Banc of America Large Loan Inc.'s commercial mortgage pass-through certificates, series 2001-WBM, has been downgraded from A to BBB-plus and removed from CreditWatch with negative implications by Standard & Poor's Ratings Services.The outlook is Developing. The certificates are collateralized by a $130 million fixed-rate, interest-only loan secured by a leasehold mortgage on the Waikiki Beach Marriott Resort in Hawaii, S&P said. The rating action was attributed to the recent lowering of the financial strength rating of Royal Indemnity Co. from A to BBB-plus. Royal reinsures the guarantee by Financial Structures Ltd. to pay interest and principal on the hotel loan. S&P can be found on the Web at http://www.standardandpoors.com.
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