Fitch Affirms Credit Suisse First Boston Mortgage Securities Corp. 2001-SPG1.

CHICAGO -- Fitch Ratings affirms Credit Suisse First Boston commercial mortgage pass-through certificates, series 2001-SPG1 as follows:

--$21.1 million class A-1 at 'AAA';

--$117.5 million class A-2 at 'AAA';

--Interest only class A-X at 'AAA';

--$30.8 million class B at 'AA';

--$41 million class C at 'A';

--$10.3 million class D at 'A-';

--$13.7 million class E at 'BBB+';

--$8.6 million class F at 'BBB';

--$18.8 million class G at 'BBB-'.

The affirmations are due to the stable overall net cash flow (NCF) of the underlying collateral. As of the October 2006 distribution date, the aggregate principal balance was $261.7 million, a decline of 5.5% from the $277 million balance at issuance.

The Fitch adjusted year-end 2005 NCF has increased 2.4% since issuance. The corresponding debt service coverage ratio based on the current loan balance and a stressed mortgage constant is 1.38 times (x), compared to 1.35x at issurance.

The transaction is collateralized by four regional malls: Ingram Park Mall in San Antonio, TX (30%); NorthLake Mall in Atlanta, GA (27%); Knoxville Center Mall in Knoxville, TN (23%); and Towne West Square in Wichita, KS (20%).

The increase in overall NCF is the result of continued strong performance of Ingram Park, which has seen a 32% increase in NCF for 2005 compared to issuance. Towne West has had a historically stable NCF performance. However, Knoxville Center and Northlake 2005 NCF has declined 10.7% and 19.5%, respectively since issuance.

Total mall occupancy as of June 2006, which includes inline and anchor space, remains relatively stable at 92.2% vs. 94.7% at issuance. Average inline occupancy at the malls has declined to 74.3% from 89.5% at issuance.

The Simon Group is rated 'BBB+' by Fitch and is one of the largest publicly traded real estate companies in North America. Simon's sponsorship, management experience, and longstanding relationships with all major national retailers are considered strengths in this transaction. Other transaction characteristics that are considered strengths are a hard lock-box provision that provides secure cash management practices, and the benefits of cross-collateralization among the four properties.

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