Two classes of DLJ Mortgage Acceptance Corp.'s commercial mortgage pass-through certificates, series 1997-CF1, have been downgraded by Standard & Poor's Ratings Services.The downgrades were as follows: class B-1, from BB-plus to B and placed on CreditWatch with negative implications; and class B-2, from CCC to D. S&P attributed the downgrades to interest shortfalls resulting from the disposition of a real-estate-owned lodging asset in Savannah, Ga. The $3 million loan on the property was liquidated at a 100% principal loss, S&P said. "Interest shortfalls resulted because the proceeds from the liquidation were not sufficient to cover outstanding advances against the asset, which totaled $2.36 million," the rating agency said.
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