Two classes of Deutsche Mortgage & Asset Receiving Corp.'s commercial mortgage pass-through certificates, series 1998-C1, have been downgraded by Fitch Ratings.Class L was downgraded from B to B-minus, and class L was downgraded from CCC to CC. The ratings on 11 other classes in the deal were affirmed. Fitch attributed the downgrades to continuing deterioration in the pool's collateral performance and expected losses for many loans. As of the October 2002 distribution date, 22 loans representing 7.8% of the pool were in special servicing, the rating agency said. Of those, three were more than 30 days delinquent, six were more than 90 days delinquent, and nine had reached the status of real estate owned, Fitch said.
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