DLJ CMBS Classes Downgraded

Three classes of DLJ Commercial Mortgage Trust 2000-CKP1 have been downgraded by Moody's Investors Service and three others are being reviewed for possible downgrade.The downgrades were as follows: class B-7, from B1 to B3; class B-8, from B2 to Caa2; and class B-9, from B3 to Ca. Classes B-3, B-5, and B-6 have been placed on review. The downgrades were attributed to approximately $24 million of expected losses associated with nine loans (totaling 4.06% of the outstanding loan balance) that were in special servicing as of the Dec. 10 distribution date. The pool contains 10 loans, totaling 6.12% of the outstanding pool balance, secured by properties leased to Kmart. "Three of these loans were transferred to special servicing after Kmart rejected the respective leases as part of its bankruptcy filing," Moody's said. "The remaining seven loans are on the master servicer's watchlist. It is reported that Kmart is considering closing additional stores, but an official announcement has not yet been made." The rating agency can be found on the Web at http://www.moodys.com.