Two classes of Credit Suisse First Boston Mortgage Securities Corp. commercial mortgage pass-through certificates, series 2001-CK3, have been downgraded by Moody's Investors Service.Class K was downgraded from Ba3 to B1, and class N was downgraded from B3 to Caa2. Moody's also upgraded five classes in the transaction and affirmed the ratings on nine classes. The downgrades were attributed to realized and anticipated losses from the three specially serviced loans, which represent 2.2% of the pool, and loan-to-value dispersion. Moody's said the certificates are collateralized by 167 mortgage loans, and the pool consists of three shadow-rated loans, representing 18.5% of the pool, and a conduit component, representing 81.5%. The rating agency said 13.9% of the conduit pool has an LTV greater than 100%, compared with 2% at securitization. Moody's can be found online at http://www.moodys.com.

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