Fitch Affirms Merrill Lynch Mortgage Trust 2004-MKB1

--$19.8 million class A-1 at 'AAA';

--$379.8 million class A-2 at 'AAA';

--$65 million class A-3 at 'AAA';

--$169.7 million class A-4 at 'AAA';

--$153.4 million class A-1A at 'AAA';

--Interest only (IO) class XC at 'AAA';

--Interest only (IO) class XP at 'AAA';

--$27 million class B at 'AAA';

--$11.0 million class C at 'AA';

--$25.7 million class D at 'A';

--$11.0 million class E at 'A-';

--$13.5 million class F at 'BBB+';

--$12.3 million class G at 'BBB';

--$11.0 million class H at 'BBB-';

--$3.7 million class J at 'BB+';

--$4.9 million class K at 'BB';

--$4.9 million class L at 'BB-';

--$4.9 million class M at 'B+';

--$2.5 million class N at 'B';

--$3.7 million class P at 'B-'.

Fitch does not rate the $13.5 million class Q.

The rating affirmations are the result of stable performance of the pool. As of the November 2007 distribution date, the pool's aggregate principal balance has decreased 4.1% to $936.4 million from $980 million at issuance. Ten loans, 22% of the pool, have defeased, including four of the top ten loans (16%). Excluding defeased loans, 25.1% of the remaining pool is scheduled to mature in 2008, including the two largest loans which are interest-only.

The two largest loans in the pool, the Great Mall of the Bay Area (16.1%) and Galileo Pool No. 2 (5.8%), are shadow-rated investment grade.

The Great Mall of the Bay Area is secured by a 1.3 million square foot (sf) retail mall located in Milpitas, CA. The year-end (YE) 2006 Fitch stressed DSCR on the A-note was 1.46 times (x) compared to 1.38x at issuance. Mall occupancy was 84.3% as of June 2007 compared to 89.4% at issuance. The Fitch stressed debt service coverage ratio (DSCR) is calculated based on a Fitch adjusted net cash flow (NCF) and a stressed debt service based on the current loan balance and a hypothetical mortgage constant.

The Galileo Pool No. 2 is secured by a portfolio of nine retail centers located in eight states. Since issuance, seven properties have been released and replaced with the expansion of one property and addition of two properties. The YE 2006 Fitch stressed DSCR is 1.47x. Occupancy has been stable; the weighted average occupancy as of June 2007 is 96.2% compared to 96.6% at issuance.

There is currently one specially serviced asset (0.7%). The real estate owned (REO) asset is secured by a 252-unit multifamily property in Arlington, TX. Fitch expects losses on the specially serviced asset upon liquidation to be absorbed by class Q.

Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, . 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.