Fitch Affirms KeyBank Real Estate Capital Servicer Ratings.

CHICAGO -- Fitch Ratings affirms KeyBank Real Estate Capital's (KBREC) commercial mortgage servicer ratings as follows:

--Primary servicer rating at 'CPS1-';

--Master servicer rating at 'CMS1-';

--Special servicer rating at 'CSS2+'.

In the fourth quarter of 2005, KBREC acquired the servicing business ORIX Capital Markets, LLC (ORIX). The acquisition of the servicing rights closed in December 2005, and the former ORIX master and primary servicing employees became KBREC employees in April 2006. KBREC has since integrated both servicing operations under one senior management team with little, if any, disruption to the servicing of either company's portfolio.

The servicer ratings reflect the combined operation's strong, experienced management team and KBREC's proactive approach to servicing commercial mortgage-backed securities (CMBS). The company's continued commitment to technology is also considered in each rating. The primary and master servicer ratings consider continued process improvements through the merging of best practices of each of the legacy servicing operations. The special servicer rating reflects KBREC's ability to workout, manage and liquidate nonperforming loans and real estate owned (REO) properties in CMBS transactions. The ratings also reflect the financial condition of parent KeyCorp and its demonstrated commitment to commercial mortgage servicing.

As of June 30, 2006, KBREC's total servicing portfolio consisted of 13,053 loans totaling $90.7 billion, of which approximately $64 billion was CMBS. As of the same date, KBREC was named master servicer on 68 CMBS transactions, overseeing 38 primary servicers who serviced 1,819 loans totaling $8.3 billion. In addition, KBREC was named special servicer on 12 CMBS transactions totaling $8.4 billion and was actively special servicing 10 CMBS loans and CMBS REO totaling $44 million as of June 30, 2006.

Fitch rates commercial mortgage primary, master and special servicers on a scale of 1 to 5, with 1 being the highest rating. Within each of these rating levels, Fitch further differentiates ratings by plus (+) and minus (-) as well as the flat rating. For more information about Fitch commercial mortgage servicer ratings or rating criteria, refer to the report titled 'Rating U.S. Commercial Mortgage Servicers' dated June 9, 2006, 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.