TEXT-Fitch cuts 3 below investment grade classes OF MSCI 2005-IQ9

Tue Nov 20, 2012 2:37pm EST

Nov 20 - Fitch Ratings has downgraded three classes and affirmed 16 classes
of Morgan Stanley Capital I Trust's commercial mortgage pass-through
certificates, series 2005-IQ9. A detailed list of rating actions follows at the
end of this press release.

The downgrades of the junior classes reflect greater certainty of losses. Fitch
modeled losses of 3.2% of the remaining pool; expected losses on the original
pool balance total 3.4%, including losses already incurred. The pool has
experienced $14.2 million (0.9% of the original pool balance) in realized losses
to date. Fitch has designated 67 loans (18.6%) as Fitch Loans of Concern, which
includes eight specially serviced assets (2.4%).

As of the October 2012 distribution date, the pool's aggregate principal balance
has been reduced by 22.8% to $1.18 billion from $1.53 billion at issuance. Per
the servicer reporting, three loans (1.5% of the pool) are defeased. Interest
shortfalls are currently affecting classes M through P.

The largest contributor to expected losses is the Okeechobee Industrial Park
loan (0.8% of the pool), which is secured by a 147,377 sf industrial facility
consisting of 11 buildings located in West Palm Beach, Florida. The loan was
transferred back to the master servicer in January 2012. The loan modification
included an interest rate reduction and interest-only payments through maturity,
among other terms. As of June 2012, occupancy at the property was 58%, down from
87.7% reported at issuance.

Fitch downgrades the following classes:

--$11.5 million class G to 'Bsf' from 'BBsf', Outlook Negative;
--$5.7 million class L to 'Csf' from 'CCsf', RE 0%;
--$5.7 million class M to 'Csf' from 'CCsf', RE 0%.

In addition, Fitch affirms the following classes as indicated:

--$217.8 million class A-1A at 'AAAsf', Outlook Stable;
--$121.2 million class A-3 at 'AAAsf', Outlook Stable;
--$94.4 million class A-4 at 'AAAsf', Outlook Stable;
--$11.2 million class A-AB at 'AAAsf', Outlook Stable;
--$446.2 million class A-5 at 'AAAsf', Outlook Stable;
--$130.2 million class A-J at 'AAsf', Outlook Stable;
--$32.6 million class B at 'Asf', Outlook Stable;
--$11.5 million class C at 'Asf', Outlook Stable;
--$26.8 million class D at 'BBB+sf', Outlook Negative;
--$15.3 million class E at 'BBBsf', Outlook Negative;
--$15.3 million class F at 'BBsf', Outlook Negative;
--$17.2 million class H at 'CCCsf', RE 100%;
--$5.7 million class J at 'CCCsf', RE 100%;
--$7.7 million class K at 'CC', RE 10%;
--$3.8 million class N at 'Csf', RE 0%;
--$3 million class O at 'Dsf', RE 0%.

The class A-1 and A-2 certificates have paid in full. Fitch does not rate the
class P certificates. Fitch previously withdrew the ratings on the interest-only
class X-1, X-2 and X-Y certificates.

Additional information on Fitch's criteria for analyzing recent vintage 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
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