CSFB CMBS Classes Downgraded

Fifteen classes of Credit Suisse First Boston commercial mortgage pass-through certificates, series 2002-FL2, have been downgraded by Moody's Investors Service.Classes A-2, A-X, A-Y-1, A-Y-2, and A-Y-3, all with notional values, were downgraded from Aaa to Aa1. The remainder of the downgrades, all floating-rate classes, were as follows: class B, from Aa2 to A1; class C, from A2 to Baa2; class D, from Baa2 to Ba2; class E, from Baa3 to Ba3; class F, from Ba1 to Ba3; class G, from Ba2 to B1; class H, from Ba3 to B3; class J, from B1 to Caa1; class K, from B2 to Caa2; and class L, from B3 to Caa3. Moody's said the certificates are collateralized by 19 mortgage loans ranging from 1.2% to 16.6% of the pool based on current principal balances. The rating agency attributed the downgrades to collateral performance that, while mixed, is below expectations overall. "The largest loan, the Fretus Portfolio Loan, has performed better than Moody's expectations, with the majority of the remaining loans performing worse," the rating agency said. "Loans secured by multifamily collateral in particular are performing poorly." Moody's can be found online at http://www.moodys.com.