The A-minus issuer default ratings of Archstone-Smith Trust and Archstone-Smith Operating Trust have been placed on Rating Watch Negative by Fitch Ratings.Fitch also placed the preferred stock rating of Archstone-Smith Trust and the debt ratings of Archstone-Smith Operating Trust on Rating Watch Negative. The actions, which followed an announcement that Archstone-Smith is being acquired by a partnership sponsored by Tishman Speyer and Lehman Brothers, indicate that "Fitch expects that if the transaction closes, the surviving entity will undertake a significantly more aggressive financial profile than Archstone has traditionally utilized." Moody's Investors Service has also placed its Archstone ratings on review for possible downgrade. Fitch can be found on the Web at http://www.fitchratings.com.

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