Fitch Downgrades & Assigns Outlooks to Lehman Brothers 2004-LLF C5.

CHICAGO -- Fitch Ratings has downgraded and assigned Rating Outlooks to the following two classes of notes from Lehman Brothers Floating Rate Commercial Mortgage Trust, series 2004-LLF C5:

--$25.1 million class J to 'BBB-' from 'BBB'; Outlook Negative;

--$31.5 million class K to 'BB' from 'BBB-'; Outlook Negative.

In addition, Fitch has affirmed and assigned Rating Outlooks to the following classes:

--$45.8 million class A-2 at 'AAA'; Outlook Stable;

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

--Interest-only class X1-WO at 'AAA'; Outlook Stable;

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

--$42.6 million class B at 'AAA'; Outlook Stable;

--$44.6 million class C at 'AAA'; Outlook Stable;

--$31.5 million class D at 'AAA'; Outlook Stable;

--$28.2 million class E at 'AA+'; Outlook Stable;

--$28.9 million class F at 'AA'; Outlook Stable;

--$27.8 million class G at 'A'; Outlook Stable;

--$22.8 million class H at 'BBB+'; Outlook Negative.

Classes A-1, PA, HC and interest-only classes X1-PA and X-FLP have paid in full. Fitch does not rate the WO class.

The downgrades to classes K and J reflect the high percentage of hotel loans remaining in the pool and the decreased likelihood of refinancing of the two loans maturing in July 2009. Class K will likely incur interest shortfalls as a result of special servicing fees in the event the loans do not refinance and transfer to the special servicer. Although credit enhancement has increased due to pay down, affirmations to the senior classes are warranted due to concentrations and upcoming maturities. Rating Outlooks reflect the likely direction of any rating changes over the next one to two years. Of the original 13 loans at issuance, four remain in the transaction. As of the April 2009 distribution date, the pool balance has paid down 74.2% to $328.8 million from $1.3 billion at issuance.

The Walt Disney World Hilton (30%) shadow rating has been downgraded below investment grade. The property reported a March 2009 TTM occupancy, ADR and RevPAR of 83.1% $156 and $129, respectively. The Fitch stressed net cash flow is 8% below what was anticipated at issuance. The Fitch stressed debt service coverage ration (DSCR) is approximately 1.53 times (x).

There are two Fitch Loans of Concern (26.5%) due to upcoming maturities in July 2009. Both loans do not have any remaining extension options and if refinancing is not obtained will transfer to the special servicer. The Westin Oaks & Westin Galleria Hotels comprise 893 rooms and are located in Houston, TX. The portfolio reported a March 2009 TTM occupancy, ADR and RevPAR of 70.2% $156 and $110, respectively. The Fitch stressed DSCR is approximately 2.16x. The Washington Tower at Pentagon City is located in Arlington, VA. The loan is backed by 169,547 sf of office space in addition to an adjacent land parcel under a ground lease to the Ritz Carlton Hotel. The office space is 100% leased as of a Jan. 16, 2009 rent roll. The Fitch stressed DSCR is approximately 1.28x. The Washington Tower shadow rating has been downgraded below investment grade.

The Sheraton Chicago Hotel & Towers loan (42.5%) is secured by a 1,209 room full-service convention-oriented hotel in the River East section of Chicago. As of the March 2009 trailing twelve month (TTM) period the occupancy was reported at 78.2% compared to 73.3% at issuance. The March 2009 TTM average daily rate (ADR) and revenue per available room (RevPar) were reported at $198 and $155. The Sheraton Chicago shadow rating has been downgraded below investment grade.

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.