BoA Deal Downgraded

Two classes of Banc of America Commercial Mortgage Inc. commercial mortgage pass-through certificates, series 2002-PB2, have been downgraded by Moody's Investors Service.

Class L was downgraded from Ba2 to Ba3, and class M was downgraded from Ba3 to B1. In addition, Moody's affirmed the ratings on 15 classes in the deal.

The downgrades were due to realized and expected losses from specially serviced loans and loan-to-value dispersion, the rating agency said.

The certificates are collateralized by 116 loans secured by commercial and multifamily properties. Six loans, representing 3.8% of the pool, are in special servicing, all of which are secured by multifamily or manufactured housing properties, Moody's said.

The aggregate losses of all the specially serviced loans total approximately $10.4 million, according to the rating agency.

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