Fitch Rates Morgan Stanley Capital I Trust 2005-IQ9.

NEW YORK -- Morgan Stanley Capital I Trust 2005-IQ9, commercial mortgage pass-through certificates, are rated by Fitch Ratings as follows:

-- $62,100,000 class A-1 'AAA';

-- $112,600,000 class A-2 'AAA';

-- $194,700,000 class A-3 'AAA';

-- $94,400,000 class A-4 'AAA';

-- $43,800,000 class A-AB 'AAA';

-- $446,242,000 class A-5 'AAA';

-- $271,561,000 class A-1A 'AAA';

-- $130,199,000 class A-J 'AAA';

-- $1,531,754,421 class X-1(1) 'AAA';

-- $1,491,944,000 class X-2(1) 'AAA';

-- $168,257,608 class X-Y(1) 'AAA';

-- $32,550,000 class B 'AA';

-- $11,488,000 class C 'AA-';

-- $26,806,000 class D 'A';

-- $15,317,000 class E 'A-';

-- $15,318,000 class F 'BBB+';

-- $11,488,000 class G 'BBB';

-- $17,232,000 class H 'BBB-';

-- $5,744,000 class J 'BB+';

-- $7,659,000 class K 'BB';

-- $5,744,000 class L 'BB-';

-- $5,744,000 class M 'B+';

-- $3,830,000 class N 'B';

-- $5,744,000 class 0 'B-'.

(1) Notional Amount and Interest Only.

Class P is not rated by Fitch. Classes A-1, A-2, A-3, A-4, A-AB, A-5, A-1A, A-J, B, C, and D are offered publicly, while classes X-1, X-2, X-Y, E, F, G, H, J, K, L, M, N, and O are privately placed pursuant to rule 144A of the Securities Act of 1933. The certificates represent beneficial ownership interest in the trust, primary assets of which are 241 fixed-rate loans having an aggregate principal balance of approximately $1,531,754,421 as of the cutoff date.

For a detailed description of Fitch's rating analysis, please see the presale report titled 'Morgan Stanley Capital I Trust 2005-IQ9' dated Feb. 8, 2005 and available on the Fitch Ratings web site at www.fitchratings.com.