Three classes of DLJ Commercial Mortgage Corp. commercial mortgage pass-through certificates, series 1999-CG3, have been downgraded by Fitch Ratings.The downgrades were as follows: class B-7, from B to B-minus; class B-8, from B-minus to CC; and class C, from CC to C. In addition, Fitch upgraded seven classes in the deal and affirmed the ratings on seven others. The rating agency attributed the downgrades to increased loss expectations for six specially serviced loans. "Losses are expected to completely deplete the class C and D certificates and significantly reduce the balance of the class B-8 certificates," Fitch said. The rating agency can be found online at http://www.fitchratings.com.
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