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Fitch Affirms Morgan Stanley 2001-PPM

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NEW YORK--(BUSINESS WIRE)--

Fitch Ratings has affirmed all classes of Morgan Stanley Dean Witter Capital I Trust's commercial mortgage pass-through certificates, series 2001-PPM. A detailed list of rating actions follows at the end of this press release.

The affirmations are due to sufficient credit enhancement to the remaining Fitch rated classes and minimal Fitch expected losses across the pool. In addition, the remaining 16 loans are fully amortizing and the Fitch-stressed weighted average loan-to-value (LTV) for the pool is 35%.

As of the October 2012 distribution date, the pool's aggregate principal balance has been reduced 93.8% (which includes 2.39% in realized losses) to $38.8 million from $623.6 million at issuance. Interest shortfalls are affecting the non-rated classes K, N and O. There are currently no loans in special servicing as of October 2012.

Fitch affirms the following classes and Outlooks as indicated:

--$10.8 million class E at 'AAAsf'; Outlook Stable;

--$4.7 million class F at 'AAAsf'; Outlook Stable.

Fitch does not rate classes G through O. Classes A-1 through D have paid in full.

Fitch had previously withdrawn the rating on the interest-only class X.

Additional information on Fitch's criteria for analyzing U.S. CMBS is available in the reports detailed below at the end of the press release.

Additional information is available at 'www.fitchratings.com'. The ratings above were solicited by, or on behalf of, the issuer, and therefore, Fitch has been compensated for the provision of the ratings.

Applicable Criteria and Related Research:

--'Global Structured Finance Rating Criteria' (June 6, 2012);

--'Surveillance Methodology for U.S. Fixed-Rate CMBS Transactions' (Dec. 21, 2011).

Applicable Criteria and Related Research:

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=679923

Surveillance Methodology for U.S. Fixed-Rate CMBS Transactions

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=662869

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 Ratings
Primary Analyst
Martin Nunnally
Associate Director
+1-212-908-0871
Fitch, Inc., One State Street Plaza, New York, NY 10004
or
Committee Chairperson
Karen Trebach
Senior Director
+1-212-908-0215
or
Media Relations:
Sandro Scenga, +1-212-908-0278 (New York)
sandro.scenga@fitchratings.com

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