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Merrill Lynch Mortgage Trust 2008-C1 -- Moody's affirms two and downgrades three classes of MLMT 2008-C1

The rating on Cl. F was affirmed because the transaction's key metrics, including Moody's loan-to-value (LTV) ratio and Moody's stressed debt service coverage ratio (DSCR) are within acceptable ranges. The rating on Cl. J was affirmed because the rating is consistent with Moody's expected loss.