DLJ CMBS Class Downgraded

November 23, 2005, 3:00 p.m. EST 1 Min Read

Class B-7 of DLJ Commercial Mortgage Corp.'s series 1999-CG1 commercial mortgage pass-through certificates has been downgraded from B to B-minus.In addition, Fitch upgraded two classes in the deal and affirmed the ratings on 10 other classes. The rating agency attributed the downgrade to a deterioration of credit enhancement as a result of expected losses on specially serviced assets. The two largest specially serviced loans, each representing about 1.0% of the pool, are a retail property in Roanoke Rapids, N.C., and an office property in Colorado Springs, Colo., Fitch said. Both are 90-plus days delinquent, and the special servicer of the former loan is finalizing a deed-in-lieu of foreclosure. Fitch can be found online at http://www.fitchratings.com.

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