Fitch Upgr Prudential Asset Resources Primary Svcr; Rts Master Svcr.

Business Editors

CHICAGO--(BUSINESS WIRE)--May 23, 2002

Fitch Ratings assigns a master servicer rating of 'CMS3' to Prudential Asset Resources (PAR). Fitch also upgrades PAR's primary servicer rating to 'CPS3+' from 'CPS3'. Both ratings consider the solid industry experience of servicing management and staff. The primary servicer rating upgrade reflects PAR's continued ability to effectively service commercial mortgage loans in CMBS transactions. The master servicer rating indicates PAR's ability to report and remit to CMBS trustees and oversee third party primary servicers. The ratings also reflect the financial condition of parent Prudential Financial, and its commitment to commercial mortgage servicing.

As of March 31, 2002, PAR's total servicing portfolio consisted of 5,852 loans totaling $33.6 billion, of which approximately $3.3 billion was CMBS. As of the same date, PAR was named master servicer on 4 CMBS transactions, overseeing 4 primary servicers who serviced 82 loans totaling $525 million.

Fitch rates commercial mortgage primary, master, and special servicers on a scale of 1 to 4, with 1 being the highest rating. Within each of these rating levels, Fitch further differentiates ratings by plus (+) and minus (-) as well as the flat rating. For more information about Fitch commercial mortgage servicer ratings or rating criteria, 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'.