Class G of Mortgage Capital Funding Inc. multifamily/commercial mortgage pass-through certificates, series 1996-MC2, has been downgraded from Ca to C by Moody's Investors Service.In addition, Moody's upgraded one class and affirmed the ratings of five other classes in the transaction. The downgrade was attributed to realized losses from specially serviced loans. "Class G has experienced aggregate losses of approximately $1.5 million and is currently the first-loss class," the rating agency said. The certificates are collateralized by 40 mortgage loans secured by commercial and multifamily properties. Moody's can be found online at http://www.moodys.com.
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