OREANDA-NEWS. Fitch Ratings has upgraded one class and affirmed eight classes of Morgan Stanley Dean Witter Capital I Trust (MSDWCI) commercial mortgage pass-through certificates series 2001-Top3. A detailed list of rating actions follows at the end of this press release.

KEY RATING DRIVERS
The upgrade to class D is due to high credit enhancement and the anticipated full payoff of the class; both as a result of continued paydown from amortization and the likely refinance of the third largest loan in the pool, which is scheduled to mature in June 2016. Fitch modeled losses of 5.4% of the remaining pool; expected losses on the original pool balance total 5.8%, including $57.9 million (5.6% of the original pool balance) in realized losses to date. Of the 19 remaining loans, Fitch has designated one loan (2.5%) as a Fitch Loan of Concern. There are no specially serviced loans.

As of the November 2015 distribution date, the pool's aggregate principal balance has been reduced by 97.2% to $28.8 million from $1.03 billion at issuance. Per the servicer reporting, three loans (5% of the pool) are defeased. Interest shortfalls are currently affecting classes G through N.

The largest loan (19.2% of the pool) is secured by a 56,963 square foot (sf) single-tenant retail property located in Belle Harbor, Queens, NY. The building was 100% occupied by Waldbaum, a subsidiary of A & P Company, which emerged as a private company in 2012 after filing for bankruptcy. The company, however, filed for bankruptcy again in 2015 and announced that the store at the subject property would close. The servicer reports that the borrower is in the process of signing a new lease for the property, but additional information was unavailable.

The second largest loan (18.2%) is secured by a 56,777-sf, single-tenant grocery store occupied by Marsh Supermarket in Indianapolis, IN. Marsh is a 97-location supermarket chain with locations in central Indiana and Ohio. The subject property is located across from the Glendale Town Center, which is anchored by Macy's, Target, Lowe's and Staples. As of YE 2014, the DSCR was reported to be 1.41x. The lease with Marsh is co-terminus with the loan's maturity date, which is in March 2021.

The Fitch Loan of Concern is secured by a 19,813-sf office building (2.5%) located in Tustin, CA, which is roughly eight miles from Anaheim. The property has struggled with occupancy, but has started to recover. As of September 2015, occupancy was reported to be 75%, which is an improvement from 53% at YE 2014 and 58% at YE 2013. The occupancy issues have also led to a decrease in the DSCR, which was 0.67x as of September 2015 compared to 0.76x at YE 2014 and 0.74x at YE 2013. Despite the poor performance, the loan remains current and matures in March 2016.

RATING SENSITIVITIES
The Rating Outlook on classes D and E remains Stable due to the high level of credit enhancement and the anticipated full payoff of the class. Although expected losses from the remaining loans are minimal, future upgrades will be limited due to the increasing concentrations within the pool. Class E may be subject to downgrades if the performance of the underlying collateral declines.

DUE DILIGENCE USAGE
No third party due diligence was provided or reviewed in relation to this rating action.

Fitch upgrades the following class:

--$4.2 million class D to 'AAAsf' from 'Asf'; Outlook Stable.

Fitch affirms the following classes:

--$18 million class E at 'BBsf'; Outlook Stable;
--$6.5 million class F at 'Dsf'; RE 95%;
--$0 class G at 'Dsf'; RE 0%;
--$0 class H at 'Dsf'; RE 0%;
--$0 class J at 'Dsf'; RE 0%;
--$0 class K at 'Dsf'; RE 0%;
--$0 class L at 'Dsf'; RE 0%;
--$0 class M at 'Dsf'; RE 0%.

The class A-1, A-2, A-3, A-4, B, C and X-2 certificates have paid in full. Fitch does not rate the class N certificates. Fitch previously withdrew the rating on the interest-only class X-1 certificates.