Class B-8 of DLJ Commercial Mortgage Corp. commercial mortgage pass-through certificates, series 1999-CG1, has been downgraded from B-minus to CCC by Fitch Ratings.In addition, Fitch affirmed the ratings on 13 other classes in the deal. The rating agency attributed the downgrade to increased loss expectations for two specially serviced loans, one on a limited-service hotel in Metairie, La., and the other on a mall in Roanoke Rapids, N.C. The hotel is under contract for sale at a price that indicates "a significant loss," while the mall "continues to compete unfavorably with a nearby Wal-Mart Supercenter," Fitch said. The rating agency can be found online at http://www.fitchratings.com.
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