Fitch Affirms ORIX Capital Market's CMBS Servicer Ratings.

CHICAGO -- Fitch Ratings affirms ORIX Capital Market's (OCM) primary servicer rating of 'CPS2', its master servicer rating of 'CMS2', and its special servicer rating of 'CSS3'. The primary servicer rating is based on OCM's ability to effectively service mortgage loans in CMBS transactions. The master servicer rating reflects OCM's skill in the oversight of third-party servicers and its proven CMBS reporting capabilities. Fitch recognizes improvements in master and primary servicing at OCM since Fitch's previous review. Sustained performance in these areas could lead to future positive rating actions. The special servicer rating is indicative of OCM's ability to work out and resolve commercial mortgage loans and real estate owned (REO) properties in CMBS transactions. All three of the ratings consider OCM's experienced staff, its comprehensive training program and its strong commitment to technology.

As of Sept. 30, 2004, OCM's total servicing portfolio consisted of 6,066 loans totaling $28.9 billion, of which approximately $25.3 billion was CMBS. As of the same date, OCM was named master servicer on 48 CMBS transactions, overseeing 29 primary servicers who serviced 2,560 loans totaling $7.7 billion. At Sept. 30, 2004, OCM was named special servicer on 20 CMBS transactions totaling $11.7 billion. At that time, OCM was actively specially servicing 79 CMBS loans totaling $366 million and was managing 16 REO assets valued at $122 million.

Fitch rates commercial mortgage primary, master, and special servicers on a scale of 1 to 4, 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 'Commercial Mortgage Servicer Rating Criteria', dated April 11, 2002, available on Fitch's web site, www.fitchratings.com.