Class M of Lehman Brothers Inc.'s LB 2002-LLF C3 commercial mortgage pass-through certificates has been downgraded from BB to BB-minus and removed from Rating Watch Negative by Fitch Ratings.The rating agency also upgraded three classes from the deal, removed two of them from Rating Watch Negative, and affirmed the ratings on 15 others. Fitch attributed the downgrade to the deteriorating performance of the Michigan Industrial Portfolio, which represents 17.8% of the pool, and to concerns about the Boulder Portfolio (8.1%) and the Decorative Center of Houston (4.3%). Fitch can be found online at http://www.fitchratings.com.
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