Preliminary ratings have been assigned to the mortgage-backed notes to be issued by special-purpose entity Windermere CMBS PLC (see list below).

"The collateral securing the underlying

The loans were originated by Mable Commercial Funding Ltd., a special-purpose lending entity, which is a wholly owned subsidiary of Lehman Brothers (U.K.) Holdings Ltd.

"This is the first time Lehman Brothers has ventured into the U.K. commercial mortgage-backed securities (CMBS) market, tapping into the established market to broaden its existing European property franchise," Ms. Weston continued.

Each of the loans was advanced to special-purpose entities (SPEs), established for the specific purpose of owning the assets that secure the loans.

The preliminary ratings reflect the sound structure and credit quality of the underlying commercial mortgage loans, the availability of a liquidity facility, and interest rate hedging agreements with appropriately rated counterparties.

With respect to the class A notes, the rating also reflects the credit support available as a result of the subordination of the class B, C, D, E, and F notes. Likewise, the rating on each class of notes reflects its seniority over the classes of notes below it.

A copy of Standard & Poor's complete presale report for this transaction is available on RatingsDirect, Standard & Poor's Web-based credit analysis system, at www.ratingsdirect.com. The report is also available on Standard & Poor's Ratings Services Web site at www.standardandpoors.com. Under Presale Reports, select Structured Finance, then Commercial Mortgage-Backed Securities.

PRELIMINARY RATINGS ASSIGNED

Windermere CMBS PLC
GBP467 million mortgage-backed notes due 2008

Class        Rating       Amount (GBP)
A            AAA          336,240,000
B            AA            35,025,000
C            A             32,690,000
D            BBB           32,690,000
E            BBB-           5,837,500
F            BB            24,517,500