Two classes of Morgan Stanley Capital I Inc. commercial mortgage-backed securities pass-through certificates, series 1997-RR, have been downgraded by Fitch Ratings.Class G-1 was downgraded from B-minus to CC, and class G-2 was downgraded from B-minus to CCC. In addition, one class in the deal was upgraded and the ratings on four classes were affirmed. The downgrades were attributed to expected losses on the specially serviced loans in the underlying transactions. The certificates are secured by 40 subordinate commercial mortgage pass-through certificates from 21 separate securitizations. The underlying transactions were securitized from 1994-1997 by various issuers and are secured by a variety of property types.
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