Subject: CMBS Rating Downgrade (DOWNG)

January 15, 2003 Moody's Investors Service has downgraded two classes of LB Commercial Mortgage Trust, 1998-C4, because certain collateral loans have seen a decline in cash flow. The rating agency downgraded the deal's:– $15.2 million class L to Caa1 from ...

$13.9 million of interest shortfalls have hit holders of Asset Securitization Corp., 1997-D5, prompting S&P to downgrade one of the deal's classes to its lowest rating.

December 10, 2002 Moody's Investors Service has downgraded four classes of Mortgage Capital Funding Inc., 1998-MC3, because its collateral pool has deteriorated in performance.The rating agency downgraded the deal's – $20.4 million class G to B1 from Ba2,– $6.8 million ...

December 9, 2002 Fitch Ratings has placed two classes of COMM 2000-FL3 on rating watch negative because expenses and vacancy at one collateral asset have increased to levels higher than at issuance.The rating agency, however, affirmed its ratings on all ...

November 19, 2002 Moody's Investors Service has downgraded eight classes of COMM 2001-J2 because two collateral loans, totaling 19.8 percent of the pool, have performed "significantly worse than expected."The deal is backed by 10 mortgages on 14 properties. It has ...

November 19, 2002 Moody's Investors Service has downgraded Banc of America Large Loan Inc., 2001-WBM, to Baa2 from A1 because the insurance company that ultimately provides credit enhancement for the deal was downgraded last week.Financial Structures Limited provides a debt-service ...

November 15, 2002 Moody's Investors Service said it has placed two classes of Asset Securitization Corp., 1997-MD VII, on review for a possible downgrade because the largest loan in the collateral pool has defaulted.A $135.3 million mortgage on a portfolio ...

November 8, 2002 Fitch has downgraded the $10 million Class C of EQI Financing Partnership I LP, 1997-1 to triple-B-minus from triple-B because of the collateral's declining performance.The bonds are backed by cross-collateralized and cross-defaulted first mortgages on 21 hotel ...

November 7, 2002 Standard & Poor's has downgraded Banc of America Large Loan Inc., 2001-WBM to triple-B-plus from single-A. The agency had placed the deal on CreditWatch with negative implications on placed Oct. 23.The notes are backed by a $130 ...

October 22, 2002 Moody's Investors Service has downgraded four classes of Merrill Lynch Mortgage Investors Inc., 1998-C1-CTL, because several of the companies represented in the credit-tenant lease deal have had their credit ratings downgraded since issuance.The rating agency downgraded the:– ...