Salomon CMBS Class Downgraded

Class L of Salomon Brothers Mortgage Securities VII Inc. commercial mortgage pass-through certificates, series 1999-C1, has been downgraded from B-minus/DR1 to CCC/DR2 by Fitch Ratings.Fitch also affirmed the ratings on 11 other classes in the transaction. Fitch said the downgrade was based on expected losses on the pool's two specially serviced assets: a real-estate-owned office property in Rogers, Ark., and two mobile home parks in Wilkes Barre and Muncey, Pa.

For reprint and licensing requests for this article, click here.
Originations
MORE FROM NATIONAL MORTGAGE NEWS