COMM CMBS Classes Downgraded

The ratings on eight classes in COMM 2001-FL4 commercial mortgage pass-through certificates have been lowered by Standard & Poor's Ratings Services.In addition, S&P's ratings on eight classes in the deal have been placed on CreditWatch with negative implications (including two of the downgraded classes) and the ratings on nine others have been affirmed, the rating agency said. The downgrades were as follows: class C, from AA-minus to A; class D, from A to BBB; class E, from A-minus to BB; class K-PS, from BBB-plus to B-plus; class L-PS, from BBB to B; class M-PS, from BBB-minus to B-minus; class L-GC, from BBB to BB; and class M-GC, from BBB-minus to BB-minus. The last two classes were also placed on CreditWatch Negative, along with classes K-HM, L-HM, M-HM, K-LF, L-LF, and M-LF. The downgrades and CreditWatch placements were attributed to "significant declines" in the credit characteristics of five of the nine remaining loans in the pool. S&P can be found online at http://www.standardandpoors.com.