Fitch Upgrades 1 Class of Merrill Lynch 1998 CAN-1

NEW YORK--(Business Wire)--
Fitch Ratings has upgraded and assigned a Rating Outlook to the following class
of Merrill Lynch's commercial mortgage pass-through certificates, series
1998-CAN 1:

--$1.1 million class D to 'AAA' from 'AA+'; Outlook Stable.

In addition, Fitch has affirmed and assigned a Rating Outlook to the following
class:

--Interest-only class X at 'AAA'; Outlook Stable.

Fitch does not rate the $10 million class E, the $3.5 million class F, or the
$4.7 million class G certificates. Classes A-1, A-2, B, and C have paid in full.

The rating upgrade is due to the collateral paydown and subsequent increased
credit enhancement since issuance. As of the March 2009 distribution date, the
transaction's balance has declined by 89.4% since issuance, to $19.3 million
from $182.1 million, and the number of loans to four from 32. The Rating
Outlooks reflect the likely direction of any changes to the ratings over the
next one to two years.

The pool is comprised entirely of loans secured by properties in Canada. The
four remaining properties are interspersed across three provinces: Ontario
(55.4%), Quebec (32.8%), and Alberta (11.8%).

Currently, there is one specially serviced asset in the transaction (11.8%). The
loan is secured by a property located in Calgary, AB, which transferred to the
special servicer Feb. 14, 2008 due to imminent default. One of the loan sponsors
transferred its interest to a third party without lender approval. Initially, an
assumption was to cure the default; however, the assumption has been delayed
until litigation between the sponsors is resolved. The loan remains current, and
the last servicer-reported debt service coverage ratio (DSCR) was 1.90 times (x)
as of Jan. 31, 2008.

The third-largest loan in the transaction (13%) is a performing matured loan.
The loan matured Jan. 1, 2009 and was extended through July 1, 2009. The largest
tenant at property (46%) recently renewed its lease through November 2013. As of
Dec. 31, 2007, the reported DSCR was 1.23x, and occupancy stood at 97%.

Following the extended maturity date of the third-largest loan (13%), none of
the remaining loans mature until 2018. For the four loans remaining in the pool,
the weighted average coupon is 8.31%, and the weighted average Fitch stressed
loan-to-value ratio is 41%.

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
sandro.scenga@fitchratings.com

Copyright Business Wire 2009