Morgan Stanley CMBS Classes Downgraded

Four classes of Morgan Stanley Dean Witter Capital I Inc. commercial mortgage pass-through certificates, series 2000-XLF, have been downgraded by Standard & Poor's and removed from CreditWatch negative.The downgrades were as follows: class C, from A to BBB; class D, from A-minus to B; class E, from BBB to CCC; and class F1, from BBB-minus to D. The rating agency also affirmed the ratings of classes A, B, F2, and F7. S&P said the downgrades stem from the default at maturity of the Market Center loan, which represents 40% of the pool balance and is secured by two office towers on Market Street in San Francisco. "The San Francisco office market has seen a dramatic deterioration in rent and occupancy levels," the rating agency said. S&P can be found online at http://www.standardandpoors.com.