Nine classes of commercial mortgage pass-through certificates from Morgan Stanley Capital I Trust 2006-IQ11 have been placed on CreditWatch with negative implications by Standard and Poor's Ratings Services.S&P also affirmed the ratings on 13 other classes in the transaction. The negative rating actions were attributed to concerns about the third-largest loan in the pool, LeNature's Headquarters, which is secured by a 530,856-square-foot vacant industrial building in Phoenix. The loan was transferred to the special servicer, LNR Partners Inc., in November after the sole tenant, LeNature Inc., filed for bankruptcy, S&P said.

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