Fitch Ratings Affirms Morgan Stanley Capital 2004 TOP 13.

NEW YORK -- Fitch Ratings affirms Morgan Stanley Capital, series 2004-TOP 13, as follows:

--$76.2 million class A-1 at 'AAA';

--$233 million class A-2 at 'AAA';

--$127 million class A-3 at 'AAA';

--$589.2 million class A-4 at 'AAA';

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

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

--$31.8 million class B at 'AA';

--$12.1 million class C at 'AA-';

--$24.2 million class D at 'A';

--$12.1 million class E at 'A-';

--$9.1 million class F at 'BBB+';

--$10.6 million class G at 'BBB';

--$9.1 million class H at 'BBB-';

--$9.1 million class J at 'BB+';

--$3 million class K at 'BB';

--$3 million class L at 'BB-';

--$3 million class M at 'B+';

--$4.5 million class N at 'B';

--$3 million class O at 'B-'.

Fitch does not rate the $12.1 million class P.

The rating affirmations reflect the minimal reduction of the pool balance since issuance and stable performance. As of the July 2006 remittance report, the pool has paid down 3.2% to $1.17 billion from $1.21 billion at issuance. There are currently no delinquent or specially serviced loans.

Seven loans were credit assessed by Fitch at issuance: GIC Office Portfolio (7.7%), Lakeland Square Mall (4.9%), Great Hall Portfolio (3.1%), Gallup Headquarters (2.6%), Carlisle Commons (1.8%), Hudson Mall (1.4%) and Renaissance Manor (1%). Fitch reviewed the most recent operating data available from the master servicer for these loans. Based on their stable performance the loans remain investment grade. The Fitch stressed debt service coverage ratio (DSCR) is calculated based on a Fitch adjusted net cash flow (NCF) and a stressed debt service based on the current loan balance and a hypothetical mortgage constant.

The GIC Office Portfolio is collateralized by 6.4 million square feet (sf) in 12 high quality office properties located throughout the U.S. Major tenants include AT&T, William Blair, The Carson Group, JP Morgan Chase, and the FBI. As of year-end (YE) 2005, the Fitch stressed A note DSCR has increased to 1.93 times (x) from 1.59x at issuance. Occupancy as of YE 2005 has decreased slightly to 90% from 91% at issuance.

Lakeland Square Mall is collateralized by 392,706 sf in an 898,631 sf regional mall located in Lakeland, FL. Anchor tenants include Dillard's, Sears, JC Penney, Burdines and Belk. As of YE 2005, the Fitch stressed DSCR is 1.28x compared to 1.48x at issuance. Occupancy as of YE 2005 is 87% compared to 93% at issuance.

The Great Hall Portfolio is collateralized by 638,583 sf in seven retail centers occupied by Lowe's, Wal-mart, Circuit City and Kroger in various locations throughout the U.S. As of YE 2005, the Fitch stressed DSCR is 1.39x and occupancy is 100%, both unchanged from issuance.

Gallup Headquarters is a 295,606 sf suburban office building in Omaha, NE. The Fitch stressed DSCR as of YE 2005 has improved to 1.91x from 1.68x at issuance. Occupancy as of YE 2005 remains stable at 100%.

Carlisle Commons is a 395,374 sf anchored retail mall in Carlisle, PA. Major tenants include Wal-mart, TJ Maxx, Ross Stores and Sears. The Fitch stressed DSCR as of YE 2005 is 1.38x compared to 1.39x at issuance. Occupancy as of YE 2005 remains stable at 100%.

Hudson Mall is a 361,493 sf anchored retail mall in Jersey City, NJ. Major tenants include Toys R Us, Staples, Marshalls, Old Navy, Kids R Us and Regal Cinema. The Fitch stressed DSCR as of YE 2005 has improved to 2.15x from 1.74x at issuance. Occupancy as of YE 2005 is 89% compared to 98% at issuance.

Renaissance Manor is a 184 unit multifamily property in North Brunswick, NJ. The Fitch stressed YE 2005 DSCR has improved to 1.75x from 1.69x at issuance. Occupancy as of YE 2005 is 91.3% compared to 98.4% at issuance.

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.