COMM CMBS Classes Downgraded

The ratings on four classes of COMM 2001-FL4's commercial mortgage pass-through certificates have been lowered by Standard & Poor's Ratings Services.The downgrades were as follows: class D, from BBB to BB-plus; class E, from BB to BB-minus; class K-PS, from B-plus to B; and class L-PS, from B to B-minus. At the same time, S&P raised its ratings on two other classes and affirmed the ratings on six other classes from the same transaction. S&P said the downgrades reflect "the continued stress" experienced by 100 Pine Street, a San Francisco office building securing a $118 million mortgage, $82 million of which is in the pool. S&P can be found online at http://www.standardandpoors.com.