CMAC CMBS Classes Downgraded

Three classes of Commercial Mortgage Acceptance Corp. commercial mortgage pass-through certificates, series 1997-ML1, have been downgraded by Moody's Investors Service and four others have been placed on review for possible downgrade.The downgrades were as follows: class F-1, from B1 to B3; class F-2, from B2 to Caa1; and class G, from Caa3 to Ca. Classes B, C, D, and E were placed on review for possible downgrade, Moody's said. The rating agency attributed the downgrades to the decline of the Shilo Inns Hotel Portfolio Loan ($89.2 million, 12.0% of the pool) and the Newton Oldacre McDonald Loan ($83.1 million, 11.2%). Moody's said the other classes were placed on review because of concerns about the operating performance of four loans: the Farb Investments Portfolio Loan, the Four Seasons Biltmore Hotel Loan, the Brookfield Loan, and the Four Seasons Hotel Austin Loan. Moody's can be found online at http://www.moodys.com.