TEXT-Fitch downgrades 2 distressed classes of WAMU 2005-C1

Aug 8 - Fitch Ratings downgrades two classes of Washington Mutual Asset
Securities Corporation (WAMU) commercial mortgage pass-through certificates,
series 2005-C1. A detailed list of rating actions follows at the end of this
release.

The downgrades are the result a greater certainty of loss expectations primarily
associated with the specially serviced assets since Fitch's last rating action.
Fitch modeled losses of 9.52% of the remaining pool; expected losses of the
original pool balance are 0.89%, including 0.03% in losses incurred to date.

As of the July 2012 distribution date, the pool's collateral balance has paid
down 90% to $58.8 million from $649.5 million at issuance. Two loans (21%) are
currently in special servicing. Fitch has identified 10 loans (37%) as Fitch
loans of concern including the two (21%) specially serviced loans.

The largest specially serviced loan is secured by a 51,616 square foot (sf)
single-tenant office building (11.7%) located in Seattle, WA. The loan
transferred to special servicing in August 2011 due to imminent default. The
property remains 100% vacant as of July 2011 when the single tenant,
McCann-Erickson USA, vacated at lease expiration. The asset is now real estate
owned (REO). The asset is currently listed for sale and the broker has received
several offers.

The second largest specially serviced loan is secured by a 60,448 sf office
building (9.2%) located in Bothell, WA. The loan transferred to special
servicing in February 2011 due to a maturity default. The borrower continues to
make the monthly debt service payments. The borrower is working on refinancing
the loan and the special servicer expects the loan to be paid in full. The
property is 90% occupied as of August 2012.

Fitch has identified a 33,112 sf office property located in San Diego, CA (3.6%)
as a loan of concern. The largest tenant, Sharp Hospital (52%), renewed their
lease until Aug. 31, 2015 with an expansion clause giving them the option to
move into free space vacated in December 2011 by the second largest tenant
(48%). As a result, the year-end (YE) 2011 debt service coverage ratio (DSCR)
declined to 0.98x with occupancy declining to 52.

Fitch downgrades, assigns and revises Recovery Estimates (RE) as indicated:

--$2.4 million class K to 'CCCsf' from 'Bsf'; RE 100%;
--$2.4 million class L to 'Csf' from 'CCsf'/ RE 0%.

Fitch also affirms and revises Rating Outlooks on the following classes as
indicated:

--$6.9 million class B at 'AAAsf'; Outlook Stable;
--$13 million class C at 'AAAsf'; Outlook Stable;
--$4.1 million class D at 'AAAsf'; Outlook Stable;
--$5.7 million class E at 'AAAsf'; Outlook Stable;
--$4.9 million class F at 'AAsf'; Outlook Stable;
--$5.7 million class G at 'Asf'; Outlook Stable;
--$8.1 million class H at 'BBBsf'; Outlook to Negative from Stable;
--$3.3 million class J at 'BBsf'; Outlook Negative;
--$812,000 class M at 'Csf'; RE 0%.

The $1.4 million class N remains at 'D'; RE 0%.

Classes A-1, A-2, and A-J are paid in full.

Fitch has previously withdrawn the rating of the interest-only class X. For
additional information on the withdrawal of the rating on the interest-only
classes, see 'Fitch Revises Practice for Rating IO & Pre-Payment Related
Structured Finance Securities', dated June 23, 2010.

Additional information on Fitch's criteria for analyzing U.S. 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

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' (June 6, 2012);
--'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