Two classes of JP Morgan Commercial Mortgage Securities Corp. pass-through certificates series 2003-PM1 have been downgraded by Fitch Ratings. Class N was downgraded from B to B-minus, and class P was downgraded from CCC to CCC/DR1. Fitch also affirmed 17 other classes in the transaction. The downgrades were based on expected losses on the four loans currently in special servicing as well as higher-than-expected losses on a loan disposed from the trust, the rating agency said.
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