CSFB Series 1997-C2 Affirmed by Fitch IBCA.

NEW YORK--(BUSINESS WIRE)--Nov. 11, 1999--

FITCH IBCA--Credit Suisse First Boston Mortgage Securities Corp.'s commercial mortgage pass-through certificates, series 1997-C2, $123.9 million class A-1, $322.3 million class A-2, $523.3 million class A-3, and interest-only class A-X are affirmed at `AAA' by Fitch IBCA. In addition, the ratings for the following classes are affirmed:

--$95.3 million class B at `AA',

--$80.6 million class C at `A',

--$95.3 million class D at `BBB-',

--$73.3 million class F at `BB',

--$14.7 million class G at `BB-',

--$29.3 million class H at `B', and

--$14.7 million class I at `B-'.

Fitch IBCA did not rate the $25.7 million class E and $40.3 million class J certificates. The affirmations follow Fitch IBCA's annual review of the portfolio, which closed in December 1997.

The certificates are collateralized by 185 fixed-rate multifamily and commercial mortgage loans securing 203 properties in 38 states. Fifty-two loans, representing 14% of the collateral balance, have tenants with triple net (NNN) leases: 10% of the tenants are publicly rated. As of the October 1999 distribution date, the pool's aggregate principal balance decreased by 1.9% to $1.44 billion from $1.47 billion at closing. No loans have paid off since closing. No loan is delinquent or in special servicing.

As of October 1999, First Union National Bank (First Union), the master servicer, collected year-end 1998 property operating statements from the borrowers for 149 loans, representing 86% of the pool's unpaid principal balance. In addition, First Union collected 1999 year-to-date (YTD) operating statements, dated no later than March 31, 1999, for 40 loans, representing 26.6% of the collateral balance. The 1998 weighted average debt service coverage ratio (DSCR) for statements submitted, excluding loans with NNN leases, is 1.60x. Of concern are eight loans (5.0%) which either have year end 1998 DSCRs below 1.00x or have experienced a greater than 20% decline in net operating income since closing.

Fitch IBCA applied a hypothetical stress scenario where losses were calculated for loans that have DSCRs below 1.00x or have experienced a greater than 20% decline in net operating income since closing. Under this scenario, 3% of the pool was assumed to default; subordination levels remain sufficient to justify affirmation.

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