TEXT-Fitch upgrades 1 class of Chase CMSC 1999-2

Wed Jan 23, 2013 4:31pm EST

Jan 23 - Fitch Ratings has upgraded one class and affirmed one class of
Chase Commercial Mortgage Securities Corporation (CMSC) commercial mortgage
pass-through certificates series 1999-2. A detailed list of rating actions
follows at the end of this press release.

SENSITIVITY/RATING DRIVERS
The upgrade is a result of principal paydown resulting in increased credit
enhancement to the senior class sufficient to offset Fitch expected losses, as
well as defeasance in the pool. While class K has high credit enhancement and
there are proceeds from defeased loans to repay a significant portion of the
class, the rating has been capped at 'Asf' due to concentration concerns with
only three non-defeased loans remaining.

As of the January 2013 distribution date, the pool's aggregate principal balance
has been reduced by 97.9% to $16.7 million from $782.7 million at issuance.
There are four of the original 92 loans remaining in the transaction, one of
which is fully defeased (31.9% of the pool balance). Interest shortfalls
totaling $4.2 million are affecting the non-rated class M.

Fitch modeled losses of 0.5% of the remaining pool. The pool has experienced
$10.3 million (1.3% of the original pool balance) in realized losses to date.
There are no specially serviced loans as of the January 2013 distribution date.

Fitch has designated two loans (59.5% of the pool) as Fitch Loans of Concern,
including the largest loan in the pool (43.7%) which is secured by a 62,042
square foot office property in Los Gatos, CA. Property cash flow has struggled
since 2004 due to reduced revenue from decreased rental rates and increased
concessions. The loan remains current and the property is currently 100%
occupied, however, debt service coverage ratio (DSCR) remains low reporting at
0.93x for year to date March 2012.

Fitch upgrades the following class:

--$6.4 million class K to 'Asf' from 'Bsf'; Outlook Stable.

Fitch affirms the following class:

--$5.9 million class L at 'B-sf'; Outlook Negative.

The class A-1, A-2, B, C, D, E, F, G, H, I and J certificates have paid in full.
Fitch does not rate the class M certificates. Fitch previously withdrew the
rating on the interest-only class X certificates.

Additional information on Fitch's criteria for analyzing U.S. CMBS transactions
is available in the Dec. 18, 2012 report, 'U.S. Fixed-Rate Multiborrower CMBS
Surveillance and Re-REMIC Criteria', 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);
--'U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria' (Dec.
18, 2012).

Applicable Criteria and Related Research:
Global Structured Finance Rating Criteria
U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria
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