Fitch Affirms LB-UBS Commercial Mortgage Trust 2003-C1.

NEW YORK -- Fitch Ratings affirms LB-UBS commercial mortgage pass-through certificates, series 2003-C1 as follows:

-- $92.5 million class A-1 at 'AAA';

-- $180 million class A-2 at 'AAA';

-- $105 million class A-3 at 'AAA';

-- $537.5 million class A-4 at 'AAA';

-- $204 million class A-1b at 'AAA';

-- Interest Only (I/O) classes X-CL and X-CP at 'AAA';

-- $25.7 million class B at 'AA+';

-- $25.7 million class C at 'AA';

-- $20.6 million class D at 'AA-';

-- $18.9 million class E at 'A+';

-- $17.1 million class F at 'A';

-- $18.9 million class G at 'A-';

-- $18.9 million class H at 'BBB+';

-- $12 million class J at 'BBB';

-- $10.3 million class K at 'BBB-';

-- $18.9 million class L at 'BB+';

-- $6.9 million class M at 'BB';

-- $6.9 million class N at 'BB-';

-- $10.3 million class P at 'B+';

-- $5.1 million class Q at 'B';

-- $5.1 million class S at 'B-';

Fitch does not rate class T.

The affirmations are due to the pool's stable performance. As of the September 2004 distribution date, the pool's aggregate principal balance has decreased 1.3% to $1.35 billion from $1.37 billion at issuance. There have been no loans delinquent or in special servicing since issuance.

Wachovia Bank (Wachovia), the master servicer, collected year-end (YE) 2003 operating statements for 95.6% of the transaction. The YE 2003 weighted averaged debt service coverage ratio (DSCR) based on net operating income is stable from issuance at 1.59 times (x).

The five credit assessed loans remain investment grade. Fitch reviewed operating statement analysis reports and other performance information provided by Wachovia. The DSCR for the loans are calculated based on a Fitch adjusted net cash flow (NCF) and a stressed debt service based on the current loan balance and a hypothetical mortgage constant.

Stonebriar Centre (13.4%), the largest loan in the pool, is secured by a regional mall in Frisco, TX. The mall's performance is stable. As of June 2004, in-line occupancy was 96.5% and overall occupancy was 98.9%. The YE 2003 in-line average sales per square foot (sf) was flat to issuance and is trending positively for the trailing 12 months ended June 2004. The Fitch DSCR for the loan was 1.39x for YE 2003 compared to 1.43x at issuance.

Westmoreland Mall (6.1%) is a 1.3 million sf enclosed regional mall with a grocery anchored shopping center and outparcels in Greensburg, PA. The YE 2003 Fitch adjusted NCF for Westmoreland Mall declined 7.6%, primarily due to an increase in expenses. The corresponding Fitch DSCR was 1.36x compared to 1.45x at issuance. The in-line occupancy as of July 2004 increased to 87.1% from 82.8% at issuance. In addition, the borrower recently leased 51,000 sf of the vacant Ames space to Dick's Sporting Goods with rental payments anticipated to commence in early 2005.

Pennmark (8.2%) is secured by a 333-unit apartment building with retail located in Manhattan, NY. Although the YE 2003 Fitch adjusted NCF declined 10%, the borrower recently signed a new retail lease for 33,500 sf bringing the retail occupancy to approximately 93.7% from 78% at issuance. The corresponding Fitch DSCR was 1.24x compared to 1.38x at issuance.

Candler Tower (6.2%) is secured by a 227,685 sf office building in Manhattan, NY. The property is 100% leased to SFX Entertainment Inc. and is performing as expected.

Brandywine Towne Center (2.2%), a retail power center located in Wilmington, DE remains 100% occupied as of July 2004. The YE 2003 Fitch NCF is stable with Fitch DSCR of 1.46x compared to 1.41x at issuance.