Wall Street Watch

NEW YORK (Standard & Poor's) Aug. 20, 2002--Standard & Poor's Ratings Services said today that the closure of 327 Ames Department stores has no immediate impact on the ratings currently assigned to 27 CMBS transactions that include loans secured by Ames Department (Ames) stores (see list).

The 27 rated conduit transactions have 38 loans secured by Ames stores. CMBS conduit transactions benefit from a diverse mix of retail tenants, and the Ames concentration in the identified transactions represents only a small portion of the total collateral. In these transactions, Ames gross leasable area (GLA) is less than 1% of the total pool, and on average is approximately .33%.

Standard & Poor's will continue to monitor the liquidation of the Ames stores and the potential impact on any of its rated transactions. The liquidation is expected during the next 10 weeks.

Ames, which filed for bankruptcy protection on Aug. 20, 2001, does not currently have a Standard & Poor's company credit rating.

For additional information on the impact that tenant bankruptcies have had on CMBS transactions, please see the July 10, 2002 article "Minimum Impact of Bankrupt Anchor Tenants on U.S. CMBS Transactions and REITs," available on RatingsDirect, Standard & Poor's Web-based credit analysis system, at www.ratingsdirect.com.

CMBS TRANSACTIONS AFFECTED BY AMES STORE CLOSINGS Ames Deal Ames Exp. Lwst Rated # of Lns as % Credit Name as % of Pool Cert in Deal w/Ames of GLA Supprt
ASC 1997-D4 0.23% B- 2 31% 1.50%
BSMS 1999-C1 0.81% BB+ 1 37% 5.53%
CDC 2002-FX1 0.47% B- 1 22% 0.00%
CCMSC 1997-1 0.69% B 3 57% 3.14%
CCMSC 1998-1 0.47% BBB- 1 47% 10.00%
CMFUN 1999-1 0.23% B- 1 23% 1.88%
CS FB 1997-C1 0.10% B 1 54% 3.25%
CS FB 1997-C2 0.16% AAA 1 81% 33.82%
CS FB 1998-C1 0.23% B- 2 42% 3.00%
FUNB 2000-C2 0.32% B- 1 30% 2.22%
FUNB 2001-C2 0.32% B- 1 34% 2.19%
FULB 1997-C1 0.24% B- 1 47% 2.42%
FULB 1997-C2 0.50% CCC- 4 44% 0.77%
FULB 1998-C2 0.15% BB+ 2 52% 9.11%
GMAC 2000-C2 0.41% B 1 42% 2.16%
GSM 1998-C1 0.19% BB+ 2 78% 8.02%
GSM 1999-C1 0.20% B- 1 56% 3.06%
JPM 1996-C2 0.88% B+ 1 100% 13.85%
JPM 1997-C5 0.15% CCC+ 1 68% 2.32%
LBCMT 1998-C4 0.16% BB+ 2 62% 7.32%
LB-UBS 2001-C7 0.23% CCC 1 44% 0.00%
MSC 1998-CF1 0.16% D 1 100% 4.86%
MSC 1999-CAM1 0.30% B+ 2 86% 3.05%
MCF 1996-MC1 0.20% B- 1 55% 3.81%
MCF 1998-MC3 0.19% BB+ 1 60% 9.71%
PNC 2000-C2 0.45% B- 1 37% 2.04%
SBMS VII-2001C1 0.53% B- 1 42% 2.02%

Contact: Larry Kay, New York (1) 212-438-2504
Omay Tsuei, New York (1) 212-438-2449

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@standardandpoors.com