COMM 1999-1 P-T Certificates Affirmed By Fitch Ratings.

Business Editors

NEW YORK--(BUSINESS WIRE)--Dec. 3, 2002

Deutsche Mortgage & Asset Receiving Corp.'s commercial mortgage pass-through certificates, COMM 1999-1, are affirmed by Fitch Ratings as follows: $120.5 million class A-1, $723.2 million class A-2, and interest-only class X at 'AAA'; $62.3 million class B and $22.9 million class C at 'AA'; $62.3 million class D at 'A'; $81.9 class E at 'BBB'; $19.7 million class F at 'BBB-'; $68.8 million class G at 'BB'; $13.1 million class H at 'BB-'; $26.2 million class J at 'B'; and $19.7 million class K at 'B-'. Fitch does not rate the $29.5 million class L certificates. The affirmations follow Fitch's annual review of the transaction, which closed in March 1999.

The certificates are collateralized by 221 fixed-rate loans, consisting mainly of office (25%), multifamily (24%), and retail (22%) properties. The three largest geographic concentrations are California (18%), Texas (11%), and Florida (11%). As of the November 2002 distribution date, the pool's aggregate certificate balance has been reduced by approximately 5%, to $1.25 billion from $1.31 billion at closing.

ORIX Real Estate Capital Markets, LLC, the master servicer, collected year-end (YE) 2001 financials for 78% of the pool. Based on this information, the weighted-average YE 2001 debt service coverage ratio (DSCR) was 1.52 times (x), compared to 1.51x for YE 2000 and 1.39x at issuance. There were 26 loans (12% by principal balance) with a YE 2001 DSCR below 1.0x. Seven loans (2% by principal balance), two of which had a YE 2001 DSCR below 1.0x, were in special servicing. In addition to the loans with a YE 2001 DSCR below 1.0x and the loans in special servicing, approximately 8% of the transaction was on the master servicer watchlist mostly due to weak major tenants. Four of these loans (3% by principal balance) are secured by properties where a major tenant is in bankruptcy. As of November 2002, none of these leases had been rejected. Fitch's analysis accounted for the higher default probability associated with those loans with a weak DSCR and weak tenants.

Criimi Mae (Criimi), the special servicer, is currently working on the following real estate-owned (REO) loans. Winstone Park Apartments, located in Memphis, TN. This loan has an outstanding balance of $8.8 million. Recently, Criimi has focused on carrying out necessary capital improvements and improving the tenant roster. Criimi expects to market the property shortly. Hyde Park Office Court, located in Austin, TX. This loan has a current outstanding balance of $1.6 million. The property became REO when the borrower failed to cover debt service following a lease rate dispute with Mariner Post Acute, which at the time was in bankruptcy. Criimi expects a sale of the property in the near term.

Fitch affirmed the ratings due to the amount of credit enhancement available to the rated classes and the year-to-year stability in the transaction's weighted average DSCR. Currently the 'B-' rated class K benefits from 2.4% in credit enhancement while specially serviced assets account for 2%.

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