Two classes of Asset Securitization Corp.'s commercial mortgage pass-through certificates, series 1996-D3, have been downgraded by Fitch Ratings.The downgrades were as follows: class B-2, from B to CCC; and class B-3, from CCC to C. In addition, the ratings on eight other classes of the same series were affirmed. Fitch attributed the downgrades to continuing deterioration in the pool's collateral performance, including expected losses on delinquent loans and interest shortfalls on subordinate classes. Realized losses have totaled $15.5 million so far, the rating agency said.
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