S&P Afms Rtgs in Three CMBS Deals; D Nts Off Watch.

Business Editors

LONDON--(BUSINESS WIRE)--Oct. 2, 2003

Standard & Poor's--Standard & Poor's Ratings Services said today it removed from CreditWatch and affirmed its credit ratings on the class D notes issued in three CMBS securitizations: Dutch Dream 2001-1, Duke 2002 Ltd., and GECO 2002 Ltd. At the same time, the credit ratings on the remaining classes in all three securitizations were affirmed (see list below).

The rating actions reflect the removal of the senior unsecured debt rating on Westfaelische Hypothekenbank AG (WestHyp; BBB/Negative/A-3) from CreditWatch on Oct. 1, 2003, following the bank's spin-off from Bayerische Hypo- und Vereinsbank AG (HVB; A-/Negative/A-2), which became effective on Sept. 29, 2003. The rating actions are not related to the performance of the underlying reference pool.

The class D notes in all three securitizations are solely collateralized by certain MTNs issued by WestHyp. Therefore, the ratings on these notes continue to reflect the senior unsecured debt rating on WestHyp.

A copy of the related press release on WestHyp, titled "Four HVB Group Subsidiaries Ratings Off Watch After Spin-Off; Hypo International Assigned 'A-'", dated Oct. 1, 2003, is available to subscribers of RatingsDirect, Standard & Poor's Web-based credit analysis system, at www.ratingsdirect.com. Alternatively, call one of Standard & Poor's Ratings Desks: London (44) 20-7847-7400; Paris (33) 1-4420-6705; Frankfurt (49) 69-33-999-223; Stockholm (46) 8-440-5916; or Moscow (7) 095-783-4017. Members of the media may contact the Press Office Hotline on (44) 20-7826-3605 or via [e-mail].

RATINGS LIST
Class                    Rating
               To                  From
Dutch Dream 2001-1
EUR198.85 Million Floating-Rate Amortizing Credit-Linked Notes

Rating Removed From CreditWatch and Affirmed
D              BBB              BBB/Watch Neg

Ratings Affirmed
A              AAA
B              AA
C              A

GECO 2002 Ltd.
EUR590.25 Million Floating-Rate Amortizing Credit-Linked Notes and
EUR4 Million
Floating-Rate Amortizing Funding Notes

Rating Removed From CreditWatch and Affirmed
D              BBB              BBB/Watch Neg

Ratings Affirmed
A-1+           AAA
A-2            AAA
A-3            AAA
A-4            AAA
B              AA
C              A
E              BB
Funding Notes  AAA

DUKE 2002 Ltd.
EUR814.35 Million Floating-Rate Amortizing Credit-Linked Notes

Rating Removed From CreditWatch and Affirmed
D              BBB              BBB/Watch Neg

Ratings Affirmed
A2+            AAA
A3             AAA
A4             AAA
B              AA
C              A
E              BB-
Funding Notes  AAA

ANALYST E-MAIL ADDRESSES

[e-mail]

[e-mail]

[e-mail]

[e-mail]

Copyright 2003, Standard & Poor's Ratings Services