Wall Street Watch

NEW YORK (Standard & Poor's) June 12, 2002--Standard & Poor's today assigned its preliminary ratings to CDC Commercial Mortgage Trust's $637.5 million commercial mortgage pass-through certificates series 2002-FX1 (see list). The preliminary ratings are based on information as of June 12, 2002. Subsequent information may result in the assignment of final ratings that differ from the preliminary ratings. The preliminary ratings reflect the credit support provided by the subordinate classes of certificates, the liquidity provided by the trustee, the economics of the underlying loans, and the geographic and the property type diversity of the loans. Standard & Poor's analysis determined that, on a weighted average basis, the pool has a debt service coverage ratio (DSCR) of 1.36 times (x), a beginning loan-to-value ratio (LTV) of 86.1%, and an ending LTV of 74.4%. A copy of Standard & Poor's complete presale report for this transaction is available on RatingsDirect, Standard & Poor's Web-based credit analysis system, at www.ratingsdirect.com. The report is also available on Standard & Poor's Ratings Services Web site at www.standardandpoors.com/ratings. Under Presale Reports, select Structured Finance, then Commercial Mortgage-Backed Securities. PRELIMINARY RATINGS ASSIGNED CDC Commercial Mortgage Trust Series 2002-FX1
Class Rating Amount (Mil. $)
A-1 AAA 178,000
A-2 AAA 304,897
B AA 25,499
C AA- 9,562
D A 20,719
E A- 7,968
X-CL AAA 637,487
X-CP AAA 481,969
F BBB+ 7,969
G BBB 12,750
H BBB- 9,562
J BB+ 14,344
K BB 12,749
L BB- 6,375
M B+ 4,781
N B 3,985
P B- 3,187
Q N.R. 15,140

Contact: Nancy De La Cruz, New York (1) 212-438-2443 James Palmisano, New York (1) 212-438-2569 Roy Chun, New York (1) 212-438-2430

Adam M. Tempkin
Media Relations Manager, Structured Finance
Standard & Poor's
55 Water Street, 41st Floor
New York, NY 10041-0003

Phone: 212-438-7530
Fax: 212-438-7541
adam_tempkin@sandp.com