Fitch Affirms Morgan Stanley Capital I Trust 2003-IQ4 MM

NEW YORK--(Business Wire)--
Fitch Ratings affirms Morgan Stanley Capital I Trust 2003-IQ4 MM,
as follows:

--$10.0 million class MM-A at 'BBB';

--$ 5.0 million class MM-B at 'BBB-'.

The affirmations are the result of stable cash flow performance,
strong in-line sales, and experienced ownership and management.

Fitch analyzed the performance of the whole loan and its
underlying collateral. The Fitch adjusted debt service coverage ratio
(DSCR) for the whole loan as of year-end 2007 was 1.59 times (x)
compared to 1.26x at issuance. As of January 2008, mall occupancy
improved to 99.4% from 97.8% at issuance, while in-line occupancy
improved to 98.7% from 95.3% at issuance.

The loan is secured by the fee-simple interest in the 516,643
square feet (SF) of in-line space at the Mall at Millenia in Orlando,
FL. The two-level enclosed mall is anchored by Macy's, Bloomingdale's
and Neiman Marcus, each of which owns its land and improvements.

The certificates are collateralized by a $15 million B-note. The
B-note is subordinate to a senior mortgage which totals $195.0 million
bringing the total debt to $210.0 million. The senior portion has been
divided into four pari passu notes: notes A-1 and A-2, totaling $70
million, have been contributed to the Morgan Stanley 2003-IQ4 trust.
Note A-3 is part of the GMAC 2003-C3 transaction, not rated by Fitch,
and has a current balance of $67.5 million. Note A-4 is part of the
Morgan Stanley Capital I Trust 2004-HQ4 transaction and has a current
balance of $57.5 million.

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
Sue Ann Butera, 212-908-0713
Adam Fox, 212-908-0869
or
Media Relations:
Sandro Scenga, 212-908-0278

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