Class O of Banc of America Commercial Mortgage Inc.'s commercial mortgage pass-through certificates, series 2001-1, has been downgraded from B-minus to CCC by Fitch Ratings.Fitch also affirmed 16 other classes in the transaction. The downgrade was attributed to expected losses on the specially serviced loans. Currently, 11 loans (7.6%) are in special servicing, five of which are real estate owned, the rating agency said. An appeal of a court ruling regarding three loans is under way, and depending on the outcome, the expected losses related to the loans could change, Fitch said. The rating agency can be found online at http://www.fitchratings.com.

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