Three classes from LB-UBS Commercial Mortgage Trust commercial mortgage pass-through certificates series 2004-C7 have been downgraded by Fitch Ratings. The downgrades were as follows: class P, from B1 to B2; class Q, from B2 to B3; and class S, from B3 to Caa1. Fitch also affirmed the ratings on 22 other classes in the transaction. The downgrades were attributed to realized and projected losses on specially serviced loans and to increased dispersion of loan-to-value ratios. The rating agency can be found online at http://www.moodys.com.
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