Two classes of Morgan Stanley 1997-XL1 commercial mortgage-backed certificates have been downgraded by Fitch Ratings.Class G was downgraded from B to B-minus, and class H was downgraded from CC to C. In addition, two classes were upgraded by Fitch and the ratings on five others were affirmed. The downgrades were attributed to a decline in performance at the Westshore Mall property, representing 4.5% of the pool. The property became real estate owned in March 2005, and in August the special servicer applied an appraisal reduction of $7.9 million as a result of a decline in appraised value and accumulated servicer advances, Fitch said. "Upon disposition of the Westshore Mall, Fitch expects realized losses will exceed the balance of class H," the rating agency said.
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