Six classes of commercial mortgage-backed securities from three issuers have been downgraded by Fitch Ratings. The downgrades were as follows: Office Portfolio Trust 2001-HRPT, class H, from BB-plus to BB; Bear Stearns 2001-TOP2, class K, from B-plus to B, class L, from B to B-minus, and class M, from B-minus/DR4 to CC/DR4; and CSFB 2001-CP4, class M, from B to B-minus, and class N, from B-minus/DR1 to CCC/DR2. Fitch said the downgrades followed a vintage analysis of the 2000 and 2001 vintages of U.S. CMBS, which included 46 transactions. The rating agency also placed one CMBS class on Rating Watch Negative, upgraded 19 classes, and affirmed the ratings on 465 classes.
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