Class B-7 of DLJ Commercial Mortgage Corp's series 1999-CG1 commercial mortgage pass-through certificates has been downgraded from B-minus to CCC/DR1 by Fitch Ratings.Fitch also affirmed the ratings on 11 other classes in the transaction. "The downgrade is due to expected losses on specially serviced loans and the refinance risk of upcoming maturities," the rating agency said. The largest specially serviced asset is a retail property in Roanoke Rapids, N.C., that has been liquidated, Fitch reported. The second specially serviced asset is a retail property in Joliet, Ill., that is in foreclosure.
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