Four classes of Credit Suisse First Boston Mortgage Securities Corp.'s commercial mortgage pass-through certificates, series 2005-CND2, have been downgraded by Moody's Investors Service.The downgrades were as follows: class K, from Baa1 to Baa2; class L, from Baa2 to Baa3; class M, from Baa3 to Ba1; and class N, from Ba1 to Ba3. Classes M and N are also on review for possible further downgrade. In addition, the ratings on 17 other classes in the deal were affirmed or confirmed. Moody's attributed the downgrades to "weakening conditions in the South Florida condominium market and performance issues concerning the Prestige Portfolio and Mizner Court at Broken Sound loans." Moody's can be found on the Web at http://www.moodys.com.
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