Morgan Stanley CMBS Class Downgraded

Class O of Morgan Stanley Capital I Inc.'s commercial mortgage pass-through certificates, series 1999-LIFE 1, has been downgraded from CCC to CC by Fitch Ratings.The rating agency also upgraded five classes in the deal and affirmed the ratings on 10 other classes. Fitch attributed the downgrade to expected losses on the one loan in special servicing. The loan (representing 1.8% of the pool) is secured by three industrial buildings in Detroit and Warren, Mich., and is currently in foreclosure. The loan transferred to special servicing as a result of the bankruptcy filing of a major tenant, Fitch said. "All properties are 100% vacant," the rating agency said. "The special servicer is reviewing alternative workout solutions and has ordered an updated appraisal." Fitch can be found online at http://www.fitchratings.com.