BoA CMBS Classes Downgraded

Two classes of Banc of America Commercial Mortgage Inc. commercial mortgage pass-through certificates, series 2001-1, have been downgraded by Moody's Investors Service.Class N was downgraded from Caa2 to Caa3, and class O was downgraded from Ca to C. In addition, Moody's upgraded two classes in the transaction and affirmed the ratings of 12 other classes. The downgrades were attributed to realized and expected losses from the three specially serviced loans and loan-to-value dispersion. Moody's said its analysis found that 28.8% of the conduit pool has an LTV greater than 100%, compared with 25.5% at the last review and 4.1% at securitization. Sixteen loans have been liquidated from the pool, resulting in aggregate losses of approximately $18.2 million. Moody's has estimated aggregate losses of approximately $5.3 million for the specially serviced loans. Moody's can be found online at http://www.moodys.com.