Four classes of J.P. Morgan Commercial Mortgage Finance Corp. commercial mortgage pass-through certificates, series 2000-C10, have been downgraded by Moody's Investors Service.The downgrades were as follows: class J, from Ba3 to B1; class K, from B2 to B3; class L, from B3 to Caa2; and class M, from Caa1 to Ca. Moody's also upgraded three classes in the deal and affirmed the ratings on seven others. The downgrades were attributed to realized losses, expected losses from five specially serviced loans, and LTV dispersion. (Moody's said 14.7% of the pool has a loan-to-value ratio greater than 100%, compared with 9.1% at last review and 0.6% at securitization.) Eleven loans have been liquidated, resulting in losses of approximately $9.8 million, and Moody's projects aggregate losses of approximately $9.6 million for the specially serviced loans. The certificates are collateralized by 152 mortgage loans in 33 states.

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