NEW YORK--(BUSINESS WIRE)--Fitch Ratings has upgraded one and affirmed one class of TIAA Real Estate CDO 2003-1, Ltd. (TIAA 2003-1) as a result of increased credit enhancement to the notes from principal paydowns. A complete list of rating actions follows at the end of this release. KEY RATING DRIVERS Since the last rating action in September 2014, the class C notes have paid-in-full and the class D notes have received $2.8 million in paydowns. Over this period, approximately 4.3% of the collat