CSFB CMBS Class Downgraded

Class N of Credit Suisse First Boston's commercial mortgage pass-through certificates series 2005-CND2 has been downgraded from BB-minus to B-minus by Fitch Ratings, and classes L and M have been placed on Rating Watch Negative.In addition, Fitch affirmed the ratings on 16 other classes in the deal. The negative rating actions were attributed to concerns about fees resulting from the transfer to special servicing of the largest loan, Manhattan House (58%), as well as concerns about the transaction's remaining loans. "The Manhattan House loan has been transferred to special servicing due to an unresolved buyout dispute between the partners as well as resident-initiated litigation," Fitch reported. "There have been no sales or contracts signed for any of the units." The loan is secured by a 583-unit multifamily rental building on the Upper East Side of Manhattan.