Class F-1 of Commercial Mortgage Acceptance Corp.'s commercial mortgage pass-through certificates, series 1997-ML1, has been downgraded from Caa1 to Caa3 by Moody's Investors Service.In addition, Moody's upgraded two classes in the transaction and affirmed the ratings on eight others. Moody's attributed the downgrade to a decline in the performance of the Newton Oldacre McDonald Loan, the second-largest loan in the pool. The rejection of leases in three locations by Winn-Dixie and the departure of other anchor tenants have caused a drop in the portfolio's occupancy from 90.2% to 80.9%, the rating agency said. Moody's can be found online at http://www.moodys.com.
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