Class M of First Union National Bank-Chase Manhattan Bank's commercial mortgage pass-through certificates, series 1999-C2, has been downgraded from B to CCC/DR1 by Fitch Ratings.In addition, Fitch affirmed the ratings on 12 other classes in the deal. The downgrade is the result of expected losses on the two specially serviced loans, Fitch said. The first is secured by a multifamily property in Euless, Texas. The second, a real-estate-owned asset, is secured by a 51,282-square-foot retail property in Chesapeake, Va., formerly occupied by a Winn Dixie. Fitch said it expects losses from both loans to be absorbed by the nonrated class N.
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