Moody's Eyes CMBS for Terror-Linked Shortfalls

The ratings on the most subordinate class from each of nine commercial mortgage-backed transactions have been placed on watch for possible downgrade by Moody's Investors Service.The rating agency said the actions were due to interest shortfalls caused by legal fees and other expenses incurred by the master servicer -- all related to terrorism insurance issues -- that have been or will be passed through to each transaction in January or February. The affected commercial mortgage pass-through certificates were as follows: 280 Park Avenue Trust, series 2001-XL280, class F; 1251 Avenue of the Americas Trust, series 1999-XL1251, class E; 1345 Avenue of the Americas Trust, series 2000-XL1345, class F; Hilton Hotels Pool Trust, series 2000-HLT, class F; Morgan Stanley Dean Witter Capital I Inc., series 2001-XLF, class H-11; Opryland Hotel Trust, series 2001-OPRY, class E; Sawgrass Mills Trust, series 2001-XLSGM, class F; Starwood Commercial Mortgage Trust, series 1999-C1, class D; and TrizecHahn Office Properties Trust, series 2001-TZH, class E-4. Moody's can be found on the Web at http://www.moodys.com.