Correction: Fitch Downgrades 3 CMBS Deals, Inadequate Terrorism Insurance.

Business Editors

NEW YORK--(BUSINESS WIRE)--Oct. 1, 2002

This is an amended version of a press release issued earlier today, containing revised rating information on the transactions listed below:

Fitch Ratings downgrades nine 'AAA' classes, including three interest only classes (IOs) from three single asset CMBS transactions for inadequate insurance coverage pertaining to acts of terrorism.

On June 3, 2002, Fitch placed 29 'AAA' and 'AA' classes from 13 single asset transactions on Rating Watch Negative pending further review of terrorism insurance coverage. In that press release, Fitch identified transactions as either high risk or not high risk and stated its opinion regarding adequate levels of coverage for each category along with the highest rating achievable for loans with inadequate insurance. Transactions identified as high risk required additional protection covering the 'AAA' and 'AA' bondholders with a maximum achievable rating of 'A' without that additional protection. Those identified as being not high risk required additional protection covering the 'AAA' bondholders with a maximum achievable rating of 'AA'.

Since then, Fitch has assessed each transaction based upon the methodology disclosed in June, including a review of the risk associated with each property as well as an analysis of current insurance policies in place. Additionally, Fitch has had conversations with servicers and borrowers regarding the status of the terrorism insurance policies.

The following three transactions are downgraded and removed from Rating Watch Negative as follows:

280 Park Avenue Trust, 2001-XL280

--$31.7 million class A-1 downgraded to 'AA' from 'AAA';

--$56.3 million class A-2 downgraded to 'AA' from 'AAA';

--$73 million class A-2F downgraded to 'AA' from 'AAA';

--$265.9 million class X-1 downgraded to 'AA' from 'AAA';

--$31 million class B affirmed at 'AA' and removed from Rating Watch
Negative.

Houston Galleria Trust, series 2000-HG

--$141.2 million class A downgraded to 'AA' from 'AAA';

--$205.4 million class X downgraded to 'AA' from 'AAA'.

German American Capital Corp, series 1996-3

--$4.5 million class A-1 downgraded to 'AA' from 'AAA';

--$47.6 million class A-2 downgraded to 'AA' from 'AAA';

--$47.6 million class X downgraded to 'AA' from 'AAA'.

    The following transaction is affirmed and removed from Rating
Watch Negative, due to an acceptable policy now in place:

1211 Avenue of the Americas Trust

--$141.3 million class A.

    The following transactions remain on Rating Watch Negative pending
further review:

1251 Avenue of the Americas Trust-1999-XL 1251

--$43.6 million class A-1;

--$188 million class A-2;

--$344.8 million class X;

--$60.4 million class B.

Chase Commercial Mortgage Securities Corp, series 2001-245 Park Avenue

--$64.9 million class A-1;

--$240.1 million class A-2;

--$50 million class B;

--$500 million class X.

    The 245 Park Avenue transaction has sufficient terrorism insurance
because of a policy forced placed by the servicer. See Fitch's press
release dated June 17, 2002.
    Classes in the following six transactions previously were removed
from Rating Watch Negative and affirmed by Fitch due to adequate
terrorism insurance:

1633 Broadway Trust- 1996 C1

--$49.9 million class A-1;

--$40.8 million class A-2.

J.P. Morgan Chase Commercial Mortgage Trust series 2001-KP

--$18.6 million class A-1;

--$70.5 million class A-2;

--$170.7 million class X.

1301 Avenue of the Americas Trust

--$27.8 million class A-1;

--$185 million class A-2;

--$50 million class B;

--$432.8 million class X.

GS Mortgage Securities Corp II, series 2001-LIB

--$56.9 million class A-1;

--$186.9 million class A-2;

--$50.8 million class B;

--$424.6 million class X.

1345 Avenue of the Americas Trust

--$40 million class A-1;

--$233.4 million class A-2;

--$443.4 million class X.

Opryland Hotel Trust, series 2001-OPRY

--$13.6 million class A-1;

--$96.5 million class A-2.

    The following transaction has paid off in full and is no longer
rated by Fitch:

Banc of America Large Loan, Inc. series 2001-1166.