Three classes of Credit Suisse First Boston Mortgage Securities Corp. commercial mortgage pass-through certificates, series 2005-CND1, have been downgraded by Moody's Investors Service and placed on review for possible further downgrade.In addition, the ratings on five other classes -- classes A-2, A-X-1, A-X-3, A-Y, and B -- have been placed on review for possible downgrade, and the rating on one other class was affirmed. The downgrades were as follows: class C, from Aa2 to A2; class D, from A2 to Baa3; and class E, from A2 to Ba1. The certificates are collateralized by three senior participation interests. The negative rating actions were attributed to a foreclosure action initiated by the holder of the Hotel 71 mezzanine loan (an affiliate of Oaktree Capital Management LLC) and a Chapter 11 bankruptcy filing by the Hotel 71 mezzanine borrower. In addition, the Royal Palm Hotel Loan is in default, the rating agency said. Moody's can be found online at http://www.moodys.com.

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