Fitch Affirms CSFB 2003-C3; Assigns Outlooks

NEW YORK--(Business Wire)--
Fitch Ratings has affirmed and assigned Rating Outlooks to Credit Suisse First
Boston (CSFB) Mortgage Securities Corp. commercial pass-through certificates,
series 2003-C3. The affirmations are due to sufficient credit enhancement in
light of transaction paydown and performance as well as current Fitch expected
losses. A detailed list of rating actions follows at the end of this press
release.

The Negative Outlook assignments on classes M, N and O (as highlighted below)
are due to expected losses on four of the five loans currently in special
servicing, as well as an increased concentration of Fitch Loans of Concern. The
Rating Outlooks reflect the likely direction of any rating changes over the next
one to two years. As of the July 2009 distribution date, the pool has been
reduced 20.4% to $1.4 billion from $1.8 billion at issuance. 26 loans,
representing 25.6% of the pool, have defeased.

There are currently five loans (2.8%) in special servicing with losses expected
on four of them. The largest loan in special servicing (1.5%) is collateralized
by a 708 unit multifamily property in Houston, TX. Currently, the loan is being
extended and is expected to return to the master servicer. No near-term losses
are anticipated at this time. The second largest loan (0.6%) in special
servicing is secured by an 84,000 square foot (sf) office building in Orlando,
FL. The loan originally transferred to special servicing due to an unauthorized
transfer of ownership to an individual whose assets were then seized by the
authorities. The property is currently being managed by a court appointed
receiver.

The remaining three specially serviced loans include two multifamily properties
and one retail center. The special servicer is pursuing foreclosure on the
multifamily property located in Orlando, FL, and is working on a short sale for
the other multifamily property located in Indianapolis, IN. The retail property,
located in Marietta, GA has struggled since losing a major tenant in 2007. The
property is 71% occupied as of March, 2009.

Exclusive of the five specially serviced loans, an additional 17 loans (6.7%)
have been identified as Fitch Loans of Concern. The largest non-specially
serviced loan of concern (1.9%) is secured by an office property in Farmington
Hills, Michigan, a suburb of Detroit. Occupancy has dropped at the property to
63% as of April 2009 from 92% in January 2008.

Fitch maintains investment grade shadow ratings on four loans (32.1%) in the
trust, including the largest loan in the transaction, 622 Third Avenue, (16.5%),
which is secured by a 1 million sf class A office building located in midtown
Manhattan. The whole loan is divided into a $193.4 million pooled portion, a
$38.1 million non-pooled portion (representing classes 622A through 622F) and a
B-note held outside of the trust. As of May 2009, occupancy is 97% compared to
98% at issuance.

The next largest shadow rated loan is the Washington Center Portfolio (8.1%)
which has been fully defeased. The remaining two shadow rated loans are
comprised of two retail properties, Great Lakes Crossings (3.9%) in Auburn
Hills, MI and The Crossings (3.8%) which is located in Tannersville, PA.
Occupancy at Great Lakes Crossings is 81.5% as of March 2009 and had a servicer
reported debt service coverage ratio (DSCR) of 2.15 times (x) based upon
year-end (YE) 2008 operating results. Occupancy at The Crossings as of March
2009 is 94.2%, which is comparable to 95% at issuance. The servicer reported
DSCR, based upon net operating income for YE 2008 is 2.56x.

Fitch has taken the following rating actions:

--$195.9 million class A-3 at 'AAA'; Outlook Stable

--$55 million class A-4 at 'AAA'; Outlook Stable

--$862.4 million class A-5 at 'AAA'; Outlook Stable

--IO classes A-X, A-SP and A-Y at 'AAA'; ; Outlook Stable;

--$47.4 million class B at 'AAA'; Outlook Stable

--$19.4 million class C at 'AAA'; Outlook Stable

--$38.8 million class D at 'AA'; Outlook Stable

--$19.4 million class E at 'A+'; Outlook Stable

--$19.4 million class F at 'A'; Outlook Stable

--$12.9 million class G at 'A-'; Outlook Stable

--$19.4 million class H at 'BBB+'; Outlook Stable

--$19.4 million class J at 'BBB-'; Outlook Stable

--$12.9 million class K at 'BB+' Outlook Stable;

--$6.5 million class L at 'BB'; Outlook Stable

--$10.8 million class M at 'B+'; Outlook Negative;

--$2.2 million class N at 'B'; Outlook Negative;

--$4.3 million class O at 'B-'; Outlook Negative.

--$2.4 million class 622A at 'BBB-'; Outlook Stable

--$5.7 million class 622B at 'BBB-'; Outlook Stable

--$5.7 million class 622C at 'BBB-'; Outlook Stable

--$5.7 million class 622D at 'BBB-'; Outlook Stable

--$17 million class 622E at 'BB'; Outlook Stable

--$1.5 million class 622F at 'BB'. Outlook Stable

Fitch does not rate the $20.1 million class P. Classes A-1 and A-2 have been
paid in full.

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
Lauren Cerda, +1-312-606-2317
Britt Johnson, +1-312-606-2341
Sandro Scenga, +1-212-908-0278
(Media Relations, New York)
sandro.scenga@fitchratings.com

Copyright Business Wire 2009