Fitch Affirms Morgan Stanley Capital I Trust 2003-IQ5

NEW YORK--(Business Wire)--Fitch Ratings has affirmed Morgan Stanley Capital I Trust
commercial mortgage pass-through certificates, series 2003-IQ5 as
follows:

--$42.6 million class A-2 at 'AAA';

--$60.0 million class A-3 at 'AAA';

--$373.7 million class A-4 at 'AAA';

--Interest-only classes X-1 and X-2 at 'AAA';

--$22.4 million class B at 'AAA';

--$30.2 million class C at 'AA+';

--$7.8 million class D at 'AA-';

--$5.8 million class E at 'A+';

--$6.8 million class F at 'A-';

--$7.8 million class G at 'BBB';

--$5.8 million class H at 'BBB-';

--$2.9 million class J at 'BB+';

--$4.9 million class K at 'BB';

--$2.9 million class L at 'B+';

--$1.9 million class M at 'B';

--$1.0 million class N at 'B-'.

Class A-1 has paid in full. Fitch does not rate the $7.8 million
class O.

The affirmations are the result of stable pool performance since
Fitch's last rating action. As of the January 2008 distribution date,
the pool's aggregate principal balance has decreased 25% to $584.3
million from $778.8 million at issuance. Seven loans (16.3%) are
defeased.

Six loans (33.5%) were shadow rated investment grade at issuance.
International Plaza (6%) and 55 East Monroe (7.5% at issuance) have
paid in full and two other loans are defeased.

Two Commerce Square (9.4%) is secured by a 40-story class A office
building totaling 953,276 square feet (sf) located in Philadelphia,
PA. Two of the four pari-passu notes (A-1 and A-2) serve as collateral
for this transaction. As of year end 2006, occupancy was 93.4% in line
with issuance at 97.4%.

3 Times Square (5.2%) remains stable demonstrated by its September
2007 occupancy of 98.9%, up slightly since issuance. 3 Times Square is
secured by an 883,405 sf office building located in Manhattan.

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, New York
Mark Moller, 212-908-0751
Adam Fox, 212-908-0869
or
Media Relations:
Sandro Scenga, 212-908-0278

Copyright Business Wire 2008