Four classes of GMAC Commercial Mortgage Securities Inc. mortgage pass-through certificates, series 2000-FL1, have been downgraded by Moody's Investors Service.The downgrades were as follows: class C, from A2 to Baa1; class D, from Ba1 to Baa2; class E, from Baa3 to Ba2; and class F, from Ba2 to B2. The ratings on three other classes in the deal were affirmed. Moody's said the downgrades were based on a significant decline in the value of the $84.2 million Level 3 loan, the second-largest in the deal. The loan represents 41.5% of the pool balance and is secured by a 775,000-square-foot class A office complex northwest of Denver. "While a near-term default on the debt is not expected, Moody's is concerned about refinancing prospects given the current Denver market conditions," the rating agency said. Moody's can be found online at http://www.moodys.com.

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