Fitch Affirms MSCI, Series 2005-HQ5.

NEW YORK -- Fitch affirms Morgan Stanley Capital I Trust's (MSCI) commercial mortgage pass-through certificates, series 2005-HQ5 as follows:

-- $104.9 million class A-1 at 'AAA';

-- $160.9 million class A-2 at 'AAA';

-- $159.4 million class A-3 at 'AAA';

-- $66.4 million class A-AB at 'AAA';

-- $711.3 million class A-4 at 'AAA';

-- $112.4 million class A-J at 'AAA';

-- Interest-only class X-1 at 'AAA';

-- Interest-only class X-2 at 'AAA';

-- $30.5 million class B at 'AA';

-- $19 million class C at 'AA-';

-- $15.2 million class D at 'A+';

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

-- $15.2 million class F at 'A-';

-- $15.2 million class G at 'BBB+';

-- $13.3 million class H at 'BBB';

-- $21 million class J at 'BBB-';

-- $5.7 million class K at 'BB+';

-- $5.7 million class L at 'BB';

-- $5.7 million class M at 'BB-';

-- $3.8 million class N at 'B+';

-- $1.9 million class O at 'B';

-- $3.8 million class P at 'B-'.

Fitch does not rate the $19 million class Q certificates.

The rating affirmations reflect the stable pool performance and minimal paydown since issuance. As of the October 2006 distribution date, the pool has paid down 1.1% to $1.51 billion from $1.52 billion at issuance.

Fitch reviewed the credit assessments of the following loans: Wells REF Portfolio (9.6%), Houston Center (7.9%), 75 Broad Street (7.2%), 111 Eighth Avenue (4.9%), and Towne East Square Mall (4.5%). Based on their performance since issuance, all five loans maintain investment grade credit assessments.

The largest credit assessed loan, the Wells REF Portfolio, is secured by nine office properties located in six different states, containing a total of 2.9 million square feet. The whole loan consists of a $125 million Group 1 Note in the MSCI 2004-HQ4 trust, an $80 million Group 2 Note in MSCI 2005-TOP17, and a $145 million Group 3 Note, which is included in this trust. As of year-end (YE) 2005, all of the properties remained 100% leased and performance has been stable since issuance.

As of YE 2005, net cash flow (NCF) for two of the top ten loans, 1401 H Street (7.6%) and 111 Eighth Avenue (4.9%), has declined considerably since issuance. NCF for the 1401 H Street loan declined by 33% since issuance due to large tenant improvement expenditures in 2005. The servicer-reported YE 2005 DSCR (based on NCF) was 0.94 times (x) compared to 1.40x at issuance. Occupancy has declined to 90% as of May 2006 versus 95.9% at issuance. In addition, despite the NCF decline for 111 Eighth Avenue, the property is now 100% occupied and the decline in NCF was attributable to tenant improvement and leasing commissions in connection with new leases.

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