Two classes of Credit Suisse First Boston Mortgage Securities Corp. commercial mortgage pass-through certificates, series 2004-C3, have been downgraded by Moody's Investors Service. Class N was downgraded from B2 to Caa1, and class O was downgraded from B3 to Caa2. Moody's also affirmed the ratings on 18 other classes in the deal. The downgrades are due to expected losses of $6.8 million from five specially serviced loans and LTV dispersion, the rating agency said. The certificates are collateralized by 171 mortgage loans ranging in size from less than 1.0% to 9.4% of the pool.
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