Salomon MBS Class Downgraded

April 14, 2004, 2:00 p.m. EDT 1 Min Read

Class F of Salomon Brothers Mortgage Securities VII Inc. mortgage pass-through certificates, series 1996-C1, has been downgraded from B-plus to CCC by Fitch Ratings.Fitch also upgraded one class and affirmed the ratings on four other classes in the deal. The downgrade is due to the deteriorating performance of the Clubhouse Inn loan portfolio, which is secured by five hotel properties, the rating agency said. Fitch can be found online at http://www.fitchratings.com.

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