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The ratings on two classes of Banc of America Large Loan Inc.'s series 2002-FLT1 have been placed on Rating Watch Negative by Fitch Ratings.
The affected classes are class H, rated BBB-plus, and class J, rated BBB.
The rating actions were attributed to a decline in performance of two loans, Windsor Court Hotel and Starrett Lehigh.
BRE Notes Downgraded
New York-The senior unsecured notes and preferred stock of BRE Properties Inc., a San Francisco-based real estate investment trust, have been downgraded by Fitch Ratings.
The $955 million of senior notes, due 2004 through 2013, were downgraded from BBB-plus to BBB, and the approximately $129 million of outstanding preferred stock has been downgraded from BBB to BBB-minus, the rating agency said. The rating outlook is Stable. BRE's credit statistics "have been pressured by macroeconomic conditions affecting all apartment owners, primarily a low interest rate environment and job losses which have weakened demand for apartment units," Fitch said. The REIT's exposure to San Francisco (representing 26% of total net operating income) and ...
Source: HighBeam Research, Roundup: BoA Hotel Deal Gets a Downgrade.