Three classes of Merrill Lynch Mortgage Trust commercial mortgage pass-through certificates, series 2004-Key2, have been downgraded by Moody's Investors Service. The downgrades were as follows: class M, from B1 to B2; class N, from B2 to B3; and class P, from B3 to Caa2. The rating agency also affirmed the ratings on 16 other classes in the transaction. Moody's attributed the downgrades to estimated losses from specially serviced loans and increased dispersion. Moody's can be found on the Web at http://www.moodys.com.
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