Two classes of Credit Suisse First Boston Mortgage Securities Corp.'s commercial mortgage pass-through certificates, series 1999-C1, have been downgraded by Fitch Ratings.The downgrades were as follows: class K, from B-plus to B, and class N, from CC to C. The ratings on the 11 other Fitch-rated classes in the deal were affirmed. Fitch attributed the downgrades to weakening pool performance and expected losses on several loans in special servicing. The estimated losses are expected to "deplete class O and affect class N, which significantly reduces the credit support available to class K," the rating agency said. (Fitch does not rate class O.) Fitch can be found online at http://www.fitchratings.com.
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