Moody's Eyes COMM CMBS Classes

The ratings of classes K-WS and L-WS of COMM 2000-FL3 commercial mortgage pass-through certificates are being reviewed for possible downgrade by Moody's Investors Service.Moody's said the rating action stemmed from concerns about the $120.0 million 40 Wall Street loan, the third-largest loan in the pool. The loan is secured by a first-leasehold interest in a 1.1 million square foot Class A office building in Manhattan's Financial District. The property's performance has been negatively affected by "significant increases in operating expenses, a weakening in the Lower Manhattan office market, and a slight decline in occupancy," the rating agency said. The property's net income for the trailing 12 months ended in June was approximately 17% below original projections, Moody's said.