S&PCORRECT: Prelim Rtgs Asgnd in UK CMBS Deal ELOC 15.

Business Editors

(Editor's note: This press release is being republished with

a change to the headline. This is a CMBS transaction, not

RMBS as first stated.)

LONDON--(BUSINESS WIRE)--July 16, 2003

Standard & Poor's--Standard & Poor's Ratings Services

The mortgages were originated by Morgan Stanley Dean Witter Bank Ltd. This transaction is the 15th in Morgan Stanley Dean Witter Bank's ELOC series of securitizations.

The notes are backed by a pool of 11 loans secured by way of first-ranking mortgages over commercial real estate in Jersey and the U.K. The loans collateralize 48 commercial properties.

The highest exposure in the pool is to Liffe (London International Financial Futures and Options Exchange), which represents 16.35% of the income in the pool.

The ratings reflect:

-- The credit quality of the underlying commercial mortgage

loans;

-- The quality of the underlying real estate;

-- The interest rate hedging and the liquidity facility

arrangements; and

-- The security package.

The rating on each class of notes also reflects the subordination of the classes of notes below it.

The ratings address the timely payment of interest and receipt of principal not later than the legal maturity. The ability of the issuer to meet timely payment of interest is subject to an available funds cap on the class G and H notes that results in the write-off of unpaid interest in certain circumstances for these classes.

The full presale report for this transaction was published today and is available to subscribers of RatingsDirect, Standard & Poor's Web-based credit analysis system, at www.ratingsdirect.com. The presale report can also be found on Standard & Poor's Web site at www.standardandpoors.com. Click on Credit Ratings; then, in the left navigation bar under Browse by Business Line, select Structured Finance; scroll down to Presale Credit Reports to locate the article. Alternatively, call one of Standard & Poor's Ratings Desks: London (44) 20-7847-7400; Paris (33) 1-4420-6705; Frankfurt (49) 69-33-999-223; or Stockholm (46) 8-440-5916. Members of the media may contact the Press Office Hotline on (44) 20-7826-3605 or via media_europe@standardandpoors.com.

RATINGS LIST
Iolaus (European Loan Conduit No. 15) PLC
GBP394.208 Million Commercial Mortgage-Backed Floating-Rate Notes
Class          Preliminary    Preliminary
               Rating         Amount (Mil. GBP)
A              AAA            279.350
B              AAA              9.500
C              AA              30.000
D              A               31.750
E              BBB             15.750
F              BBB             10.000
G              BB              15.858
H              BB               2.000

ANALYST E-MAIL ADDRESSES

adam_matejczyk@standardandpoors.com

michelle_weston@standardandpoors.com

ashley_reed@standardandpoors.com

StructuredFinanceEurope@standardandpoors.com

Copyright 2003, Standard & Poor's Ratings Services