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S&P assigns negative outlook to CMBS deals. (Commercial).

Publication: Mortgage Banking
Date: Sunday, September 1 2002

STANDARD & POOR'S RATINGS SERVICES HAS assigned a negative outlook to seven CMBS security ratings from five separate transactions. Concurrently, the ratings on the seven securities are affirmed. The ratings on the securities rely on credit support provided by ZC Specialty Insurance Co. (ZC)

and Centre Reinsurance Co. (Centre). The outlook of ZC and Centre was revised to negative from stable on Aug. 6, 2002. The negative outlook is not a precursor to a downgrade, but indicates the likely direction of the rating during the next one to three years.

CA Colonnade Securities Trust, cap appreciation pass-through certificates, Class A, were rated AA-/negative (from AA-). Citicorp Lease Pass-Through Trust, pass-through trust certificates series 1999-1, Class A-2, were rated AA-/negative from AA-. Greenwich Capital Markets Inc., commercial mortgage pass-through certificates series CR 2000-ZC2, Classes A-1B and A-BX, were both rated AA-/negative from AA-. Greenwich Capital Acceptance Inc., commercial mortgage pass-through certificates series 1999-ZC1, Series 1999-ZC-1, were rated AA-/Negative from AA-. Greenwich Capital Acceptance Inc., commercial mortgage pass-through certificates series 2001-ZC-1, Classes A and 10, were both rated AA-/ negative from AA-.

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