Fitch Ratings Upgrades Salomon Brothers 2000-NL1 P-T Ctfs.

Business Editors

NEW YORK--(BUSINESS WIRE)--March 25, 2004

Salomon Brothers Mortgage Securities VII, Inc.'s commercial mortgage pass-through certificates, series 2000-NL1 are upgraded by Fitch Ratings as follows:

-- 15.9 million class E certificates to 'AAA' from 'AA';

-- $5 million class F certificates to 'AAA' from 'AA-';

-- $10.9 million class G certificates to 'AA' from 'BBB+';

-- $5.9 million class H certificates to A' from 'BBB';

-- $4.2 million class J certificates to 'BBB' from 'BB+';

-- $8.4 million class K certificates to 'BB' from 'B+'.

In addition, Fitch affirms the following classes:

-- $21 million class A-2 'AAA';

-- Interest only class X certificates 'AAA';

-- $18.4 million class B certificates 'AAA';

-- $16.7 million class C certificates 'AAA';

-- $6.7 million class D certificates 'AAA';

-- $3.3 million class L 'B-'.

Fitch does not rate the $4.8 million class M certificates. Class A-1 has been paid in full.

The upgrades reflect improved credit enhancement levels resulting from loan payoffs and amortization. Since the last review, one loan, secured by a hotel property in CT, paid off reducing the outstanding certificate balance by 6.4%. As of the March 2004 distribution date, the pool's aggregate certificate balance has decreased by 68.2% since origination, to $106.2 million from $334.2 million.

None of the loans remaining have lockout provisions.

One loan (1.36%), reported YE 2002 DSCR below 1.00x. This loan remains current and the borrower is working to stabilize the property. There are currently no specially serviced loans in the transaction.