TEXT-Fitch cuts 3 below investment-grade classes of MSDWC 2001-TOP3

May 8 - Fitch Ratings downgrades three classes of Morgan Stanley Dean Witter
Capital I Trust's commercial mortgage pass-through certificates, series
2001-Top3. A detailed list of rating actions follows at the end of this release.

The downgrades reflect an increase in expected losses from loans in special
servicing. Despite increased credit enhancement of the classes, affirmations
reflect the concentrated nature of the pool including exposure to single-tenant
properties and locations in tertiary markets. Affirmation on class D reflects
the potential for interest shortfalls to occur on the class.

Fitch modeled losses of 19.6% (5.3% cumulative transaction losses which includes
losses realized to date). Fitch expects that classes J and H may be fully
depleted and class G significantly impacted from losses associated with the
specially serviced assets.

As of the April 2012 distribution date, the pool's aggregate principal balance
has been paid down by 85.4% to $150.1 million from $1.03 billion at issuance.
Three loans (2.8%) in the transaction are defeased. As of April 2012, there are
cumulative interest shortfalls in the amount of $5.4 million currently affecting
classes F through N.

Fitch has identified eight loans (28%) as Fitch Loans of Concern, which includes
six specially serviced loans (26.6%).

The largest contributor to losses (8.7% of pool balance) is a 365,430 square
foot (sf) industrial building located in Sterling Heights, MI. The vacant
property was real estate owned (REO) since April 2011 and was marketed for sale.
The asset was disposed on April 30, 2012 with significant losses.

The next largest contributor to losses (4.5%) is a vacant single tenant 221,374
sf industrial building located in Duluth, GA. The property became REO as of
March 1, 2011. The asset is being marketed for sale and is expected to incur
significant losses based on recent valuations.

The third largest contributor to losses (4%) is a 183,717 sf office/industrial
property located in Auburn Hills, MI. The property is REO and the special
servicer is marketing the property for sale.

In total, there are currently six loans (26.6%) in special servicing consisting
of one loan (7.3%) that is non-performing matured and four assets (19.3%) that
are REO.

At Fitch's last review there were 11 loans (20.6%) in special servicing
consisting of two loans (3.5%) that were current, one loan (0.4%) that was
performing matured, one loan (2.1%) that was non-performing matured, one loan
(1%) that was 60 days delinquent, three loans (5.9%) in foreclosure and three
assets (7.7%) that were REO.

Fitch downgrades the following classes and revises Recovery Estimates as
indicated:

--$11.6 million class G to 'Csf' from 'CCCsf'; RE 5% from 85%;
--$10.3 million class H to 'Csf' from 'CCsf'; RE 0%;
--$5.6 million class J to 'Dsf' from 'Csf'; RE 0%.

Fitch also affirms the following classes as indicated:

--$20.9 million class A-4 at 'AAAsf'; Outlook Stable;
--$30.8 million class B at 'AAAsf'; Outlook Stable;
--$28.3 million class C at 'AAsf'; Outlook Stable;
--$12.9 million class D at 'Asf'; Outlook Stable;
--$18 million class E at 'BBsf'; Outlook Stable;
--$11.6 million class F at 'CCCsf'; RE 100%.

Fitch does not rate class N. Classes A-1, A-2, A-3 and X-2 have paid in full.
Class K, L and M remain at 'Dsf, RE0%' due to realized losses.

Fitch has withdrawn the ratings of the interest-only classes X-1. (For
additional information, see 'Fitch Revises Practice for Rating IO & Pre-Payment
Related Structured Finance Securities', dated June 23, 2010.)

Additional information on Fitch's amended criteria for analyzing U.S. fixed rate
CMBS is available in the Dec. 21, 2011 report, 'Surveillance Methodology for
U.S. Fixed-Rate CMBS Transactions,' which is available at 'www.fitchratings.com'
under the following headers:

Structured Finance >> CMBS >> Criteria Reports

Contact:

Primary Analyst
David Ro
Associate Director
+1-312-368-3132
Fitch, Inc.
70 W. Madison Street
Chicago, IL 60602

Committee Chairperson
Britt Johnson
Senior Director
+1-312-606-2341

Media Relations: Sandro Scenga, New York, Tel: +1 212-908-0278, Email:
sandro.scenga@fitchratings.com.

Additional information is available at 'www.fitchratings.com'. The ratings above
were solicited by, or on behalf of, the issuer, and therefore, Fitch has been
compensated for the provision of the ratings.

Applicable Criteria and Related Research:
--'Global Structured Finance Rating Criteria' (Aug. 4, 2011);
--'Surveillance Methodology for U.S. Fixed-Rate CMBS Transactions' (Dec. 21,
2011).

Applicable Criteria and Related Research:
Global Structured Finance Rating Criteria
Surveillance Methodology for U.S. Fixed-Rate CMBS Transactions