Fitch Ratings Upgrades DLJ 1998-CG1 Commercial Mtge P-T Certificates.

Business Editors

NEW YORK--(BUSINESS WIRE)--Dec. 17, 2003

DLJ Commercial Mortgage Corp.'s commercial mortgage pass-through certificates, series 1998-CG1, are upgraded by Fitch Ratings as follows:

-- $39.1 million class A-2 to 'AAA' from 'AA+';

-- $78.2 million class A-3 to 'AA' from 'A+';

-- $23.5 million class A-4 to 'A+' from 'A';

-- $70.4 million class B-1 to 'BBB+' from 'BBB';

-- $23.5 million class B-2 to 'BBB' from 'BBB-';

-- $15.6 million class B-3 to 'BBB' from 'BBB-'.

In addition Fitch affirms the following classes:

-- $74.5 million class A-1A at 'AAA';

-- $835.3 million class A-1B at 'AAA';

-- $39.1 million class A-1C at 'AAA;

-- Interest-only class S at 'AAA';

-- $66.5 million class B-4 at 'BB';

-- $15.6 million class B-5 at 'BB-';

-- $27.4 million class B-6 at 'B';

-- $15.6 million class B-7 at 'B-';

Fitch does not rate the $18.5 million class C certificates.

The rating upgrades reflect the transaction's paydown and continued improved performance which has resulted in higher subordination levels. As of the November 2003 distribution date, the pool's aggregate certificate balance has decreased by 14.0% since closing, to $1.34 billion from $1.56 billion.

Fitch reviewed the performance and underlying collateral of the deal's three loans with investment grade credit assessments, Rivergate Apartments (6.5%), Resurgens Plaza (2.2%) and the Camargue (2.0%). The Fitch stressed DSCR for each loan is calculated using servicer provided net operating income (NOI) less reserves divided by Fitch stressed debt service payment.

The Rivergate Apartments (6.5%) located in New York, NY, has 706 units and was built in 1985. Occupancy as of December 31, 2002 was 93.5%, compared to 97% at closing. The year-end (YE) 2002 DSCR is 1.53 times (x), compared to 1.36x at closing. Fitch is concerned with the decline in occupancy and NCF year-to-year, and will continue to monitor the progress of the collateral.

The Resurgens Plaza (2.2%) is a 388,000 sq. ft. office property located in the Buckhead section of Atlanta, GA. Occupancy as of December 31, 2002 was 89.6%, consisting mostly of professional service tenant firms. The YE 2002 DSCR has slightly declined to 1.76x, compared to 1.84x at closing. The decline in NCF is attributed to the decline in occupancy. Fitch continues to monitor the leasing activity.

The Camargue (2.0%) is a 261-unit multifamily property located in New York, NY, which was built in 1979. The Fitch net cash flow adjusted for non-cash items and capital expenditures increased approximately 28.4% since issuance. The corresponding DSCR as of YE 2002 DSCR is 1.60x, compared to 1.37x at closing.

GEMSA Loan Services, the master servicer, collected YE 2002 borrower operating statements for 97% of the pool's outstanding balance. The weighted average DSCR for YE 2002 increased to 1.64x from 1.32x at closing. Currently, there are four loans (1.5%) in special servicing. The Blue Ash Hotel (0.38%), located in Ohio is currently real estate owned (REO). The property transferred to the special servicer as a result of declining market conditions and deferred maintenance. The property is currently being marketed for sale by the special servicer and losses are expected.

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