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Roundup: BoA Hotel Deal Gets a Downgrade.

Mortgage Servicing News

| March 01, 2003 | COPYRIGHT 2003 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

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 ...

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Source: HighBeam Research, Roundup: BoA Hotel Deal Gets a Downgrade.

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