Fitch Affirms 49 & Upgrades 2 RMBS Classes from 3 PNC Issues.

NEW YORK -- Fitch Ratings has affirmed and taken rating action on the following PNC Mortgage Securities Corp issues:

Series 1997-PR1

-- Classes A, R affirmed at 'AAA';

-- Classes M, X-1 affirmed at 'AAA';

-- Classes B-1, X-2 affirmed at 'AAA';

-- Classes B-2, X-3 affirmed at 'AA';

-- Classes B-3, X-4 affirmed at 'BBB+';

-- Classes B-4 affirmed at 'B'.

Series 1999-2 Group 1

-- Classes IA-4, IA-6, IP, VP, IX, VX affirmed at 'AAA';

-- Class C-B-1 affirmed at 'AAA';

-- Class C-B-2 affirmed at 'AAA';

-- Class C-B-3 affirmed at 'AAA';

-- Class C-B-4 affirmed at 'AA';

-- Class C-B-5 affirmed at 'BB'.

Series 1999-2 Group 2

-- Classes IIA-1, IIIA-1, IVA-1, IIX, IIIX, IVX, IIIP, AP affirmed at 'AAA';

-- Class D-B-1 affirmed at 'AAA';

-- Class D-B-2 affirmed at 'AAA';

-- Class D-B-3 upgraded to 'A+' from 'A';

-- Class D-B-4 affirmed at 'BB';

-- Class D-B-5 remains at 'CC'.

Series 1999-8 Group 1

-- Class I-B-1 affirmed at 'AAA';

-- Class I-B-2 affirmed at 'AAA';

-- Class I-B-3 affirmed at 'AAA';

-- Class I-B-4 affirmed at 'AA';

-- Class I-B-5 affirmed at 'A'.

Series 1999-8 Group 2

-- Classes II-A, III-A, IV-A, V-A affirmed at 'AAA';

-- Class C-B-1 affirmed at 'AAA';

-- Class C-B-2 affirmed at 'AAA';

-- Class C-B-3 upgraded to 'AA+' from 'AA';

-- Class C-B-4 affirmed at 'BB';

-- Class C-B-5 remains at 'CC'.

The affirmations, affecting approximately $104.6 million of the outstanding balances, reflect adequate relationships of credit enhancement (CE) to future loss expectations. The upgrades reflect an improvement in the relationship of CE to future loss expectations and affect approximately $7.7 million of outstanding certificates. The transactions above have collateral remaining in the pool ranging from 2% to 8% of the original collateral amount.

The CE levels for series 1999-2 Group 2 class D-B-3 and series 1999-8 Group 2 classes C-B-3 have increased by more than three times the original enhancement levels at closing date. They currently benefit from 10.14% (originally 1.35%) and 11.34% (originally 1.5%) subordination, respectively.

The mortgage pool consists of prime and Alt-A, traditional, and hybrid fixed-rate mortgage loans, and balloons secured by residential properties which have original terms to maturity of 15 or 30 years. The above deals are master serviced by PNC Mortgage Securities Corporation.

Further information regarding current delinquency, loss, and credit enhancement statistics is available on the Fitch Ratings web site at 'www.fitchratings.com'.

Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, 'www.fitchratings.com'. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site.