Commercial Mortgage Asset Trust Series 1999-C2 Affirmed By Fitch.

Business Editors

NEW YORK--(BUSINESS WIRE)--Sept. 30, 2002

Commercial Mortgage Asset Trust's commercial mortgage pass-through certificates, series 1999-C2, $102.2 million class A-1, $319.8 million class A-2, $108.8 million class A-3, and interest-only classes X and CS-1 are affirmed at 'AAA' by Fitch Ratings. In addition, Fitch affirms the $38.8 million class B certificates at 'AA', $38.8 million class C at 'A', $11.6 million class D at 'A-', $29.1 million class E at 'BBB' and $15.5 million class F at 'BBB-'. Fitch does not rate the $15.5 million class G, $15.5 million class H, $7.8 million class J, $11.6 million class K, $7.8 million class L, $7.8 million class M, $5.8 million class N, and $15.5 million classes Q1 and Q2 certificates. The affirmations follow Fitch's annual review of the transaction, which closed in October 1999.

The certificates are collateralized by 80 fixed-rate mortgage loans, which are well diversified by geographic location and property type. As of the September 2002 distribution date, the pool's aggregate principal balance has been reduced by approximately 3%, from $775.2 million at closing to $751.7 million. No loans have realized losses.

BNY Asset Solutions LLC, the master servicer, received year-end 2001 financial statements for 95% of the loans by outstanding balance that are required to provide financials. The 2001 weighted average debt service coverage ratio (DSCR) for these loans was 1.49 times (x) versus 1.45x at YE 2000 and 1.36x at issuance. Eight credit tenant lease loans (11%) are not required to provide financials.

The pool has a high concentration of hotel properties (11%). This exposure is mitigated by an improved credit rating for ACCOR, the lessee for one CTL loan(5.4% of the pool). ACCOR is currently rated 'BBB+' by Fitch compared to 'BBB-' at issuance. The largest loan in the transaction, the Westin Denver Hotel (5.5% of the pool) had a YE 2001 DSCR of 1.65x.

One loan(0.63%) which is secured by two office buildings located in Des Moines, IA is 90 days delinquent and REO. Lennar Partners, Inc., the special servicer, is working to improve occupancy at both properties while simultaneously marketing the properties for sale. Though the eventual sale could result in a small loss, the non-rated portion of the transaction is sufficient to absorb any potential losses. In addition, 8.6% of the transaction reported YE 2001 DSCRs below 1.00x; these loans remain current.

Fitch applied various hypothetical stress scenarios taking into consideration all of the above concerns. Even under these stress scenarios, subordination levels remain sufficient to affirm the ratings. Fitch will continue to monitor this transaction, as surveillance is ongoing.