AMRESCO Series 1997-C1 Upgraded by Fitch Ratings.

Business Editors

NEW YORK--(BUSINESS WIRE)--Feb. 3, 2004

AMRESCO Commercial Mortgage Funding I Corp., mortgage pass-through certificates, series 1997-C1, are upgraded by Fitch Ratings as follows:

-- $12 million class C to 'AAA' from 'AA+';

-- $21.6 million class D to 'AA' from 'A+';

-- $26.4 million class E to 'A' from 'BBB+';

-- $9.6 million class F to 'A-' from 'BBB';

-- $31.2 million class G to 'BB+' from 'BB'.

The following classes are affirmed by Fitch:

-- $4.4 million class A-2 'AAA'

-- $141.6 million class A-3 'AAA'

-- Interest-only class X 'AAA'

-- $24 million class B 'AAA';

-- $4.8 million class H 'BB-';

-- $7.2 million class J 'B'

-- $2.4 million class K 'B-'.

Fitch does not rate the $12 million class L certificates.

The upgrades are primarily the result of increased subordination levels due to loan payoffs and amortization. As of the January 2004 distribution date, the pool's aggregate principal balance has been reduced by 38.10% to $297.2 million from $480.1 million at issuance. The trust has not realized any losses to date.

GMAC Commercial Mortgage, the master servicer, collected year-end (YE) 2002 financials for 79% of the pool. Based on the information provided the resulting YE 2002 weighted average debt service coverage ratio (DSCR) for these loans increased to 1.73 times (x) from 1.33x at issuance.

Three loans (10.8%) are in special servicing, including two delinquent loans (8.5%). The largest of them (4.5%) is secured by a power center in Tulsa, OK, whose occupancy dropped to 42% after Builder's Square vacated. A new anchor tenant moved in recently increasing occupancy to 74%.

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