Fitch Downgrades 2 Classes of DLJ 2000-CF1

NEW YORK--(BUSINESS WIRE)--Fitch Ratings downgrades two classes of DLJ Commercial Mortgage Corp.'s commercial mortgage pass-through certificates, series 2000-CF1. A full list of rating actions follows at the end of this release.

As of the June 2011 distribution date, the pool's collateral balance has paid down 90% to $90.7 million from $886.2 million at issuance. The transaction has only seven loans remaining. Four of the remaining seven assets are in special servicing, 28% of the pool, the largest of which is an office property in Largo, FL, which transferred in May 2010 for maturity default. Fitch expects losses of approximately 17% of the remaining pool balance from the assets in special servicing.

Fitch stressed the cash flow of the three non specially serviced loans by applying a 5% reduction to 2010 fiscal year end net operating income and applying a stressed cap rate of 10% to determine value. The derived value for all of these assets are in excess of the debt; although Fitch remains concerned with one loan, a retail center in Scottsdale, which was formally specially serviced and is performing under modified terms.

Fitch downgrades the following classes and revises Outlooks and Recovery Ratings (RRs) as indicated:

--$2.2 million class B-5 to 'CCCsf/RR1' from 'B/LS5';

--$6.6 million class B-6 to 'CCsf/RR3' from 'CCC/RR1';

--$8.9 million class B-7 to 'Csf/RR6' from 'CC/RR1'.

In addition, Fitch affirms the following classes and revises Outlooks and Loss Severity (LS) ratings as indicated:

--$18.1 million class B-1 at 'AAAsf/LS3'; Outlook Stable;

--$11.1 million class B-2 at 'AAAsf/LS4'; Outlook Stable;

--$31 million class B-3 at 'Asf/LS3'; Outlook to Negative from Stable;

--$8.9 million class B-4 at 'BBsf/LS4'; Outlook Negative;

--$3.9 million class B-8 remains at 'Dsf/RR6'.

Fitch has withdrawn the rating on the interest-only classes S. (For additional information on the withdrawal of the rating on the interest-only class, see 'Fitch Revises Practice for Rating IO & Pre-Payment Related Structured Finance Securities', dated June 23, 2010.)

Classes A-1A, A-1B, A-2, A-3 and A-4 have been paid in full. Fitch does not rate classes C and D.

Additional information on Fitch's criteria for analyzing U.S. CMBS transactions is available in the Nov. 17, 2010 report, 'Surveillance Methodology for U.S. Fixed-Rate CMBS Transactions', which is available at 'www.fitchratings.com' under the following headers:

Structured Finance >> CMBS >> Criteria Reports

Additional information is available at 'www.fitchratings.com'.

Applicable Criteria and Related Research:

--'Global Structured Finance Rating Criteria' (Aug. 13, 2010);

--'Surveillance Methodology for U.S. Fixed-Rate CMBS Transactions' (Nov. 17, 2010).

Applicable Criteria and Related Research:

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=547326

Surveillance Methodology for U.S. Fixed-Rate CMBS Transactions

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=574208

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