CMAC CMBS Classes Downgraded

Three classes of Commercial Mortgage Acceptance Corp.'s commercial mortgage pass-through certificates, series 1997-ML1, have been downgraded by Moody's Investors Service.The downgrades were as follows: class F-1, from Ba3 to B1; class F-2, from B1 to B2; and class G, from Caa2 to Caa3. The ratings on nine other classes in the deal were affirmed. Moody's attributed the downgrades to the poor performance of the Shilo Inns and Newton Oldacre McDonald loans, which represent 21.4% of the pool. The certificates are collateralized by 11 mortgage loans secured by 51 office, hotel, retail, and multifamily properties in 18 states, and about 59.7% of the pool is concentrated in Pennsylvania, Texas, Massachusetts, California, and Minnesota, Moody's said. Moody's can be found online at http://www.moodys.com.