LB-UBS CMBS Classes Downgraded

Three classes of LB-UBS Commercial Mortgage Trust commercial mortgage pass-through certificates, series 2000-C4, have been downgraded by Moody's Investors Service. The downgrades were as follows: class L, from B1 to B2; class M, from B3 to Caa2; and class N, from Caa1 to Ca. Moody's also upgraded two classes and affirmed the ratings of nine classes in the transaction. The certificates are collateralized by 136 mortgage loans ranging in size from less than 1.0% to 10.6% of the pool. The downgrades were attributed to realized and estimated losses from specially serviced loans and increased dispersion in loan-to-value ratios.