Class M of Banc of America Commercial Mortgage Inc. commercial mortgage pass-through certificates, series 2001-1, has been downgraded from B3 to Caa1 by Moody's Investors Service.Moody's also upgraded five classes in the transaction and affirmed the ratings on 10 others. The downgrade was attributed to realized losses from the specially serviced loans and increased dispersion of loan-to-value ratios. The certificates are collateralized by 149 mortgage loans, of which four, representing 2.5% of the pool, are in special servicing.

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