COMM CMBS Class Downgraded

Class M-PS of COMM 2001-FL4 commercial mortgage pass-through certificates has been downgraded from B3 to Caa1 by Moody's Investors Service.In addition, Moody's affirmed the ratings on three other classes in the transaction. The rating agency attributed the downgrade to "poor property fundamentals." The certificates are collateralized by an $82 million senior participation interest in the 100 Pine Street Loan, the only remaining loan in the trust, which is secured by a class A office building in San Francisco's financial district. The property was 81.4% occupied as of December 2004, compared with 65.2% in October 2004 and 97.7% at securitization, Moody's said.