Three classes of Morgan Stanley Capital I Trust 2006-IQ11 commercial mortgage pass-through certificates have been downgraded by Fitch Ratings. The downgrades were as follows: class J, from BB-plus to BB; class K, from BB to BB-minus; and class L, from BB-minus to B-plus. Fitch also placed classes G and H on Rating Watch Negative and affirmed the ratings on 14 other classes in the transaction. The downgrades reflect an increase in specially serviced assets and an increase in Fitch's expected losses on those assets, the rating agency said.
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