Fitch Upgrades 1 and Affirms 5 Classes of MSDW Mortgage Capital Owner Trust, Series 2000-F1

CHICAGO--()--Fitch Ratings has taken the following rating actions on Morgan Stanley Dean Witter Mortgage Capital Owner Trust, series 2000-F1 as follows:

--Class B affirmed at 'Asf'; Outlook Stable;

--Class C affirmed at 'BBBsf''; Outlook Stable;

--Class D upgraded to 'BBsf' from 'Bsf'; Outlook Stable;

--Class E affirmed at 'Csf'/RE 100%;

--Class F affirmed at 'Csf'/RE 100%;

--Class G affirmed at 'Csf'/RE 100%.

KEY RATING DRIVERS

The upgrade of the class D notes as well as the affirmation of class B and C notes reflect the robust credit enhancement available to the class and the material concentrations of defeased collateral which should provide for stable performance. Fitch's affirmed classes E, F, and G at 'Csf' due to their subordinate position which exposes the classes to the performance of large obligors over the long term; however, current recovery estimates remain at 100%. Fitch will continue to monitor this transaction and may take additional rating action in the event of changes in performance and credit enhancement measures.

RATING SENSITIVITIES

As the majority of the pool consists of collateral in defeasance, the performance of the senior classes will be tied to the future performance of the currently high credit quality collateral providers. The performance of the subordinate notes is exposed to the performance the few large remaining obligors. However, as the transaction continues to amortize, positive rating actions on the subordinate tranches could be possible as credit enhancement builds and relative exposure to larger obligor performance lessens.

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

The information used to assess these ratings was sourced from the issuer, periodic trustee reports, note valuation reports, and the public domain.

Applicable Criteria and Related Research:

--'Surveillance Criteria for Franchise Loan ABS' dated May 8, 2014;

--'Structured Finance Recovery Estimates for Distressed Securities' dated Nov. 18, 2011;

--'Global Structured Finance Rating Criteria' dated Aug. 4, 2014.

Applicable Criteria and Related Research:

Surveillance Criteria for Franchise Loan ABS

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=747882

Structured Finance Recovery Estimates for Distressed Securities

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=656557

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=754389

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=859114

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

Contacts

Fitch Ratings
Surveillance Analyst
Thomas Kaiser, CPA
Associate Director
+1-312-368-3338
Fitch Ratings, Inc.
70 West Madison St.
Chicago, IL 60602
or
Committee Chairperson
Bradley Sohl
Senior Director
+1-212-208-0792
or
Media Relations
Alyssa Castelli, New York, +1-212-908-0540
alyssa.castelli@fitchratings.com

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Contacts

Fitch Ratings
Surveillance Analyst
Thomas Kaiser, CPA
Associate Director
+1-312-368-3338
Fitch Ratings, Inc.
70 West Madison St.
Chicago, IL 60602
or
Committee Chairperson
Bradley Sohl
Senior Director
+1-212-208-0792
or
Media Relations
Alyssa Castelli, New York, +1-212-908-0540
alyssa.castelli@fitchratings.com