Class N of Salomon Brothers Commercial Mortgage Trust 2000-C3 commercial mortgage pass-through certificates, series 2000-C3, has been downgraded from Caa2 to Caa3 by Moody's Investors Service.Moody's also upgraded five classes in the deal and affirmed the ratings of eight other classes. The downgrade was due to realized losses (approximately $13.6 million), expected losses from four specially serviced loans, and loan-to-value dispersion, the rating agency said. Moody's estimated aggregate losses of approximately $2.5 million for the specially serviced loans, which represent 4.1% of the pool. The certificates are collateralized by 161 mortgage loans secured by commercial and multifamily properties.

Subscribe Now

Authoritative analysis and perspective for every segment of the mortgage industry

30-Day Free Trial

Authoritative analysis and perspective for every segment of the mortgage industry