Fitch Rates N-45o First CMBS Issuer Corporation Series 2003-1.

Business Editors

NEW YORK--(BUSINESS WIRE)--June 19, 2003

N-45o First CMBS Issuer Corporation, series 2003-1, commercial mortgage-backed bonds are rated by Fitch Ratings as follows:

-- $200,000,000 class A-1 'AAA';

-- $278,574,000 class A-2 'AAA';

-- $559,735,881 class IO 'AAA';

-- $8,396,000 class B 'AA';

-- $16,792,000 class C 'A';

-- $19,590,000 class D 'BBB';

-- $13,993,000 class E* 'BB';

-- $9,095,000 class F* 'B';

-- $13,295,881 class G* 'NR'.

*Not offered hereby.

Classes A-1, A-2, B, C and D are offered publicly, while classes IO, E, F, and G 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 63 fixed-rate loans having an aggregate principal balance of approximately $559,735,881, as of the cutoff date.

For a detailed description of Fitch's rating analysis, please see the report titled 'N-45 First CMBS Issuer Corporation, Series 2003-1 (Canadian CMBS)' dated May 29, 2003 and available on the Fitch Ratings web site at 'www.fitchratings.com'.