COMM CMBS Classes Downgraded

The ratings on eight classes in COMM 2000-FL3 and COMM 2001-FL5 commercial mortgage pass-through certificates have been lowered by Standard & Poor's Ratings Services.The downgrades in COMM 2000-FL3 were as follows: class D, from A-minus to BBB-minus; class K-WC, from BBB-plus to B-plus; class K-HS, from BBB-plus to BB-plus; and class L-HS, from BBB-minus to BB-minus. S&P also raised the rating on one class in the deal and affirmed the ratings on six others. It said the downgrade of class D reflects the decline in current or expected performance for four of the six loans in the pool, while the downgrade of class K-WC is linked to the decline in performance of the Whitehall Conference Center in Leesburg, Va. The downgrades of classes K-HS and L-HS are linked to the decline in value of the 10 Hanover Square office property in Manhattan, S&P said. The downgrades in COMM 2001-FL5 were as follows: class G, from A-minus to BBB; class K-HH, from BBB-plus to B-plus; class L-HH, from BBB to B; and class M-HH, from BBB-minus to B-minus. S&P also upgraded two classes and affirmed the ratings on 18 others. The downgrades were attributed to a decline in performance of the Hyatt Regency Houston. S&P can be found online at http://www.standardandpoors.com.