Fitch Affirms Morgan Stanley Dean Witter 2000-LIFE1

NEW YORK--()--Fitch Ratings has affirmed four classes of Morgan Stanley Dean Witter Capital I Inc.'s commercial mortgage pass-through certificates, series 2000-LIFE1. A detailed list of ratings follows at the end of this press release.

KEY RATING DRIVERS

The affirmations are due to sufficient credit enhancement after consideration for expected losses from the specially serviced loan. The pool is concentrated, with only four loans remaining. The largest loan in the pool is specially serviced (77.0%).

RATING SENSITIVITY

While recovery prospects for class H are strong, concerns surrounding the ultimate resolution of the specially serviced loan is a contributing factor for not upgrading the class. The rating on class J represents the likelihood of imminent losses, with the remaining classes reflecting realized losses already incurred.

As of the March 2014 distribution date, the pool's certificate balance has been reduced by 98.1% (including 4.6% in realized losses) to $13.3 million from $689 million at issuance. Interest shortfalls are affecting classes K through M.

The specially serviced loan is secured by a 136,213 square foot office building located in Columbus, OH. The loan was transferred to special servicing in January 2011 due to maturity default. The largest tenant (61%) has a lease expiration date of Dec. 31, 2014. A loan modification and an updated appraisal are in process.

Fitch affirms the following classes and revises the Recovery Estimate (RE) as indicated:

--$5.5 million class H at 'CCCsf'; RE 100%;

--$6.9 million class J at 'Csf'; RE 65%;

--$0.9 million class K at 'Dsf'; RE 0%;

--Class L at 'Dsf'; RE 0%.

Classes A-1, A-2 and B through F have paid in full. Fitch does not rate classes G or M. The rating on class X has previously been withdrawn.

Additional information is available at 'www.fitchratings.com'.

Applicable Criteria and Related Research:

--'Global Structured Finance Rating Criteria' (May 24, 2013);

--'U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria' (Dec. 11, 2013).

Applicable Criteria and Related Research:

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=708661

U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=724961

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=826624

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Contacts

Fitch Ratings
Primary Analyst
Tiffany Pierce, +1 212-908-9107
Associate Director
Fitch Ratings, Inc.
One State Street Plaza
New York, NY 10004
or
Committee Chairperson
Mary MacNeill, +1 212-908-0785
Managing Director
or
Media Relations:
Sandro Scenga, +1 212-908-0278
sandro.scenga@fitchratings.com

Sharing

Contacts

Fitch Ratings
Primary Analyst
Tiffany Pierce, +1 212-908-9107
Associate Director
Fitch Ratings, Inc.
One State Street Plaza
New York, NY 10004
or
Committee Chairperson
Mary MacNeill, +1 212-908-0785
Managing Director
or
Media Relations:
Sandro Scenga, +1 212-908-0278
sandro.scenga@fitchratings.com