Fitch Eyes Mezz Cap CMBS Class

February 16, 2007, 3:00 p.m. EST 1 Min Read

Class J of Mezz Cap commercial mortgage pass-through certificates, series 2004-C2, has been downgraded from B-minus to C and assigned a Distressed Recovery rating of DR5 by Fitch Ratings.Fitch also affirmed the ratings on nine other classes in the transaction. The rating agency attributed the downgrade to projected losses on specially serviced loans. The securitization consists of B notes subordinate to first-mortgage loans securitized in separate commercial mortgage-backed securities.

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