Fitch Downgrades 2 & Upgrades 7 Classes of CSFB 2001-CF2.

NEW YORK -- Fitch Ratings downgrades Credit Suisse First Boston's (CSFB) commercial mortgage pass-through certificates, series 2001-CF2, as follows:

-- $9.9 million class M to 'CCC' from 'B';

-- $5.5 million class N to 'C' from 'CCC'.

In addition, Fitch upgrades the following classes:

-- $43.8 million class B to 'AAA' from 'AA+';

-- $49.3 million class C to 'AAA' from 'A+';

-- $10.9 million class D to 'AAA' from 'A';

-- $16.4 million class E to 'AA' from 'A-';

-- $18.9 million class F to 'A' from 'BBB+';

-- $14 million class G to 'A-' from 'BBB';

-- $16.4 million class H to 'BBB' from 'BB+'.

Fitch also affirms the following classes:

-- $109.9 million class A-3 at 'AAA';

-- $523.2 million class A-4 at 'AAA';

-- Interest only classes A-CP and A-X at 'AAA';

-- $21.9 million class J at 'BB';

-- $8.2 million class K at 'BB-';

-- $9.3 million class L at 'B+'.

Fitch does not rate the $4.2 million class O or the $1 million class RA certificates. Classes A-1 and A-2 have been paid in full.

The downgrades to the junior classes reflect increased Fitch expected losses on the specially serviced assets. Fitch expected losses are anticipated to impact classes O, N and M.

The upgrades to the senior classes reflect increased credit enhancement due to loan payoffs, scheduled amortization and defeasance since the last Fitch rating action. As of the February 2006 distribution date, the pool's aggregate collateral balance has been reduced 23.5%, to $862.7 million from $1.128 billion at issuance. Eleven loans (15.3%) have defeased to date. Since the last rating action, 15 loans, including the largest loan in the pool, paid off in full.

Currently, four assets (3.3%) are in special servicing, with Fitch expected losses on three of these assets. The largest loan in special servicing (1.9%) is secured by an office property located in Minneapolis, MN and is current. The loan was transferred to the special servicer in December 2005 due to imminent default. The building is 100% vacant. Debt service payments are being funded out of a vacancy reserve. The special servicer is attempting to devise a workout strategy with respect to this loan.

The second largest specially serviced asset (1.1%) is an office property located in Olivette, MO and is real estate owned (REO). The special servicer is marketing the asset for sale while concurrently stabilizing occupancy at the property. Losses are expected upon liquidation.

Fitch has designated 25 loans (16.6%) as Fitch Loans of Concern; these include the specially serviced loans and loans exhibiting declines in cash flow and occupancy. In particular, Fitch continues to monitor the second largest loan (5.2%), a 194,399 square foot (sf) office property located in Brisbane, CA. The weak Brisbane office market has caused the property to struggle with low occupancy and reduced rental rates since 2002. However, the continuing recovery in the Bay area market and recent, stronger leasing activity suggest future improvements in cash flow at the property.

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.