Fitch Affirms Danbury Fair Mall Trust Series 2001-DFM.

NEW YORK -- Fitch Ratings affirms Danbury Fair Mall Trust commercial mortgage pass-through certificates series 2001-DFM as follows:

--$9.7 million class A at 'AAA';

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

--$10.2 million class B at 'AAA';

--$11 million class C at 'AAA';

--$19.5 million class D at 'AA-';

--$18.5 million class E at 'BBB';

--$9 million class F at 'BBB-';

--$2.5 million class G at 'BBB-'.

The affirmations are due to the continued strong performance of the underlying collateral. Macerich, which acquired the property from Wilmorite in 2005, adds experienced sponsorship and management to the property. Fitch analyzed the servicer provided financial statements for the year end (YE) 2006 as part of the review. Fitch's adjusted net cash flow (NCF) was $22.2 million as of YE 2006, compared to $19.4 million at issuance, an 8.7% increase. The corresponding YE 2006 Fitch stressed debt service coverage ratio (DSCR), based on a Fitch refinance constant and the actual current loan balance, was 1.50 times (x) compared to 1.41x at YE 2005 and 1.23x at issuance.

Danbury Fair Mall is located in Danbury, CT and is anchored by Macy's, Sears, JC Penney and Lord & Taylor. Filene's is currently dark and not part of the collateral. Danbury Fair Mall, which opened Oct. 28, 1986, is undergoing an extensive interior renovation. Once complete, the planned renovations will help maintain the mall's competitive advantage. The collateral consists of 501,205 square feet (sf) of in-line store space, the parcel of land encumbered and leased to Lord & Taylor, and an adjacent parking facility (approximately 6,433 spaces). Major in-line tenants include: The Gap, Banana Republic, Old Navy, Ann Taylor, Victoria's Secret, Coach, H&M, and Abercrombie and Fitch. Average in-line occupancy as of December 2006 remained stable at 96.5%, same as at issuance.

The certificates evidence interest in a trust consisting of two fixed-rate notes with an unpaid principal balance of $80.3 million as of May 2007, a 6.1% pay down since issuance. An additional $83.9 million note (as of May 2007), representing a portion of the 'AAA' rated piece of the capital structure, is held outside the trust. The non-contributory note serves as collateral for the PNCMC 2001-C1 trust.

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