Fitch Affirms Icon Parking Systems, IPS 2003-1.

NEW YORK -- Fitch Ratings affirms Icon Parking Systems, IPS 2003-1, commercial mortgage pass-through certificates as follows:

--$146.4 million class A at 'AAA';

--$206.5 million class X-1 at 'AAA';

--$55.5 million class X-2 at 'AAA';

--$262 million class X-3 at 'AAA';

--$31.1 million class B at 'AA';

--$28 million class C at 'A';

Fitch does not rate classes D, E, or F.

The affirmations are due to the stable performance of the underlying collateral. Fitch analyzed net cash flow (NCF) based on the servicer-provided financial statements for the trailing 12 months ended June 30, 2004 (TTM). Fitch's NCF, which was adjusted for capital expenditures, increased to approximately $42.7 million, compared with $40.4 million at issuance. The corresponding Fitch debt service coverage ratio (DSCR), based on the outstanding principal balance and a stressed refinance constant of 10.9% increased to 1.49 times (x), compared with 1.42x at issuance.

The certificates represent beneficial ownership interest in the trust, primary assets of which are one floating-rate loan having an aggregate principal balance of approximately $262 million.

The transaction is secured by a first mortgage lien on 17 fee/ground leased parking facilities and a pledge of equity interest in its fully owned subsidiaries. The borrower and its subsidiaries own, ground lease, lease, or manage 159 parking facilities, with a total of 22,603 spaces in the New York metropolitan area, with the majority of the properties located in Manhattan. The properties are operated by Icon Parking Systems.

Fitch will continue to monitor this transaction, as surveillance is ongoing.