Three classes of Merrill Lynch Mortgage Investors Inc.'s mortgage pass-through certificates, series 1999-C1, have been downgraded by Fitch Ratings.The downgrades were as follows: class F, from BBB-minus to BB-plus; class G, from B-plus to B; and class H, from CCC to CC. The rating agency also removed class F from Rating Watch Negative and affirmed the ratings on eight other Fitch-rated classes in the deal. Fitch attributed the downgrades to its re-evaluation of specially serviced loans, which resulted in higher expected losses of approximately $25 million since its previous annual review. "In addition, Fitch is concerned with the increasing amount of specially serviced loans and the interest shortfalls," the rating agency said.
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