Class I of Credit Suisse First Boston Mortgage Securities Corp.'s mortgage pass-through certificates, series 1998-C1, have been downgraded from CC to C by Fitch Ratings.Fitch also upgraded three classes in the deal and affirmed the ratings on five other classes. The downgrade was attributed to expected losses on specially serviced loans. Fitch expressed concern about the number of specially serviced loans in the transaction, of which there are currently eight. Of those, three loans totaling 0.9% of the deal are real-estate-owned properties. "Losses have been projected on the majority of specially serviced loans," Fitch said. "Appraisal subordinate entitlement reduction adjustments have already been realized to the trust for many of these loans."

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