Morgan Stanley CMBS Classes Downgraded

Two classes of Morgan Stanley Capital I Inc.'s commercial mortgage pass-through certificates, series 1999-LIFE 1, have been downgraded by Fitch Ratings.Class N was downgraded from CC/DR4 to C/DR6, and class M was downgraded from B to B-/DR2. Fitch also upgraded three classes from the transaction and affirmed the ratings on nine other classes. The downgrades were attributed to possible losses from the specially serviced loan, which is secured by a 55,000-square-foot office property in Charlotte, N.C. "The loan was transferred to the special servicer due to imminent default and is now 60+ days delinquent," Fitch reported.