Two classes of Citigroup Commercial Mortgage Securities Inc. commercial mortgage pass-through certificates, series 2006-C5, have been downgraded by Fitch Ratings. The downgrades were as follows: class M, from B-plus to B, and class N, from B to B-minus. In addition, class O (rated B-minus) has been assigned a Distressed Recovery rating of DR1, class L has been placed on Rating Watch Negative, and the ratings on 22 other classes have been affirmed. The negative rating actions were attributed to expected losses on five specially serviced loans, including three controlled by MBS Cos. on properties located in three Texas towns: Seabrook, Humble, and DeSoto.
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