Subject: CMBS Rating Downgrade (DOWNG)

October 16, 2002 Fitch Ratings has downgraded to single-D from single-C the three most-junior classes of Nomura Asset Securities Corp., 1994-MD1, because the collateral property for one of three remaining loans in the deal has been sold at a substantial ...

October 8, 2002 NEW YORK – Standard & Poor's has downgraded two classes of Banc of America Large Loan, 2000-WSF-1.The rating agency downgraded the deal's class C to triple-B-minus from triple-B and class D to double-B-plus from triple-B-minus.The move was ...

October 7, 2002 Moody's Investors Service has downgraded the $27.7 million class E of 1211 Avenue of the Americas Trust, 2000-1211, to Ba1 from Baa3 because of interest shortfalls stemming from special servicing fees.The deal's collateral loan is backed by ...

October 1, 2002 Fitch Ratings has downgraded the $9.5 million class N of Morgan Stanley Capital I Inc., 1999-FNV1, to double-C from triple-C, because of expected losses from loans currently in special servicing. The rating agency also affirmed the other ...

September 24, 2002 Moody's Investors Service has cut to Ca the rating of lease-backed transactions involving Kmart Corp. because each of the deals has suffered from lease rejections.The bonds that were hit were: – Kmart Corp. Pass Through Trusts, 1995-K1/K2– ...

September 24, 2002 Fitch Ratings has placed the $20.2 million class E of Columbia Center Trust, 2000-CCT, on Rating Watch Negative because the collateral building is facing a substantial vacancy.The deal is secured by a $195 million mortgage on the ...

September 24, 2002 NEW YORK – Standard & Poor's has lowered its ratings on two classes of First Union-Lehman Brothers Commercial Mortgage Trust, 1997-C1 because of the increased risk of losses stemming from loan delinquencies.The rating agency downgraded the deal's ...

September 24, 2002 Fitch Ratings has downgraded J.P. Morgan Commercial Mortgage Finance Corp., 1999-C8, because its collateral pool has deteriorated and loans in special servicing are expected to result in losses.The rating agency downgraded the deal's:– $20.1 million class H ...

September 17, 2002 Moody's Investors Service has downgraded the $36 million class D of Four Times Square Trust, 2000-4TS, to Ba1 from Baa2 because servicing and legal expenses exhausted all interest payments that the class was to have received this ...

August 27, 2002 NEW YORK –Moody's Investors Service has downgraded two Merrill Lynch CMBS deals that are backed by lease-backed notes that are guaranteed or supported by Bell Canada because it recently downgraded the Canadian communications firm. The rating agency ...