Fitch Ratings Upgrades Merrill Lynch Series 1994-C1 Class F Certificates.

Business Editors

NEW YORK--(BUSINESS WIRE)--Dec. 10, 2003

Merrill Lynch Mortgage Investors, Inc.'s (MLMI) commercial pass-through certificates, series 1994-C1 Class F is upgraded as follows:

-- $805,021 class F to 'AAA' from 'BBB+'.

Fitch does not rate the $12.2 million Class G and classes A, B, C, D and E have paid in full.

The upgrade is primarily due to the transaction's paydown and continued improved performance which has resulted in a higher subordination level to the remaining rated class. As of the November 2003 distribution date, the transaction's balance has been reduced by 95% to $13 million from $255.9 million and the number of loans to 14 from 136.

GMAC Commercial Mortgage, the master servicer, collected 94.6% of the pool's year-end 2002 operating statements. The weighted-average debt service ratio (DSCR) for the loans which reported YE 2002 financials increased to 1.61 times (x) from 1.50x at issuance. There are currently no loans in special servicing and five loans (30%) are on the master servicer's watchlist. In Fitch's analysis, the loans of concern were assumed to have a higher probability of default and increased loss severity. The resulting subordination level was sufficient enough to warrant the upgrade.