Three classes of LB-UBS Commercial Mortgage Trust 2001-C2 commercial mortgage pass-through certificates, series 2001-C2, have been downgraded by Moody's Investors Service.The downgrades were as follows: class M, from B2 to B3; class N, from B3 to Ca; and class P, from Caa2 to C. In addition, Moody's upgraded five other classes and affirmed the ratings on eight classes in the transaction. The downgrades were attributed to realized and projected losses from liquidated and specially serviced loans. The certificates are collateralized by 133 mortgage loans on properties located in 23 states, and the pool includes a shadow-rated component, representing 14.7% of the pool, and a conduit component, representing 50.6%, Moody's said. The rating agency can be found online at http://www.moodys.com.
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