Class M of Heller Financial Commercial Mortgage Asset Corp. mortgage pass-through certificates, series 2000 PH-1, has been downgraded from B3 to Caa1 by Moody's Investors Service.In addition, the rating agency upgraded four classes in the deal and affirmed the ratings on eight other classes. The downgrade was attributed to realized and projected losses from the specially serviced loans and to dispersion of the loan-to-value ratios of the loans. Four loans, representing 3.5% of the pool, are in special servicing, and 45 loans, representing 25.0%, are on the master servicer's watchlist. Moody's said 15.9% of the pool has an LTV greater than 100%, compared with 0.2% at securitization. As of April 15, the transaction's aggregate balance had decreased from $957.0 million at securitization to $839.3 million. The certificates are collateralized by 206 mortgage loans secured by commercial and multifamily properties. Moody's can be found online at http://www.moodys.com.

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