Class M of Merrill Lynch Floating Trust commercial mortgage pass-through certificates, series 2006-1, has been placed on Rating Watch Negative. Fitch also affirmed the ratings on 17 other classes in the transaction. The negative rating action was based on "the lack of leasing at the pool's third-largest loan, Portals III," which is secured by an office building in Washington, D.C., the rating agency said.

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