Fitch Upgrades 1 Class of FUNB 1999-C4

Fitch Ratings has upgraded one and affirmed two classes of First Union National Bank Commercial Mortgage Trust (FUNB) commercial mortgage pass-through certificates series 1999-C4. A detailed list of rating actions follows at the end of this press release.

KEY RATING DRIVERS

The upgrades are a result of the disposition of the largest loan in the pool which was in special servicing, and the full defeasance of the remaining pool. Seven fully defeased loans remain in the transaction; 76.5% of the defeased loans (six loans) mature in June 2016. The remaining loan (23.5%) matures in November 2019.

As of the March 2015 distribution date, the pool's aggregate principal balance has been reduced by 98.7% to $12 million from $885.7 million at issuance. Interest shortfalls are currently affecting classes M through N.

RATING SENSITIVITIES

No further rating actions are expected on any classes for the remaining life of the transaction. Rating Outlooks on classes K and L are Stable and no further upgrades are warranted as both classes have previously incurred interest shortfalls. Class M has realized losses and will remain at 'D'. The recovery estimate on class L is not expected to change as the remaining balance is fully covered by defeasance.

Fitch upgrades the following class and assigns Rating Outlooks as indicated:

--$8.9 million class L to 'Asf' from 'CCCsf', Outlook Stable.

Fitch affirms the following class and revises the RE as indicated:

--$1.6 million class M at 'Dsf', RE 100%.

Fitch affirms the following class as indicated:

--$1.5 million class K at 'Asf', Outlook Stable.

The class A-1, A-2, B, C, D, E, F, G, H, and J certificates have paid in full. Fitch does not rate the class N certificate, which has been reduced to zero due to realized losses. Fitch previously withdrew the rating on the interest-only class IO certificates.

Additional information on Fitch's criteria for analyzing U.S. CMBS transactions is available in the Dec. 10, 2014 report, 'U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria', which is available at 'www.fitchratings.com' under the following headers:

Structured Finance >> CMBS >> Criteria Reports

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

Applicable Criteria and Related Research:

--'Global Structured Finance Rating Criteria' (March 31, 2015);

--'U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria' (Dec. 10, 2014);

--'Criteria for Rating Caps in Global Structured Finance Transactions' (May 28, 2014).

Applicable Criteria and Related Research:

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=864268

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

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=812608

Criteria for Rating Caps and Limitations in Global Structured Finance Transactions

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=748781

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=982357

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