Fitch Affirms Morgan Stanley Capital I Trust 2005-TOP17; Assigns Outlooks

CHICAGO--(Business Wire)--
Fitch Ratings affirms and assigns Rating Outlooks to Morgan Stanley Capital I
Trust 2005-TOP17 commercial mortgage pass-through certificates, as follows:

--$1.3 million class A-2 at 'AAA'; Outlook Stable;

--$56.8 million class A-3 at 'AAA'; Outlook Stable;

--$85.6 million class A-4 at 'AAA'; Outlook Stable;

--$58.2 million class A-AB at 'AAA'; Outlook Stable;

--$576 million class A-5 at 'AAA'; Outlook Stable;

--Interest-only classes X-1 at 'AAA'; Outlook Stable;

--Interest-only classes X-2 at 'AAA'; Outlook Stable;

--$74.8 million class A-J at 'AAA' Outlook Stable;

--$20.8 million class B at 'AA'; Outlook Stable;

--$7.4 million class C at 'AA-'; Outlook Stable;

--$11 million class D at 'A'; Outlook Stable;

--$9.8 million class E at 'A-'; Outlook Stable;

--$6.1 million class F at 'BBB+'; Outlook Stable;

--$7.4 million class G at 'BBB'; Outlook Negative;

--$7.4 million class H at 'BBB-'; Outlook Negative;

--$2.5 million class J at 'BB+'; Outlook Negative;

--$3.7 million class K at 'BB'; Outlook Negative;

--$3.7 million class L at 'BB-'; Outlook Negative;

--$1.2 million class M at 'B+'; Outlook Negative;

--$1.2 million class N at 'B'; Outlook Negative;

--$2.5 million class O at 'B-'; Outlook Negative.

Fitch does not rate the $7.4 million class P. Class A-1 has paid in full.

The affirmations are the result of stable performance since issuance and minimal
expected losses. Rating Outlooks reflect the likely direction of any rating
changes over the next one to two years. As of the March 2009 distribution date,
the pool's aggregate principal balance has decreased 3.7% to $944.7 million from
$980.7 million at issuance. Four loans (7.9%) have defeased. Fitch has
identified six Loans of Concern (5.2%). There are currently no delinquent or
specially serviced loans.

Fitch reviewed year-end (YE) 2007 servicer-provided operating statement analysis
reports for the shadow rated loans. The largest of these loans, the Wells REF
Portfolio (8.5%), is secured by nine office properties in various states
containing a total of 2.9 million square feet. As of September 2008, all of the
properties are 100% leased and performance has remained stable since issuance.
The loan is one of three pari passu A notes which are securitized in MSCI
2004-HQ4 and MSDW 2005-HQ5 transactions.

As a result of the decline in occupancy and net cash flow to Travis Tower (3.7%)
and Azalea Square (1.7%), Fitch no longer considers these loans to have
investment grade shadow ratings. Travis Tower is a 507,247 sf office building
located in Houston, TX. The property has suffered from decrease in occupancy due
to the vacating of the largest tenant, as of September 2008, the
servicer-reported occupancy was 41%. Azalea Square is 181,942 sf retail center
located in Summerville, SC. The property has suffered from an increase in
vacancy since issuance, mainly due to the bankruptcy and subsequent store
closing of Linens N Things, which made up 14% of the total NRA at issuance.

Based on their stable performance since issuance the remaining shadow rated
loans maintain their investment grade shadow ratings; Towers Crescent (3.8%),
The Maritime Hotel (2.6%), 101 Ash Street (2.1%), International Plaza (1.2%),
and Bon Aire Apartments (0.9%).

The transaction has near-term maturity risk with 5.3% maturing in 2009, 0% in
2010 and 7.8% in 2011. The most recent servicer reported DSCR for the
non-defeased 2009 maturities is ranges from 1.42 times (x) to 3.53x, including
the shadow rated International Plaza (1.2%).

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, Chicago
Adam Ott, 312-368-2094
Britt Johnson, 312-606-2341
or
Media Relations:
Sandro Scenga, 212-908-0278, New York
Email: sandro.scenga@fitchratings.com

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