Morgan Stanley CMBS Classes Downgraded

Two classes of Morgan Stanley Dean Witter Capital I Trust commercial mortgage-backed securities, series 2001-TOP1, have been downgraded by Fitch Ratings.Class J was downgraded from B-minus to CCC, and class K was downgraded from CCC to C. In addition, the rating on class F was affirmed and removed from Rating Watch Negative, and the ratings on 13 other classes were also affirmed. Fitch attributed the downgrades to expected losses on four specially serviced loans secured by an office property in San Jose, Calif.; a multifamily property in Marietta, Ga.; an industrial property in Lafayette, Colo.; and an office property in Robinson Township, Pa. The rating agency can be found online at http://www.fitchratings.com.