Fitch Upgrades 7 Classes of WAMU 2003-C1

Fitch Ratings has upgraded the ratings on seven classes of Washington Mutual Asset Securities Corporation (WAMU) commercial mortgage pass-through certificates, series 2003-C1. A list of the ratings follows at the end of this press release.

The upgrades are due to the pool's stable performance, increased credit enhancement from scheduled principal paydown, and low future expected losses following Fitch's prospective review of potential stresses to the transaction.

As of the June 2012 distribution date, the pool's certificate balance has been reduced 92% (including 0.07% in realized losses) to $45.84 million from $571.87 million at issuance. There are 33 of the original 213 loans remaining in the transaction. The pool's concentration includes 38.76% of the pool balance located in California, and multifamily representing 70.74%. There are no defeased loans.

There are no specially serviced loans as of the June 2012 remittance report. Fitch expects minimal losses to the remaining pool balance. Any incurred losses are expected to be absorbed by the non-rated class P.

Fitch has identified five Loans of Concern (FLOCs) (33.23% of the pool balance). The largest loan of concern is Center Pointe Plaza, the largest loan in the pool (26.99%). The loan is secured by a 252,393 square foot (sf) retail center in Christiana, DE. The March 2012 rent roll reports occupancy at 96%, with debt service coverage ratio (DSCR) at 1.50x as of year-end December 2011. The loan has been identified as a FLOC due to the potential upcoming lease rollover of the property's anchor tenants. Home Depot (43.5% of the net rentable area [NRA]), Babies R' Us (16.6% NRA), and TJ Maxx (11.8%) current leases expire in January 2013.

Fitch upgrades the following classes:

--$2.9 million class H to 'AAAsf' from 'AA+sf; Outlook Stable;

--$5.7 million class J to 'AAAsf' from 'Asf'; Outlook Stable;

--$4.3 million class K to 'Asf' from 'BBB+sf'; Outlook Stable;

--$1.4 million class L to 'BBBsf' from 'BBB-sf'; Outlook Stable;

--$2.9 million class M to 'BBB-sf' from 'BB+sf'; Outlook Stable;

--$2.9 million class N to 'BBsf' from 'B+sf'; Outlook Stable;

--$1.4 million class O to 'Bsf' from 'B-sf'; Outlook Stable.

Fitch also affirms the following classes:

--$6.2 million class D at 'AAAsf'; Outlook Stable;

--$2.9 million class E at 'AAAsf'; Outlook Stable;

--$4.3 million class F at 'AAAsf'; Outlook Stable;

--$5.7 million class G at 'AAAsf'; Outlook Stable;

Class P is not rated by Fitch, and has been reduced to $5.3 million from $5.7 million at issuance due to realized losses. Fitch also does not rate the rake classes HM and HS. Classes A, B, and C have paid in full.

Fitch had previously withdrawn the rating on the interest-only class X-1.

Additional information on Fitch's criteria for analyzing U.S. CMBS transactions 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 then CMBS then 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:

Surveillance Methodology for U.S. Fixed-Rate CMBS Transactions

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=662869

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=679923

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE.

Contacts:

Fitch Ratings
Primary Analyst
Benson Thomas, [phone]
Associate Director
Fitch, Inc.
One State Street Plaza
New York, NY 10004
or
Committee Chairperson
Mary MacNeill, [phone]
Managing Director
or
Media Relations:
Sandro Scenga, [phone]
Email: [e-mail]