Moody's Eyes DLJ CMBS Classes

Classes B-6 and B-7 of DLJ Commercial Mortgage Trust, commercial mortgage pass-through certificates, series 2000-STF1, have been placed on review for possible downgrade by Moody's Investors Service.In addition, Moody's upgraded two classes in the deal and affirmed the ratings on two other classes. The certificates are collateralized by four loans, secured by commercial properties, ranging from 5.0% to 48.5% of the pool. The rating agency said its weighted average loan-to-value ratio was 115.6% based on year-end 2002 operating results, compared with 89.6% at the previous review. The decline in pool performance has been offset by increased subordination levels due to loan payoffs, resulting in the upgrade of two classes, Moody's said. Subordination levels have also increased "significantly" for classes B-6 and B-7, but the classes were placed on review for possible downgrade because they have experienced cumulative interest shortfalls of $58,867, which are expected to be replenished over the next few months, Moody's said. The rating agency can be found online at http://www.moodys.com.