ASC CMBS Classes Downgraded

The ratings on five classes of Asset Securitization Corp.'s commercial mortgage pass-through certificates, series 1997-D4, have been lowered by Standard & Poor's.The downgrades were as follows: class B-2, from BB to BB-minus; class B-3, from BB-minus to B-plus; class B-4, from B-plus to B-minus; class B-5, from B to CCC; and class B-6, from CCC to D. The ratings on six other classes in the deal were affirmed. "The lowered ratings reflect anticipated credit support erosion upon the eventual disposition of some of the specially serviced assets, particularly retail and lodging assets; concerns regarding some of the loans on the servicer's watchlist; ongoing interest shortfalls on class B-6; and the susceptibility of class B-5 to future shortfalls," the rating agency said. S&P can be found online at http://www.standardandpoors.com.