Five classes of COMM 2001-FL4 commercial mortgage pass-through certificates have been downgraded by Moody's Investors Service.The downgrades were as follows: class K-PS, from Ba1 to B3; class L-PS, from Ba2 to B3; class M-PS, from Ba3 to B3; class K-CH, from Baa1 to Ba1; and class M-CH, from Baa3 to Ba3. In addition, Moody's affirmed the ratings on four other classes in the deal. The downgrades were attributed to poor performance. The certificates are collateralized by three mortgage loans ranging in size from 19.0% to 60.9% of the pool. As of the Oct. 15 distribution date, the aggregate certificate balance had declined by about 84.4%, from $862.7 million at closing to $134.6 million, due to eight loan payoffs and the partial payoff of the Cherry Hill Office Portfolio Loan, the rating agency said.

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