MeriStar CMBS Classes Downgraded

Three classes of MeriStar Commercial Mortgage Trust commercial mortgage pass-through certificates, series 1999-C1, have been downgraded by Moody's Investors Service.The downgrades were as follows: class B, from Aa2 to Aa3; class C, from A2 to Baa1; and class D, from Baa2 to Ba1. Moody's also affirmed the ratings of three other classes in the deal. The certificates represent beneficial ownership in a trust fund whose principal asset is a mortgage loan secured by 19 hotel properties in 10 states. As of the Nov. 5 distribution date, the transaction's principal balance has decreased by 4.5%, from $330.0 million to $315.1 million, as a result of amortization, the rating agency said. The hotels are owned by entities associated with MeriStar Hospitality Corp., whose senior debt is rated B1 by Moody's and is on Rating Watch Negative. Moody's can be found online at http://www.moodys.com.