Fitch Ratings Upgrades NCB, FSB's Master & Primary Servicer Rtgs.

Business Editors

CHICAGO--(BUSINESS WIRE)--May 31, 2002

Fitch Ratings upgrades NCB, FSB's primary and master servicer rating to 'CPS1-Co-op' from 'CPS2+ Co-op' and to 'CMS2- Co-op' from 'CMS3+ Co-op', respectively. Fitch also affirms NCB, FSB's special servicer rating of 'CSS2 Co-op'. NCB, FSB's primary servicer rating is upgraded based on continued improvement in financial statement collection and additional technology enhancements for servicing cooperative housing loans. The master servicer rating is upgraded based on its strong reporting capabilities to Trustees in its role as a co-master servicer and quality controls in place. The special servicer rating reflects the risk management teams continued ability to specially service cooperative housing mortgage loans in CMBS transactions. All ratings reflect the highly tenured and experienced senior management team.

As of March 31, 2002, NCB, FSB was named master servicer on 21 CMBS transactions comprised of 1,016 loans totaling $1.6 billion and a primary servicer in 11 CMBS transactions, servicing 195 loans totaling $470.1 million. The company was named special servicer on 24 CMBS transactions, comprised of 1,172 loans totaling $1.8 billion. NCB, FSB is currently special servicing 11 CMBS cooperative housing loans totaling $11.9 million.

Fitch rates primary servicers, master servicers, and special servicers on a scale of one through four, with one being the highest rating; each servicer type rating has a prefix of CPS, CMS, or CSS, respectively. For more details, refer to the report titled 'Commercial Mortgage Servicer Rating Criteria', dated April 11, 2002 and available on the Fitch Ratings web site at 'www.fitchratings.com'.