Two classes of COMM 2003-FL9 commercial mortgage pass-through certificates have been downgraded by Moody's Investors Service.Class J was downgraded from Baa2 to Ba1, and class K was downgraded from Baa to Ba2. Moody's also upgraded two classes in the transaction and affirmed the ratings of five other classes. The certificates are collateralized by one whole loan and one senior participation interest. The downgrades were attributed to the poorer performance of the Avenue at Tower City Loan, which is secured by a three-level urban retail center in Cleveland's Union Terminal Station. Occupancy as of September 2005 was approximately 72.5%, compared with 82.2% at the last Moody's review in May and 81.7% at securitization. The rating agency can be found online at http://www.moodys.com.

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