Five classes of Calwest Industrial Trust commercial mortgage pass-through certificates, series 2002-CALW, have been downgraded by Moody's Investors Service.The downgrades were as follows: class A-FL, from Aaa to Aa1; class A, from Aaa to Aa1; class B-FL, from Aa2 to Aa3; class B, from Aa2 to Aa3; and class C, from A2 to A3. Moody's attributed the downgrades to collateral performance that has not lived up to expectations. Aggregate property occupancy declined from 93.7% at securitization to 88.5% as of March 2004. The rating agency said the transaction is supported by two cross-collateralized first-mortgage loans secured by industrial property: a $325 million floating-rate loan with an initial term of five years, and a $625 million fixed-rate loan with an initial term of 10 years. The properties are located in seven California markets (63.2%), as well as Seattle, Dallas, Phoenix, and Portland, Ore. The rating agency can be found online at http://www.moodys.com.

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