Fitch Upgrades 2 Classes of LB-UBS Series 2002-C4

--$12.7 million class H to 'AAA' from 'AA+';

--$12.7 million class J to 'AA-' from 'A+'.

Additionally, Fitch affirms the following classes:

--$45.7 million class A-2 at 'AAA';

--$78.7 million class A-3 at 'AAA';

--$86 million class A-4 at 'AAA';

--$850.5 million class A-5 at 'AAA';

--$18.2 million class B at 'AAA';

--$20 million class C at 'AAA';

--$20 million class D at 'AAA';

--$12.7 million class E at 'AAA';

--$16.4 million class F at 'AAA';

--$10.9 million class G at 'AAA';

--$12.7 million class K at 'A-';

--Interest-only class X-CL at 'AAA';

--Interest-only class X-CP at 'AAA';

--Interest-only class X-VF at 'AAA';

--$20 million class L at 'BBB-';

--$7.3 million class M at 'BB+';

--$7.3 million class N at 'BB';

--$3.6 million class Q at 'B';

--$1.8 million class S at 'B-';

--$3.6 million class T at 'CCC'.

Class A-1 has paid in full. Fitch does not rate classes P or U.

The upgrades reflect the stable performance and paydown due to scheduled amortization since the last rating action. As of the November 2007 distribution, the pool's aggregate principal balance has been reduced by 13.2% to $1.26 billion from $1.46 billion at issuance. Thirty loans (39.6%) have defeased, including five of the 10 largest loans. There is one specially-serviced loan (0.3%).

Two of the shadow rated loans, 605 Third Avenue (12.3%) and the Horizon Portfolio (1.6%), have defeased. Fitch reviewed servicer-provided performance data for the remaining three non-defeased shadow rated loans; Westfield Shoppingtown Valley Fair Mall (21.6%), Hamilton Mall (5.8%), and 1166 Avenue of the Americas (5.6%). The debt service coverage ratios for the loans are calculated based on a Fitch adjusted net cash flow and a stressed debt service based on the current loan balances and a hypothetical mortgage constant.

The largest loan in the transaction, Westfield Shoppingtown Valley Fair Mall, is secured by 714,603 square feet (sf) within a 1.4 million sf shopping mall located in Santa Clara, CA. The mall's anchors are Macy's and Nordstrom. As of April 2007, the collateral was 98% occupied, which is a slight improvement over the 96.1% occupancy rate at issuance. The Fitch-stressed debt service coverage ratio (DSCR) on net cash flow (NCF) for the trust balance as of year-end 2006 financials was 2.06 times (x) compared to 1.67x at issuance. The $273.1 million trust balance loan maintains an investment grade shadow rating.

The 1166 Avenue of the Americas loan is secured by 560,925 sf of a 1.6 million sf, 44-story office tower located in Manhattan, New York City. The sole tenant, Marsh & McClennan Companies Inc., occupies 100% of the collateral. Occupancy at issuance was also 100% and the loan maintains an investment grade shadow rating. The $70.8 million trust balance is pari-passu with a $72.4 million note within the AACMT 2002 - C5 securitization.

The Hamilton Mall loan is secured by 836,236 sf of a 1 million sf mall located in Mays Landing, NJ that is anchored by Macy's, Sears, and JC Penney. Occupancy has been stable since issuance. As of June 30, 2007, the collateral was 94.4% occupied compared to 94.1% at issuance. The Fitch-stressed DSCR on NCF for the trust balance as of year-end 2006 was 1.45 times (x) compared to 1.28x at issuance. The $73.5 million loan, which has paid down by 5.8% since issuance due to amortization, maintains an investment grade shadow rating.

The specially serviced loan is secured by a 77,786 sf mall located in Kenner, LA. The mall was damaged by Hurricane Katrina, but repairs are complete and occupancy has stabilized. The loan is expected to be returned to the master servicer.

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