Classes K, L, and M of Morgan Stanley Dean Witter Capital I Inc. commercial mortgage pass-through certificates, series 2001-Top 1, have been placed on Rating Watch Negative by Fitch Ratings.The actions were attributed to the recent transfer of the third-largest loan into special servicing and an increase in Fitch's loss expectations for loans in special servicing. The third-largest loan (4.21%), on an office property in San Jose, Calif., transferred to the special servicer in February due to monetary default, the rating agency said. Two other delinquent loans are in special servicing and there are two real estate owned properties. "The classes will remain on Rating Watch Negative until the disposition plan of the third-largest loan is known or losses become imminent from the sale of the REO properties," Fitch said.

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