Three classes of Merrill Lynch Mortgage Loans Inc. 1st Street Tower Trust pass-through certificates, series 1999-1STT, have been downgraded from A3 to A2 by Moody's Investors Service. The affected securities are classes A-1, A-2, and A-3. Moody's said the actions were taken to align the ratings of the securities with the current rating of TransCanada Pipelines Ltd., which was downgraded on June 24. The transaction is secured by a mortgage on a 942,000-square-foot class A office tower in downtown Calgary, Canada, that is occupied by TCPL under a 20-year net lease. Moody's can be found online at http://www.moodys.com.
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