Moody's downgrades DLJ commercial mortgage II classes, affirms two.

Position:Commercial
 
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MOODY'S INVESTORS SERVICE, NEW YORK, downgraded the ratings of 11 classes and affirmed the ratings of two classes of DLJ Commercial Mortgage Trust 2000-CKP1, commercial mortgage passthrough certificates, series 2000-CKP1.

Class A-1A, $180,849,507, fixed, was affirmed at Aaa; Class A-1B, $789,377,000, fixed, was affirmed at Aaa; Class A-2, $51,596,000, fixed, was downgraded to Aa3 from Aa2; Class A-3, $58,047,000, fixed, was downgraded to A3 from A2; Class A-4, $16,124,000, fixed, was downgraded to Baa1 from A3; Class B-1, $16,124,000, fixed, was downgraded to Baa3 from Baa1; Class B-2, $25,798,000, fixed, was downgraded to Ba1 from Baa2; Class B-3, $12,899,000, fixed, was downgraded to Ba2 from Baa3; Class B-5, $17,736,000, fixed, was downgraded to B1 from Ba2; Class B-6, $9,674,000, fixed, was downgraded to B2 from Ba3; Class B-7, $9,675,000, fixed, was downgraded to Caa1 from B3 Class B-8, $16,124,000, fixed, was downgraded to Ca from Caa2; and Class B-9, $6,449,000, fixed, was downgraded to C from Ca.

Classes B-7, B-8 and B-9 were previously downgraded by Moody's on Jan. 2, 2003, and Classes B-3, B-5 and B-6 were placed on review for possible downgrade at that time. This rating action concludes Moody's review of this securitization.

According to Moody's, the credit quality of the mortgage pool supporting the certificates, which has been seasoned for more than two years, has deteriorated since securitization. Based on Moody's review of the loans in the pool, Moody's loan-to-value (LTV) ratio is 90.8 percent compared with...

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