Moody's Eyes CSFB CMBS Classes

The ratings on classes H-PAL and J-PAL of Credit Suisse First Boston Mortgage Securities Corp. commercial mortgage pass-through certificates, series TFL1, are being reviewed for possible downgrade by Moody's Investors Service.Moody's attributed the rating actions to concerns about the $440.0 million Palisades Center Loan, the largest in the pool, which is secured by fee and leasehold interests in a 2.3 million-square-foot super-regional mall in West Nyack, N.Y. Approximately 270,000 square feet of space was built in the development which the borrower did not have governmental approval to lease. Local voters must approve the use of the excess space before the issuance of a certificate of occupancy, and they voted down the measure in a referendum last year, Moody's said. The property's overall vacancy rate is 8.0%, up from 5.7% a year ago.