Fitch Ratings Upgrades Mansfield Trust Series 2001-1.

Business Editors

CHICAGO--(BUSINESS WIRE)--Dec. 9, 2003

Mansfield Trust's commercial mortgage pass-through certificates, series 2001-1, are upgraded by Fitch Ratings as follows:

-- $7.3 million class B to 'AA+' from 'AA';

-- $6.6 million class C to 'A+' from 'A'.

The following classes are affirmed as follows:

-- $93.6 million class A-1 at 'AAA';

-- $111.7 million class A-2 at 'AAA';

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

-- $8 million class D at 'BBB';

-- $4 million class E at 'BB';

-- $3.3 million class F at 'B'.

Fitch does not rate the $4.6 million class G certificates.

The rating upgrade and affirmations reflect the pool's amortization since issuance, lack of delinquencies, positive loan features such as significant recourse (96% of the pool) and a short weighted average remaining amortization term of 110 months. The loans' average seasoning is over seven years and the short amortization term leads to increased equity and limited loss exposure on the loans. One loan has paid off and none have been specially serviced since closing. As of the November 2003 distribution date, the pool's aggregate certificate balance has decreased by 9.9% since closing, to $239.1 million from $265.2 million.

Sun Life Assurance Company of Canada provided year end (YE) 2002 operating information for 79% of the loans by current loan balance. The YE 2002 debt-to-service coverage ratio (DSCR) is 1.54 times (x), compared to 1.58x for the same loans at deal closing. While Fitch is concerned with this slight decline since issuance, the concern is mitigated by the loans' seasoning, timely debt service payments and diversity, with no loan accounting for more than 2.6% of the pool.

The pool is comprised entirely of loans secured by properties in Canada. Specifically, the certificates are collateralized by 85 fixed-rate mortgage loans, consisting primarily of industrial (34%), retail (32%), and office (24%) properties, with concentrations in the provinces of Ontario (44%), British Columbia (20%), and Alberta (16%). Another strength of the transaction is that over 99% of the pool is secured by traditional property types, with less than 1% of the loans secured by hotel properties.