--$29.1 million class F at 'BBB+'; Rating Watch Negative;

--$26.5 million class G at 'BBB'; Rating Watch Negative;

--$21.2 million class H at 'BBB-'; Rating Watch Negative;

--$7.9 million class J at 'BB+'; Rating Watch Negative;

--$10.6 million class K at 'BB'; Rating Watch Negative;

--$7.9 million class L at 'BB-'; Rating Watch Negative;

--$2.6 million class M at 'B+'; Rating Watch Negative;

--$5.3 million class N at 'B'; Rating Watch Negative;

--$5.3 million class O at 'B-'; Rating Watch Negative.

Fitch also revises the Rating Outlook on one class as follows:

--$26.5 million class E at 'A-'; Outlook Negative.

The classes have been placed on Rating Watch Negative due to the default and subsequent transfer to special servicing of four loans (5.7%). Three of the loans (2.2%) were considered Fitch Loans of Concern at the last review. The Negative Rating Outlook of the E class reflects a potential decrease in credit enhancement which may not support a 'A-' rating.

The largest specially serviced loan, the Lightstone Portfolio (3.5%), is 60 days delinquent and was transferred to special servicing in October 2008 due to imminent default. The Lightstone Portfolio is secured by four anchored retail properties located in Martinsburg, WV; Rome, GA; Hermitage, PA; and Cleveland, TN. As of Year End 2007, the property had a cumulative servicer reported DSCR of 1.08x and an occupancy of 95%. The properties then declined as of March 31, 2008 to a DSCR and occupancy of 0.95x and 93.7%, respectively. The borrower has approached the lender indicating that they would like to surrender the properties and is cooperating in the appointment of a receiver.

The second largest loan (1.1%) is secured by five multifamily properties located in Indiana and Ohio. The loan is 90 days delinquent and was transferred in June 2008 due to payment default. Receivers have been appointed for all properties and have taken over management.

The third largest loan (0.7%) is a 410,307 sf distribution center located in Columbus, OH. The loan is current; however, the borrower has become worried about meeting his debt obligations. The loan was transferred to special servicing in November 2008 due to the parent company's bankruptcy filing.

The smallest loan (0.4%) is secured by an office building located in Reno, NV. The loan is 90 days delinquent and was transferred in September 2008 due to imminent default.

The sponsor is in the process of selling the asset and the special servicer is awaiting a written proposal.

Fitch will resolve the rating watch status and revisit the outlooks of the classes as more information on potential workout strategies and updated property valuations are available.

Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, 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.