Moody's Downgrades CSFB CMBS Class

Class H of Credit Suisse First Boston Mortgage Securities Corp. commercial mortgage pass-through certificates, series 1998-C2, has been downgraded from B3 to Caa1 by Moody's Investors Service. Moody's also affirmed the ratings on nine other classes in the transaction. The certificates are collateralized by 186 mortgage loans, including one shadow-rated loan, a conduit component, and a credit tenant lease component. The downgrade was due to projected losses from the specially serviced loans and dispersion of loan-to-value ratios, the rating agency said. Loans with a Moody's LTV in excess of 100% increased from 25.9% to 39.5% of the pool since the last review, Moody's reported.