CMLB Lease-Backed Classes Downgraded

The ratings on three classes from Commercial Mortgage Lease-Backed Securities LLC commercial mortgage lease-backed certificates, series 2001-CMLB-1, have been lowered by Standard & Poor's Ratings Services and two of them were removed from CreditWatch with negative implications.The downgrades were as follows: class G, from BBB-minus to BB-plus; class H, from BB-minus to B-plus; and class J, from B-minus to CCC-plus. The ratings on classes H and J were removed from CreditWatch, and the ratings on nine other classes from the same transaction were affirmed. The downgrades mainly reflect the transaction's exposure to Winn-Dixie pass-through trust certificates, series 1999-1, and the expected losses to that transaction, S&P said. They also reflect the decline in the weighted average credit rating of the credit tenants in the transaction from BBB to BBB-minus since June 2004, the rating agency said. The collateral for series 2001-CMLB-1 consists of 115 credit tenant lease loans, the aforementioned certificates from Winn-Dixie 1999-1, and three notes secured by properties leased to Dollar General Corp. S&P can be found online at http://www.standardandpoors.com.