Fitch Ratings Upgrades Class B of GMPT Series 1999-C1.

Business Editors

NEW YORK--(BUSINESS WIRE)--Oct. 30, 2003

Fitch Ratings upgrades GMPT Commercial Mortgage Backed Securities, series 1999-C1 certificates as follows:

-- $15.3 million class B to 'AAA' from 'AA'.

Fitch also affirms $12.3 million class C at 'AA'.

Classes A, D and E are paid in full. The transaction, which closed in August 1999, was initially collateralized by five mortgages on five regional malls. Currently, as the borrower released four of the mortgages, the remaining loan is secured by one regional mall located in Ohio, known as Columbus City Center.

The upgrade is due to the de-levering of the loan resulting from the release of the four properties, at 125% of their allocated loan balances. As a result, the unpaid principal balance has been reduced by 93%.

Columbus City Center is a regional shopping center with 1,064,154 SF whose anchors are Kaufman's and Lazarus-Macy's, which are not part of the collateral. The mall lost a significant tenant, Jacobson's in January 2002. Jacobson's filed for Chapter 11 bankruptcy protection, and vacated the mall. In-line occupancy at Columbus City Center decreased to 77.6% as of June 30, 2003, from 88.5% at issuance. Tenant sales figures are unavailable, as the loan documents do not require the borrower to disclose this information. The lease on the Lazarus-Macy's anchor space expires in January 2004. Fitch has requested information from the servicer regarding lease renewal. However, at press time renewal has not been confirmed.

The trailing twelve month (TTM) Fitch net cash flow (NCF) for the period ending June 30, 2003 decreased 23.3% from closing. Fitch NCF reflects adjustments for extraordinary income and expense items and the deduction of funds for capital improvements, tenant improvements, and leasing commissions. The resulting debt service coverage ratio (DSCR) is 3.53 times, based on a 10.09% stressed mortgage refinance constant. Although Fitch has concerns about the mall, they are mitigated by the de-levering of the overall transaction.

The Taubman Group L.P (TGLP) currently leases and manages Columbus City Center. TGLP is a subsidiary of Taubman Centers, a publicly traded REIT that acquires, develops, and manages regional and super regional shopping centers in nine states.

Fitch will continue to monitor this transaction, as surveillance is ongoing.