Fitch Upgrades 1 Class of COMM 2000-C1

Fitch Ratings has upgraded one class and affirmed six classes of COMM Mortgage Trust commercial mortgage pass-through certificates series 2000-C1. A detailed list of rating actions follows at the end of this press release.

KEY RATING DRIVERS

The upgrade to class G reflects the stable performance and continued paydown of the only loan remaining in the pool. The loan is secured by a 147,000 square foot retail property located in Bloomingdale, IL leased to Carson Pirie Scott. The store is located within the Stratford Square Mall, which has five other anchor tenants including Macy's, Sears, Kohl's, Burlington Coat Factory and Round One. The Carson's lease expires in January 2024, which is co-terminus with the loan's maturity. The debt service coverage ratio was reported to be 1.0x as of September 2015.

The affirmations to the remaining classes reflect incurred losses. The pool has experienced $45.2 million (5% of the original pool balance) in realized losses to date. As of the January 2016 distribution date, the pool's aggregate principal balance has been reduced by 99.0% to $9.1 million from $897.9 million at issuance. Interest shortfalls are currently affecting the class H through O notes.

RATING SENSITIVITIES

A further upgrade to class G is not warranted due to the fact there is one remaining loan and the collateral is leased to a single tenant. The rating is not expected to change unless there is a material economic or asset level event. A downgrade to class G may be possible if there is a significant performance decline in the remaining asset. Class G will continue to receive paydown and the subordinate class H provides additional credit support.

DUE DILIGENCE USAGE

No third party due diligence was provided or reviewed in relation to this rating action.

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

--$2.7 million class G notes to 'Bsf' from 'CCCsf'; Outlook Stable assigned.

Fitch affirms the following classes:

--$6.4 million class H notes at 'Dsf'; RE 60%;

--$0 Class J notes at 'Dsf'; RE 0%;

--$0 Class K notes at 'Dsf'; RE 0%;

--$0 Class L notes at 'Dsf'; RE 0%;

--$0 Class M notes at 'Dsf'; RE 0%;

--$0 Class N notes at 'Dsf'; RE 0%.

Fitch does not rate the class O notes and previously withdrew the ratings on the X notes. Classes A-1, A-2, B, C, D, E, and F notes have paid in full.

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

Applicable Criteria

Global Structured Finance Rating Criteria (pub. 06 Jul 2015)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=867952

U.S. and Canadian Fixed-Rate Multiborrower CMBS Surveillance and U.S. Re-REMIC Criteria (pub. 13 Nov 2015)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=873395

Additional Disclosures

Dodd-Frank Rating Information Disclosure Form

https://www.fitchratings.com/creditdesk/press_releases/content/ridf_frame.cfm?pr_id=999322

Solicitation Status

https://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=999322

Endorsement Policy

https://www.fitchratings.com/jsp/creditdesk/PolicyRegulation.faces?context=2&detail=31

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