Class L of Wachovia Bank's commercial mortgage pass-through certificates series 2004-Whale 3 has been downgraded from BBB-minus to BB by Fitch Ratings.Fitch also upgraded two classes in the transaction and affirmed the ratings on two others. The downgrade was attributed to the decreased operating performance of the Adams Mark Hotel in Denver. Fitch can be found on the Web at http://www.fitchratings.com.

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