Fitch Ratings Upgrades Wachovia's Primary Servicer Rating.

Business Editors

NEW YORK--(BUSINESS WIRE)--Dec. 17, 2003

Fitch Ratings upgrades Wachovia's primary servicer rating to 'CPS2+' from 'CPS2' and affirms Wachovia's master and special servicer ratings at 'CMS2' and 'CSS2', respectively.

The primary servicer rating upgrade reflects Wachovia's strong operational abilities servicing commercial mortgage loans. The teams are well established and have excellent quality control functions. The master servicer rating reflects Wachovia's ability to oversee primary servicing of commercial mortgage loans, report to the trusts and provide timely accurate data to investors and rating agencies. The special servicer rating reflects Wachovia's experienced staff in working out distressed assets and the addition of CMBS experienced staff.

As of Nov. 30, 2003 Wachovia is currently either primary or master servicer on 105 commercial mortgage-backed securities (CMBS) transactions, totaling $76.4 billion. Wachovia oversees 28 primary servicers with a balance of $8.2 billion and is named special servicer on ten transactions, totaling $10.5 billion.

For more information about Fitch's commercial mortgage servicer ratings or rating criteria, refer to the report titled 'Commercial Mortgage Servicer Rating Criteria', dated April 11, 2002, available on the Fitch Ratings web site at 'www.fitchratings.com'.