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Lehman CMBS Deal Downgraded

Two classes from Lehman Brothers floating-rate commercial mortgage trust 2002-LLF C3 have been downgraded by Fitch Ratings.

Class L was downgraded from BBB-minus to BB-plus, and class M was downgraded from BB-minus to B-plus. Fitch also upgraded three classes in the transaction and affirmed the ratings on three others.

The rating agency attributed the downgrades to "the lack of substantial improvement in leasing activity and net cash flow performance at both the Michigan Industrial Portfolio and the Boulder Portfolio since Fitch's last review."

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