Class M of Lehman Brothers Inc.'s LB 2002-LLF C3 commercial mortgage pass-through certificates has been downgraded from BBB-minus to BB and placed on Rating Watch Negative by Fitch Ratings.The rating agency also upgraded six classes from the deal and affirmed the ratings on 12 others. Fitch attributed the downgrade to its concern about three loans representing 20.4% of the pool: Michigan Industrial Portfolio (12.1%), Boulder Portfolio (5.4%), and Decorative Center of Houston (2.9%). "Although these underlying properties have deteriorating performance, no loan is or has been delinquent," Fitch said.
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