Class N of Salomon Brothers Mortgage Securities VII Inc.'s series 2000-C2 commercial mortgage pass-through certificates has been downgraded from B-minus to CCC by Fitch Ratings.In addition, classes L and M of the deal were placed on Rating Watch Negative, and the ratings on 12 other classes were affirmed. Fitch attributed the rating actions to increased estimates of possible losses on several loans in special servicing and to interest shortfalls affecting the classes. "Nine loans (9.8%) are currently in special servicing, five of which (4.0%) are delinquent," Fitch said. "Based on recent appraisals, losses may amount to as much as $17 million for some of these loans." The rating agency can be found online at http://www.fitchratings.com.
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