Fitch Ratings Upgrades SMSC Series 1995-M1.

Business Editors

CHICAGO--(BUSINESS WIRE)--Dec. 10, 2003

Fitch Ratings upgrades Structured Mortgage Securities Corporation's (SMSC) mortgage trust pass-through certificates, series 1995-M1 as follows:

-- $2.8 million class B-1 to 'AA' from 'A';

-- $5.6 million class B-2 to 'BBB-' from 'BB'.

Fitch does not rate the $5.6 million class B-3 certificates.

The 1995-M1 certificates evidence the beneficial ownership interests in a trust fund consisting of SMSC's multifamily mortgage trust pass-through certificates, series 1994-M1, class B, issued in December 1994. The SMSC 1994-M1 transaction's structure is sequential-pay with a pro rata trigger. When the class A credit enhancement reaches 35% principal will be paid pro rata to classes A and B. Classes B-1, B-2, and B-3 in SMSC 1995-M1 are paid sequentially throughout the life of the deal.

The upgrades are due to continued strong performance of the collateral. GMAC Commercial Mortgage Corp., the master servicer, collected year-end (YE) 2002 operating statements for all 20 loans. The YE 2002 weighted average debt service coverage ratio (DSCR) increased to 1.68 (times) x from 1.58x as of YE 2001 and 1.30x at issuance. No loans reported YE 2002 DSCR below 1.25x.

As of the November 2003 distribution date, the pool's collateral balance has paid down 59% to $50.7 million from $123.6 million at issuance. The pool has become more concentrated with 20 loans remaining from 46 at issuance.

Fitch is concerned with the increasing concentration of the pool, however all remaining loans are performing. Fitch will continue to monitor this transaction, as surveillance is ongoing.