Fitch Affirms BACM, Series 2005-4.

CHICAGO -- Fitch Ratings affirms Banc of America Commercial Mortgage Inc.'s (BACM) commercial mortgage pass-through certificates, series 2005-4 as follows:

--$45.4 million class A-1 at 'AAA';

--$215.5 million class A-2 at 'AAA';

--$87.9 million class A-3 at 'AAA';

--$70 million class A-4 at 'AAA';

--$61.2 million class A-SB at 'AAA';

--$485.9 million class A-5A at 'AAA';

--$69.4 million class A-5B at 'AAA';

--$227.6 million class A-1A at 'AAA';

--$97.1 million class A-J at 'AAA';

--Interest-only class XP at 'AAA';

--Interest-only class XC at 'AAA';

--$31.7 million class B at 'AA';

--$15.9 million class C at 'AA-';

--$29.7 million class D at 'A';

--$17.8 million class E at 'A-';

--$19.8 million class F at 'BBB+';

--$17.8 million class G at 'BBB';

--$23.8 million class H at 'BBB-';

--$7.9 million class J at 'BB+';

--$7.9 million class K at 'BB';

--$7.9 million class L at 'BB-';

--$4 million class M at 'B+';

--$5.9 million class N at 'B';

--$5.9 million class O at 'B-'.

Fitch does not rate the $23.8 million class P certificates.

The rating affirmations reflect the stable pool performance and minimal paydown since issuance. As of the August 2006 distribution date, the pool has paid down 0.4% to $1.58 billion from $1.59 billion at issuance.

Net cash flow for Pacific Arts Plaza (7%), one of the three largest loans in the pool, has declined by 27% as of year-end (YE) 2005 since issuance. The whole loan consists of a $132 million A-1 note and a $28 million subordinate component, both included in the BACM 2005-3 trust; and a $110 million A-2 note, included in this trust. The loan is secured by four suburban office properties and four outparcel restaurants, totaling 825,061 square feet, located in Costa Mesa, CA. As of YE 2005, the servicer-reported debt service coverage ratio (based on net cash flow) for the A-notes dropped to 1.02 times (x) from 1.39x at issuance. In addition, occupancy dropped to 84.8% as of March 2006 from 88.6% at issuance. The loan, however, is secured by a high quality asset and benefits from experienced sponsorship and management. Fitch will continue to monitor the performance of this loan.

The pool's only credit assessed loan, the Skyline Terrace Apartments (1.1%), maintains an investment grade credit assessment. The loan is secured by a 198-unit, mid-rise multifamily property located in Los Angeles, CA. As of YE 2005, the servicer-reported debt service coverage ratio (based on net cash flow) remained stable at 2.43 times (x) compared to 2.44x at issuance. Occupancy improved slightly to 97% as of June 2006 versus 96% at issuance.

There have been no realized losses or specially serviced loans since issuance.

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