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4Q Ends Record Year of U.S. CMBS Rating Activity

NEW YORK (Standard & Poor's) Jan. 24, 2002--Standard & Poor's today announced that the fourth quarter led 2001 to a record number of rating changes within the U.S. CMBS sector. According to the CMBS Surveillance group, the fourth quarter's 49 raised ratings and 43 lowered ratings brought the sector's year-end activity to a total of 236 rating changes.

While 2001 boasted a record 174 upgrades, the year also showcased a record 62 downgrades, slightly surpassing the 1996 record of 57. According to the CMBS Surveillance group, the dichotomy has surfaced because seasoned deals
continue to benefit from increased credit support and improved collateral financial performance, while certain areas of property types have suffered in the waked of the Sept. 11 tragedy, such as health care and lodging.

"The downgrade activity during the fourth quarter was particularly active because of Kmart Corp. (Kmart) and Alliant Energy Corp. (Alliant)," said Roy Chun, director of Standard & Poor's CMBS Surveillance group. "Eighteen Kmart
credit lease transactions were downgraded during the quarter, compared to Alliant's 17, which accounted to 35 of the total 43 CMBS downgrades during the period. This somewhat parallels 1996, which was the prior record downgrade
year, when Kmart credit lease transactions also accounted for many of the downgrades that occurred."

This information is contained in the new issue of Standard & Poor's "Structured Finance Ratings Roundup Quarterly: Fourth-Quarter Performance Trends." The report covers significant rating activity across all segments of
the structured finance market, as well as servicer evaluations, real estate companies, and international arenas.

"Structured Finance Ratings Roundup Quarterly" is available on RatingsDirect, Standard & Poor's Web-based credit analysis system, and www.standardandpoors.com. Click on Products and Services; then, under
Reference Tools, click on Structured Finance, and, finally, select Structured Finance Ratings Roundup Quarterly.

Analytic Contact: Roy Chun, New York (1) 212-438-2430
Larry Kay, New York (1) 212-438-2504

Toshiko Tanabe
Director of Communications - Japan and Korea
Standard and Poor's
55 Water Street, 47th floor
New York, NY 10041
212.438.6674 fax
[email protected]
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