Royal-Linked CMBS Downgraded

The ratings on four securities from four unrelated transactions have been lowered by Standard & Poor's Ratings Services and placed on CreditWatch with negative implications due to their reliance on Royal Indemnity Co. insurance policies.The downgrades were as follows: series A of Banc of America Large Loan Inc. commercial mortgage pass-through certificates, series 2001-WBM, from BBB-plus to BBB-minus; class A-2 of CVS credit lease pass-through certificates, from BBB-plus to BBB-minus; Short Term Asset Receivables Trust net lease pass-through certificates, series BC 2000A, from BBB to BBB-minus; and North First Credit Lease Trust 2001-CTL1 credit lease-backed pass-through certificates, from BBB to BBB-minus. S&P said the ratings are dependent on the financial strength rating on Royal, which was lowered from BBB-plus to BBB-minus Sept. 5.