Fitch Affirms LB-UBS 2001-C2.

CHICAGO -- Fitch Ratings affirms LB-UBS Commercial Mortgage Trust's commercial mortgage pass-through certificates, series 2001-C2 as follows:

--$89.2 million class A-1 at 'AAA';

--$789.3 million class A-2 at 'AAA';

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

--$49.5 million class B at 'AAA';

--$62.7 million class C at 'AAA';

--$16.5 million class D at 'AAA';

--$13.2 million class E at 'AAA';

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

--$16.5 million class G at 'AA-';

--$23.1 million class H at 'BBB+'

--$14.8 million class J at 'BB+'.

--$11.5 million class K at 'BB-';

--$9.9 million class L at 'B+';

--$13.2 million class M at 'B-/DR1'.

The $6.6 million class N and $3.3 million class P remain at 'C/DR5' and 'C/DR6', respectively.

The $4.6 million class Q is not rated by Fitch.

Fitch affirms all of the classes due to stable performance of the pool since the last rating action. As of the December 2007 distribution date, the pool's aggregate certificate balance has decreased by 16.1% to $1.1 billion from $1.32 billion at issuance. A total of 43 loans (40%) have fully defeased since issuance. Twenty-four loans, 18.8% of the pool, are considered loans of concern. These include three specially serviced loans (3.4%) along with other loans with various types of performance issues.

The first two specially serviced assets are secured by two hotel properties (1.8%) both of which are real estate owned (REO) and located in Atlanta. The hotels were renovated, re-flagged, and are being marketed for sale by the special servicer. The third specially serviced loan (1.5%) is secured by a 543,572 square foot (sf) office building in Tulsa, OK that is 90+ days delinquent. The loan was transferred to special servicing in November 2005 after the borrower requested a loan modification due to declining occupancy and rents. The third specially serviced loan (0.5%) is secured by a 3,300 sf retail property located in Chicago, IL. The loan is current.

Losses are expected on the specially serviced assets, which are anticipated to deplete the balance on class Q and impact classes N and M.

At issuance, Fitch considered six loans to have investment grade shadow ratings, two of which are fully defeased: 10950 Tantau Avenue (2.2%) and Courtyard by Marriott (2.6%). The four remaining non-defeased loans maintain investment-grade shadow ratings: Westfield Shoppingtown Meriden, New Park Mall, 400 Plaza Drive, and 529 Bryant Street.

The pool's largest loan (6.4%) is secured by 371,688 square feet (sf) of in-line space within the Westfield Shoppingtown Meriden mall located in Meriden, CT. The mall is anchored by Macy's, JC Penney, Sears, Best Buy, and Dick's Sporting Goods (non-collateral). As of June 30, 2007, in-line occupancy has decreased to 84.2% compared to 95.7% at issuance, with total mall occupancy down to 93.6% from 98.2% at issuance. The loan's June 2007 Fitch-adjusted debt-service coverage ratio (DSCR) on net cash flow (NCF) was 1.58 times (x), compared to 1.60x at issuance. Fitch's adjusted NCF is calculated using a stressed debt service based on the current loan balance and a hypothetical mortgage constant. The A-note portion of the whole loan is held in the trust, while the B-note portion ($36.4 million) is held outside the trust. Fitch will monitor the leasing activity at this property. The loan matures in January 2011.

NewPark Mall (6.1%), the second-largest loan, is secured by 389,682 sf of in-line space within the 1.2 million sf regional mall located in Newark, CA. As of March 2007, in-line occupancy had improved to 91% over 88.9% at issuance. The loan matures in February 2031.

400 Plaza Drive (1.8%), also known as Hartz Mountain Industries, is secured by a four-story multi-tenanted office building, located in Secaucus, NJ. The building was 97.2% occupied as of Nov. 15, 2007 compared to 100% at issuance. The loan matures in February 2031.

529 Bryant Street (1.6%) is secured by a 45,161 sf office building located in Palo Alto, CA. The property is 100% occupied by a single tenant, whose lease expires May 2025. The loan matures in January 2031.

Fitch's Distressed Recovery (DR) ratings are designed to estimate recoveries on a forward-looking basis while taking into account the time value of money.

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.