BoA Large-Loan Classes Downgraded

Two classes of Banc of America Large Loan Inc.'s commercial mortgage pass-through certificates, series 2002-FLT1, and two classes in a related transaction have been downgraded by Standard & Poor's Rating Services.Class H in the BALL deal was downgraded from BBB-plus to BBB, and class J was downgraded from BBB to BB-plus, the rating agency said. In addition, the ratings on 11 other classes in the deal were affirmed. In the related transaction, Banc of America Structured Notes Inc.'s commercial mortgage pass-through certificates, series 2002-1, class A was downgraded from BBB-plus to BBB and class B was downgraded from BBB to BB-plus, S&P said. The downgrades were attributed to concerns about the largest of the seven loans in the BALL mortgage pool, the Starrett Lehigh building in New York, which represents 21.6% of the outstanding pool balance. The ratings on the BASN classes depend on the ratings of the underlying certificates, classes H and J of the BALL transaction.