Due to pressure on Rite Aid Corp.'s ratings, Standard & Poor's Ratings Group has placed three CMBS issues on CreditWatch - Negative. The Rite Aid collateral is approximately 20.6% of the outstanding loan balances of the Merrill Lynch Mortgage Investors Inc. mortgage passthrough certificate series 1998-C1-CTL (MLMI-98CTL), 8.3% of Bear Stearns Commercial Securities I commercial loan pass-through certificates series 1999 CLF1 (BSCMSI-99CLF) and 7.5% of the NationsLink Funding Corp. commercial loan passthrough certificate series 1999-LTL-1 (NLFC-99LTL-1). This situation will continue to be monitored by Standard & Poor's on any effect it may have on other CMBS transactions.

Moody's Investors Service has upgraded the ratings on four classes of Western Federal Saving and Loan Association Series 1991-1 and 1991-2 residential MBS. After nine years of seasoning, the jumbo A loans, which had been performing as below-average subprime loans, has shown a significant slowdown in the rate of loss and positive delinquency trends. Due to prepayments, the pool size has been reduced and made the class sufficient to support a higher rating level.

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