2008-08-19 23:38:03 -

- Fitch Ratings affirms Morgan Stanley Capital I Inc., commercial mortgage pass-through certificates, series 1999-RM1, as follows:

--$43.1 million class A-2 at 'AAA';

--Interest-only class X at 'AAA';

--$43 million class B at 'AAA';

--$45.1 million class C at 'AAA';

--$12.9 million class D at 'AAA';

--$34.4 million class E at 'AAA';

--$17.2

million class F at 'AAA';

--$10.7 million class G at 'AAA';

--$23.6 million class H at 'AA-';

--$8.6 million class J at 'A';

--$12.9 million class K at 'BBB';

--$6.4 million class L at 'BBB-';

--$8.6 million class M at 'B+';

--$8.6 million class N at 'CCC'.

Fitch does not rate the $5.4 million class O certificates, and class A-1 has paid in full.

The classes are affirmed due to stable Fitch-expected credit enhancement levels since Fitch's last rating action. In addition, paydown of $164.8 million (19.2%) since the last Fitch review has been offset by a small uptick in the concentration of Fitch Loans of Concern (to 11.8% from 9.4%) as well as refinance risk corresponding to a high concentration of upcoming maturities in 2008 (70.5%).

As of the August 2008 distribution date, the pool has paid down 67.4% to $280.6 million, from $859.4 million at issuance. Fifteen loans (29.2%) have defeased, including four of the top 10 loans (15.2%).

Forty-nine loans, representing approximately 70.5% of the pool, are scheduled to mature throughout the remainder of 2008. Of these loans, 14 (28.4%) have defeased. For the non-defeased loans scheduled to mature in 2008, the weighted average coupon is 7.12%, the weighted average servicer-reported debt service coverage ratio (DSCR) is 1.72 times (x), and the weighted average occupancy is 85.6%.

Fitch has identified 11 loans (11.8%) as Fitch Loans of Concern. These include loans with DSCRs below 1.0x, loans with Fitch stressed loan-to-value ratios of greater than 100%, and loans with other performance issues. Of the Fitch Loans of Concern, five (5.8%) are scheduled to mature in 2008. Currently, no loans are in special servicing.

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.

Fitch Ratings
Lindsay Weichert, +1-212-908-0398 (New York)
Britt Johnson, +1-312-606-2341 (Chicago)
Media Relations:
Sandro Scenga, +1-212-908-0278 (New York)