Salomon CMBS Class Downgraded

Published August 31, 2006, 2:00 p.m. EDT

1 Min Read

Two classes of Salomon Brothers Mortgage Securities VII Inc. commercial mortgage pass-through certificates, series 2000-C2, have been downgraded by Fitch Ratings, and a Distressed Recovery rating was assigned to one of them.Class K was downgraded from BB-minus to B, and class L was downgraded from B-minus to CCC/DR3. (Distressed Recovery ratings estimate the recovery prospects for distressed and defaulted securities.) In addition, the Distressed Recovery rating of class M was lowered from DR6 to DR1, and the ratings on 10 other classes were affirmed. Fitch attributed the negative rating actions to increased loss projections on several loans in special servicing. The rating agency can be found online at http://www.fitchratings.com.

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