Two classes from ML-CFC commercial mortgage pass-through certificates series 2006-3 have been downgraded by Fitch Ratings, and four have been placed on Rating Watch Negative. Class M was downgraded from B-plus to B, and class N was downgraded from B to B-minus, while class P (rated B-minus) was assigned a distressed recovery rating of DR1. Classes H, J, K, and L were placed on Rating Watch Negative, and the ratings on 16 other classes in the deal were affirmed. The negative rating actions were attributed to expected losses on three specially serviced loans, two involving adjoining multifamily properties in Webster, Texas, and the third involving a multifamily property in Live Oak, Texas
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