Classes K-JP and M-JP of COMM 2002-FL6 commercial mortgage pass-through certificates have been downgraded and removed from Rating Watch Negative by Fitch Ratings.The rating agency also upgraded three classes in the deal, affirmed the ratings on 15 classes, and affirmed the ratings on three others and removed them from Rating Watch Negative. Fitch said the downgraded classes represent the B-note portion of a J.P. Morgan Industrial Portfolio loan. The occupancy of the portfolio's Bollingbrook, Ill., property is 88.6%, but Sony Corp. of America occupies 284,000 square feet (65.4%) on three short-term leases, Fitch said. Sony is apparently interested in leasing the entire building, but another tenant is leasing 23% of the space under a long-term lease. The rating agency said market rents in Bollingbrook are lower than the average rent per square foot at issuance. Fitch can be found online at http://www.fitchratings.com.
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Test your knowledge of the biggest mortgage headlines of the week. No. 2 pencil not required!
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