Fitch Ratings has affirmed three classes of First Union National Bank Commercial Mortgage Trust (FUNB) commercial mortgage pass-through certificates series 1999-C4. A detailed list of rating actions follows at the end of this press release.

KEY RATING DRIVERS

The affirmations are a result of continued paydown and stable performance. All remaining loans in the pool are fully defeased. Approximately 78.7% of the defeased loans (six loans) mature in June 2016, and the remaining loan (21.3%) matures in November 2019.

As of the November 2015 distribution date, the pool's aggregate principal balance has been reduced by 98.7% to $11.6 million from $885.7 million at issuance. The pool has experienced $24.8 million (2.8% of the original pool balance) in realized losses to date. Interest shortfalls are currently affecting classes M through N.

RATING SENSITIVITIES

Rating Outlooks on classes K and L are Stable due to sufficient credit enhancement and continued paydown from defeased collateral. Class M has realized losses and will remain at 'D'.

DUE DILIGENCE USAGE

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

Fitch affirms the following classes:

--$1 million class K at 'AAAsf', Outlook Stable.

--$8.9 million class L at 'AAAsf', Outlook Stable.

--$1.8 million class M at 'Dsf', RE 100%.

The class A-1, A-2, B, C, D, E, F, G, H, and J certificates have paid in full. Fitch does not rate the class N certificate, which has been reduced to zero due to realized losses. Fitch previously withdrew the rating on the interest-only class IO certificates.

Additional information is available at www.fitchratings.com.

Applicable Criteria

Global Structured Finance Rating Criteria (pub. 06 Jul 2015)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=867952

U.S. and Canadian Fixed-Rate Multiborrower CMBS Surveillance and U.S. Re-REMIC Criteria (pub. 13 Nov 2015)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=873395

Additional Disclosures

Dodd-Frank Rating Information Disclosure Form

https://www.fitchratings.com/creditdesk/press_releases/content/ridf_frame.cfm?pr_id=997891

Solicitation Status

https://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=997891

Endorsement Policy

https://www.fitchratings.com/jsp/creditdesk/PolicyRegulation.faces?context=2&detail=31

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