Fitch Ratings Affirms MS 1999-WF1; Assigns Outlooks

NEW YORK--(BUSINESS WIRE)--Fitch Ratings has affirmed Morgan Stanley Capital I Inc.'s commercial mortgage-backed securities, series 1999-WF1, as follows:

--Interest-only (IO) class X at 'AAA'; Outlook Stable;

--$7.8 million class E at 'AAA'; Outlook Stable;

--$16.9 million class F at 'AAA'; Outlook Stable;

--$9.7 million class G at 'AAA'; Outlook Stable;

--$19.4 million class H at 'A'; Outlook Stable;

--$7.3 million class J at 'BBB+'; Outlook Stable.

Fitch does not rate classes K through O. Classes A-1, A-2, B, C, and D have paid in full.

Affirmations are due to the stable performance of the remaining pool. Stable rating outlooks reflect the unlikely movement of any ratings over the next one to two years.

As of the November 2008 distribution date, the pool's balance has decreased 89.8% to $99.2 million from $968.5 million at issuance. Six loans, representing 16.1% of the transaction had their maturities extended by three months and are expected to payoff. 2.2% of the transaction is scheduled to mature in 2009. There are no additional upcoming maturities in the near future.

There is currently one specially serviced loan. The loan (0.99%) was transferred to Special Servicing in October 2008 due to monetary default. The borrower indicated that his occupancy decreased to 29% due to the expiration and non-renewal of the Blockbuster video lease. The collateral consists of 9,190 square feet (sf) retail strip mall. The borrower has indicated that he is working on refinancing. The loan is paid through Sept. 1, 2008 and matured Oct. 1, 2008. The special servicer has hired counsel and is prepared to initiate foreclosure if the borrower is unable to refinance.

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