Three classes of Lehman Brothers Inc.'s commercial mortgage pass-through certificates, series 2006-CCL-C2, have been downgraded by Fitch Ratings and removed from Rating Watch Negative. The downgrades were as follows: class M, from BBB-minus to BB-plus; class ASH-1, from BBB to BB-plus; and class ASH-2, from BBB-minus to BB-plus. Fitch also upgraded one class and affirmed the ratings on five other classes in the deal. The downgrade to class M was attributed to the transfer of the Village Oaks loan to special servicing and the likelihood that associated fees and expenses will cause interest shortfalls. The other downgrades were attributed to "the likely accrual of special servicing fees on the Avalon at Seven Hills loan."
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