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Six classes in five commercial mortgage-backed security transactions have been downgraded by Fitch Ratings in connection with recently announced Kmart store closings.
The downgrades are as follows: Credit Suisse First Boston series 1998-C1, class I, from B-minus to CCC; DLJ Commercial Mortgage Corp. series 2000-CKP1, class B-7, from B-plus to B-minus; First Union Commercial Mortgage Trust series 2000-C1, class M, from B-minus to CCC; Mortgage Capital Funding Inc. series 1997-MC1, class H, from B to CCC; and Mortgage Capital Funding Inc. series 1987-MC2, class J, from B to B-minus, and class K, from B- minus to CCC.
In addition, class G ...
Source: HighBeam Research, Fitch Lowers KMART's Grade On CMBS Classes.(Commercial Mortgage...