Fitch Upgrades 1 Class of MSDW 2003-HQ2

Fitch Ratings has upgraded one class of Morgan Stanley Dean Witter Capital I Inc., commercial mortgage pass-through certificates, series 2003-HQ2 (MSDW 2003-HQ2). A detailed list of rating actions follows at the end of this press release.

KEY RATING DRIVERS

The upgrade is due to high credit enhancement and imminent payoff of the remaining Fitch rated class. The pool has experienced $6.8 million (0.7% of the original pool balance) in realized losses to date.

As of the April 2014 distribution date, the pool's aggregate principal balance has been reduced by 97.7% to $21.2 million from $931.6 million at issuance. Five loans remain in the pool, three of which are specially serviced assets (66% of the pool).

RATING SENSITIVITY

Class H is expected to pay off in full.

Fitch upgrades the following class as indicated:

--$44,155 class H to 'AAAsf' from 'BBsf', Outlook Stable.

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

Additional information on Fitch's criteria for analyzing U.S. CMBS transactions is available in the Dec. 11, 2013 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'.

Applicable Criteria and Related Research:

--'Global Structured Finance Rating Criteria' (May 24, 2013);

--'U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria' (Dec. 11, 2013).

Applicable Criteria and Related Research:

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=708661

U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=724961

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=827230

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