Moody's Investors Service downgraded the ratings of four classes and upgraded the ratings of three classes of Bear Stearns Commercial Mortgage Securities Inc., Commercial Mortgage Pass-Through Certificates, Series 1999-C1.Moody's attributed the downgrades of Classes G, H, I and J, to realized and expected losses from the specially serviced loans and LTV dispersion. As of the January 14, 2005 distribution date, the transaction's aggregate principal balance decreased by approximately 10.4% to $428.3 million from $478.0 million at securitization. The top three loan groups represent 10.2% of the outstanding pool balance. The largest loan group at $19.5 million is the Founders Plaza & Tower 14 Loan, which is secured by two cross-collateralized loans secured by two office properties in East Hartford, CT. Upgrades in Classes B, C, and D were due to increased subordination, the ratings agency said.

Subscribe Now

Authoritative analysis and perspective for every segment of the mortgage industry

30-Day Free Trial

Authoritative analysis and perspective for every segment of the mortgage industry