Fitch Ratings upgrades CWCapital Asset Management LLC's (CWCAM) CMBS special servicer rating to 'CSS2' from 'CSS2-'. In addition, Fitch affirms CWCapital LLC's (CWCapital) primary and master servicer ratings of 'CPS2' and 'CMS3', respectively.

The special servicer rating upgrade reflects the group's strong special servicing administration capabilities, its highly experienced asset management staff, and the company's proven ability to successfully manage its dramatic portfolio growth, as demonstrated through its favorable interaction with Fitch's commercial mortgage-backed securities (CMBS) surveillance group. Also considered is CWCAM's low special servicing asset management staff turnover since Fitch's past review.

The primary servicer affirmation reflects CWCapital's experience as a longstanding CMBS primary servicer as well as its excellent track record in collecting and reporting annual operating statements for CMBS loans. The master servicer affirmation considers the company's ability to report and remit to CMBS trustees and its procedures in place for the oversight of third party servicers. Both the master and primary servicer ratings also consider the company's experienced servicing staff and management team with a long history of working together.

As of March 31, 2007, CWCapital's servicing portfolio consisted of 998 loans totaling $7.9 billion. As of the same date, the company acted as primary servicer in 39 CMBS transactions, servicing 467 loans totaling $4.3 billion. CWCapital is currently named master servicer on one CMBS transaction totaling $42.6 million. As of March 31, 2007, CWCAM's special servicing portfolio consisted of 98 CMBS transactions totaling $119.7 billion as compared to 49 CMBS transactions totaling $43.5 billion at March 31, 2006. As of March 31, 2007, the CMBS special servicing portfolio consisted of 70 actively specially serviced loans totaling $383.9 million and 50 REO assets valued at $332.6 million.

Fitch rates commercial mortgage primary, master, and special servicers on a scale of 1 to 5, with 1 being the highest rating. Within each of these rating levels, Fitch further differentiates ratings by plus (+) or and minus (-) as well as the flat rating. For more information about Fitch commercial mortgage servicer ratings or rating criteria, refer to the report titled 'Rating U.S. Commercial Mortgage Servicers', dated June 9, 2006, available on Fitch's web site, www.fitchratings.com.