Class C of DLJ Commercial Mortgage Corp.'s mortgage pass-through certificates, series 1999-CG3, has been downgraded from CCC to CC by Fitch Ratings.In addition, the ratings on 16 other classes in the deal were affirmed. The downgrade stems from an increase in the amount of expected losses associated with the five specially serviced loans, Fitch said. The largest loan, a multifamily property in Dallas, is currently real estate owned, and a new property manager is assessing life/safety issues at the property, the rating agency said. The second-largest loan is collateralized by a multifamily property in Memphis and is also REO.
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