Word had it late last week that Lehman Brothers was eyeing certain members of Credit Suisse First Boston's CMBS trading team, and is looking to make a hire very shortly.

Moody's Investor Services has downgraded the ratings on three tranches of Commercial Mortgage Acceptance Corp. Pass-Through Certificates, Series 1997-ML1. Class F-1 was downgraded from Ba1 to Ba3, Class F-2 was downgraded from Ba3 to B1, and Class G was downgraded from B2 to Caa2. The ratings on the remaining tranches of the deal were re-affirmed. Moody's attributed the downgrades to a deterioration in the performance of two of the pool's 12 loans.

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