Class B-8 of DLJ Commercial Mortgage Corp.'s commercial mortgage pass-through certificates, series 1999-CG1, has been downgraded from CCC to CC.In addition, seven classes in the transaction were upgraded and the ratings on six other classes were affirmed. The downgrade was attributed to expected losses on two specially serviced loans -- a retail property in Roanoke Rapids, N.C., and a multifamily property in Houston -- that will ultimately deplete class C and hurt the credit enhancement of the non-investment-grade classes. As of the July distribution date, the pool's aggregate principal balance had been reduced from $1.24 billion at issuance to $1.10 billion, and the deal had realized $18.6 million in losses, the rating agency said.
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