ASC CMBS Classes Downgraded

The ratings on six classes of Asset Securitization Corp.'s commercial mortgage pass-through certificates series 1997-D5 have been lowered by Standard & Poor's.The downgrades were as follows: class A-1E, from AA-plus to AA-minus; class A-2, from A-plus to BBB; class A-3, from A-minus to BBB-minus; class A-4, from BBB-plus to B; class A-5, from BBB to D; and class A-6, from BBB-minus to D. The rating on class A-1E was placed on CreditWatch with negative implications, the ratings on classes A-5 and A-6 were removed from CreditWatch negative, and the ratings on the other three classes remain on CreditWatch negative. S&P also placed the ratings on four other classes -- A-1A, A-1B, A-1C, and A-1D -- on CreditWatch negative. The rating actions were attributed to "significant interest shortfalls" that will result chiefly from the master servicer's recovery of nonrecoverable advances related to a particular loan. The rating agency can be found online at http://www.standardandpoors.com.