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Fitch Affirms First Union-Chase 1999-1

--$48.9 million class E at 'AAA/LS3'; Outlook Stable;

--$17.5 million class F at 'AAA/LS3'; Outlook Stable.

Fitch withdraws the rating on the interest-only class X. (For additional information on the withdrawal of the rating on class X, see 'Fitch Revises Practice for Rating IO & Pre-Payment Related Structured Finance Securities', dated June 23, 2010.)

Classes A-1, A-2, B, C, and D have paid in full. Classes G, H, I, J, K, L and M are not rated by Fitch.

The affirmations are due to the pool's stable performance, defeasance and minimal future expected losses following Fitch's prospective review of potential stresses to the transaction.

As of the February 2011 distribution date, the pool's certificate balance has paid down 87.6% to $172.9 million from $1.4 billion at issuance.

There are 54 of the original 205 loans remaining in the transaction, 20 of which have defeased (31.89%). The proceeds from defeased loans are expected to repay the remaining Fitch rated classes in full.

Additional information on Fitch's criteria for analyzing U.S. CMBS transactions is available in the Nov. 17, 2010 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'.

Applicable Criteria and Related Research:

--'Global Structured Finance Rating Criteria' (Aug. 13, 2010);

--'Surveillance Methodology for U.S. Fixed-Rate CMBS Transactions' (Nov. 17, 2010).

Applicable Criteria and Related Research:

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=547326

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

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=574208

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