CSFB CMBS Classes Downgraded

Five classes of Credit Suisse First Boston Mortgage Securities Corp. commercial mortgage pass-through certificates, series 2001-CF2, have been downgraded by Moody's Investors Service.The downgrades were as follows: class J, from Ba2 to Ba3; class K, from Ba3 to B1; class L, from B1 to B2; class M, from B2 to Caa1; and class N, from B3 to Caa2. In addition, Moody's affirmed the ratings on 15 other classes in the deal. The downgrades were attributed to realized losses, expected losses on specially serviced loans, and LTV dispersion. Moody's said 16.6% of the pool has a loan-to-value ratio greater than 100%, compared with 0% of the pool at securitization. The rating agency said the certificates are collateralized by 166 mortgage loans secured by commercial and multifamily properties. Nine loans representing 1.8% of the pool are in special servicing, and Moody's said it has projected aggregate losses of approximately $5.1 million for those loans.