Business Editors

CHICAGO--(BUSINESS WIRE)--October 31, 2007--Fitch Ratings has upgraded Bank of America's (B of A) commercial mortgage primary servicer rating to 'CPS1-' from 'CPS2', its master servicer rating to 'CMS2+' from 'CMS2' and its special servicer rating to 'CSS2-' from 'CSS3+'.

The primary servicer rating upgrade is based on B of A's demonstrated ability to effectively service mortgage loans in commercial mortgage-backed securities (CMBS) transactions while substantially growing its servicing portfolio. The upgrade also reflects the implementation and enhancement of its management report monitoring program, its detailed policies and procedures, and the strengthening of its insurance compliance program. Contributing factors to the master servicer rating upgrade include the addition of a team of surveillance analysts to support asset management, its full implementation of a thorough sub-servicer audit program, and favorable feedback from industry participants. The special servicer rating upgrade reflects B of A's stable special servicing team and the strong commercial real estate resources provided by the bank.

All of the CMBS servicer ratings reflect the servicing group's experienced management and staff with low employee turnover, its commitment to technology, and the financial condition of B of A.

As of June 30, 2007, B of A's servicing portfolio consisted of 9,592 loans that totaled approximately $100.2 billion, of which $96.2 billion was CMBS. As of the same date, B of A was named master servicer on 46 CMBS transactions totaling $81.3 billion and oversaw 13 primary servicers that serviced 1,201 loans totaling $10.4 billion. B of A was named special servicer on 15 CMBS transactions totaling $15.5 billion as of June 30, 2007. At that time, B of A was not actively specially servicing any CMBS loans.

Fitch rates commercial mortgage primary, master, and special servicers on a scale of 1 to 5, 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 'U.S. Commercial Mortgage Servicer Rating Criteria' dated Sept. 14, 2007, which is available on Fitch's web site at www.fitchratings.com.

Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site.

Fitch Ratings
Richard Carlson, +1-312-606-2373 (Chicago)
Jeff Wagner, +1-646-478-6592 (Kansas City)
Sandro Scenga, +1-212-908-0278
(Media Relations, New York)

State Keywords: New York
Industry Keywords: Professional Services; Banking; Finance; Construction & Property; Commercial Building & Real Estate
Source: Fitch Ratings