Chase CMBS Class Downgraded

Class F of Chase Commercial Mortgage Securities Corp., series 2001-245 Park Avenue, has been downgraded from BBB-minus to BB-plus by Fitch Ratings and removed from Rating Watch Negative.Fitch also affirmed the ratings on seven other Fitch-rated classes in the deal. The rating agency attributed the downgrade to "significant interest shortfalls" totaling approximately $960,000 that may not be recovered. "The interest shortfalls, which have been occurring since July 2003, are due to the recovery of legal expenses incurred by the servicer, GMAC Commercial Mortgage, on behalf of the trust," Fitch said. "Fitch expects further legal expenses to be recovered by GMACCM in the near term. The legal expenses stem from the litigation surrounding the forced placement of terrorism insurance in 2002 by GMACCM." The rating agency can be found online at http://www.fitchratings.com.