Fitch Places 10 Classes of MSCI 2004-HQ4 on Watch Negative; Revises 1 Outlook

CHICAGO--(Business Wire)--
Fitch Ratings places 10 classes of Morgan Stanley Capital I Trust's (MSCI)
commercial mortgage pass-through certificates, series 2004-HQ4 on Rating Watch
as follows:

-- $24 million class E 'A'; Rating Watch Negative;

-- $10.3 million class F 'A-'; Rating Watch Negative;

-- $12 million class G 'BBB+'; Rating Watch Negative;

-- $12 million class H 'BBB'; Rating Watch Negative;

-- $15.4 million class J 'BBB-'; Rating Watch Negative;

-- $5.1 million class K 'BB+'; Rating Watch Negative;

-- $5.1 million class L 'BB'; Rating Watch Negative;

-- $5.1 million class M 'BB-'; Rating Watch Negative;

-- $1.7 million class N 'B+'; Rating Watch Negative;

-- $3.4 million class O 'B'; Rating Watch Negative.

Also, Fitch affirms and revises the Rating Outlook for the following class:

-- $13.7 million class D 'AA-'; Outlook to Negative from Stable.

The classes have been identified by Fitch's downgrade screener due to
delinquencies and concerns over potential losses associated with the four
specially serviced loans (3.7% of pool). The largest specially serviced loan,
(1.6%), is collateralized by a 197,941 square foot retail-shadow anchored center
located in Richmond, VA. The loan transferred on June 5, 2009 due to imminent
default as a result of declining performance. The most recent servicer-reported
debt service coverage ratio (DSCR) was 0.76 times (x) as of first quarter 2009,
and the occupancy was 76%. This compares to a reported DSCR of 1.21x and
occupancy of 98% at year-end 2007.

Fitch expects to resolve the Rating Watch status following updated valuations of
the specially serviced loans and additional information on potential
resolutions.

Additional information is available at 'www.fitchratings.com'.

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Fitch Ratings
Adam Ott, +1-312-368-2094 (Chicago)
Britt Johnson, +1-312-606-2341 (Chicago)
Sandro Scenga, +1-212-908-0278
(Media Relations, New York)
sandro.scenga@fitchratings.com

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