Fitch Affirms NationsLink Funding Corp. Series 1999-LTL-1.

CHICAGO -- Fitch Ratings affirms NationsLink Funding Corporation's commercial loan pass-through certificates, series 1999-LTL-1 as follows:

--$109.2 million class A-2 'AAA';

--$127.3 million class A-3 'AAA';

--Interest-only class X 'AAA';

--$25.9 million class B 'AA';

--$20.9 million class C 'A'.

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

The affirmation is the result of scheduled amortization and payoffs offset by declining credit ratings of some of the underlying tenants.

As of the November 2006 distribution, the aggregate principal balance of the pool has been reduced 32.5%, to $332.5 million from $492.5 million at issuance.

The certificates are collateralized by 121 fixed-rate mortgage loans and one participation interest in a mortgage loan, secured by 122 commercial properties. The pool consists primarily of credit tenant lease (CTL) loans, representing 75.6% of the pool balance. There are also 17 traditional conduit loans, which comprise 24.4% of the pool. All of the loans in the pool are current.

The weighted average debt service coverage ratio (DSCR) for the 17 conduit loans remains stable at 1.90 times (x) as of year-end (YE) 2005. The largest loan in the pool (9.8%), Broadway at the Beach, is secured by a 342,705 square foot open-air entertainment center located in Myrtle Beach, SC. The DSCR remains strong at 2.34x as of June 2006, compared to 2.15x as of YE 2005 and 1.60x at issuance. Occupancy has declined slightly to 93% as of June 2006 compared to 94.2% at issuance.

The CTL portion of the pool is comprised of 104 loans and one participation interest in a loan secured by leases on 105 properties. The leases are guaranteed by 32 different credits tenants. Overall, 14 ratings of the credit tenants have declined since issuance. The major corporate credit tenants in the pool are Rite Aid Corporation (8.3%), Koninklijke Ahold NV (8.3%) and Home Depot U.S.A., Inc. (7.1%).

While Fitch is concerned with the decline in the ratings of the underlying tenants of the CTL loans, the increased credit enhancement levels are sufficient to affirm the current ratings.

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