Three classes from First Union National Bank Commercial Mortgage Trust commercial mortgage pass-through certificates, series 2002-C1, have been downgraded by Moody's Investors Service. The downgrades were as follows: class L, from B1 to B2; class M, from B2 to Caa2; and class N, from Caa1 to Ca. Moody's also upgraded three classes in the deal and affirmed the ratings of 10 other classes. The downgrades were attributed to realized and projected losses from three specially serviced loans representing 2.3% of the pool. The certificates are collateralized by 96 mortgage loans ranging in size from less than 1% to more than 5% of the pool.
Processing Content
