Following a prior downgrade action by Standard & Poor's on the rating of Hypothekenbank subsidiary Wuerttembergische Hypothekenbank's senior unsecured paper to A-minus, the Class C notes of WuerttHyp 2001-1 CMBS were recently downgraded to A-minus from A.

According to the S&P report on the downgrade, the Wuertt-Hyp 2001-1 transaction employs reference credit-linked notes that are issued directly by WuerttHyp with the payment of amounts due based on the performance of the reference pool originated and serviced by WuerttHyp. Further, WuerttHyp's senior unsecured rating supports the rating to the class C+ and D+ notes and consequently, the rating on the class C+ notes was lowered to match WuerttHyp's A-' long-term credit and senior unsecured debt rating.

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