Six classes of First Union National Bank - Chase Manhattan Bank Commercial Mortgage Trust commercial mortgage pass-through certificates, series 1999-C2, are being reviewed for possible downgrade by Moody's Investors Service.The affected securities are classes G, H, J, K, L, and M. Moody's attributed the actions to concerns about the pool's performance and potential losses on specially serviced loans. About a third of the pool is on the master servicer's watchlist, including five of the top 10 loans, the rating agency said. "Since securitization, 28 loans have been liquidated from the trust, resulting in realized losses of approximately $6.8 million," Moody's reported.
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