Two classes of Morgan Stanley Capital I Inc.'s commercial mortgage pass-through certificates, series 1997-XL1, have been downgraded by Fitch Ratings and removed from Rating Watch Negative.Class G was downgraded from BB to B, and class H was downgraded from B-minus to CCC. The rating agency also affirmed the ratings on nine other classes in the deal. Fitch attributed the downgrades to declining operational performance at three of the properties securing the loans: the Grand Kempinski Hotel, Westgate Mall, and Westshore Mall. Fitch can be found online at http://www.fitchratings.com.
Morgan Stanley CMBS Classes Downgraded
September 20, 2004, 2:00 p.m. EDT 1 Min Read
