Fitch Downgrades CSFB MBS Class

Published December 20, 2004, 3:00 p.m. EST

1 Min Read

Class J of Credit Suisse First Boston Mortgage Securities Corp. mortgage pass-through certificates, series 1997-C1, has been downgraded from C to D by Fitch Ratings,In addition, the ratings on 10 other classes in the deal were affirmed. Fitch said the downgrade resulted from $5.2 million in losses realized after the liquidation of the Airlines Parking loan, which had been secured by an 8,400-space parking lot in Romulus, Mich. The rating agency said it does not expect the principal loss to be recovered.

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