Four classes of COMM 2001-J1 commercial mortgage pass-through certificates have been downgraded by Fitch Ratings.The downgrades were as follows: class F, from BBB to BBB-minus; class G, from BBB-minus to BB; class H, from BB to B; and class J, from BB to B-minus. In addition, Fitch affirmed the ratings on nine other classes in the deal. The rating agency attributed the downgrades chiefly to "the deteriorating performance of the Thayer Hotel Portfolio and 165 Market Halsey loans," although "no loan is or has been delinquent." The Thayer loan is secured by six full-service hotels in New Jersey, Louisiana, Florida, and Texas, and the Market Halsey loan is secured by a 16-story hotel in Newark, N.J. The rating agency can be found on the Web at http://www.fitchratings.com.
COMM CMBS Classes Downgraded
Published July 23, 2003, 2:00 p.m. EDT
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