Two classes of J.P. Morgan Chase Commercial Mortgage Securities Corp. commercial mortgage pass-through certificates, series 2002-CIBC4, have been downgraded by Moody's Investors Service.Class L was downgraded from B2 to B3, and class M was downgraded from Caa1 to Caa2. In addition, Moody's upgraded three classes and affirmed the ratings on 10 other classes in the transaction. Moody's attributed the downgrades to losses from specially serviced loans and the dispersion of loan-to-value ratios. The certificates are collateralized by 114 mortgage loans on properties in 29 states plus the District of Columbia. The pool collateral is a mix of retail (36.3%), office and mixed-use (18.5%), multifamily (15.2%), and industrial and self-storage (12.7%) properties, as well as U.S. government securities (17.3%). The rating agency can be found online at http://www.moodys.com.

Subscribe Now

Authoritative analysis and perspective for every segment of the mortgage industry

30-Day Free Trial

Authoritative analysis and perspective for every segment of the mortgage industry