Unexpectedly severe losses on pools of commercial real estate that were sold to investors by the Resolution Trust Corp. have prompted Standard & Poor's Corp. to review its credit ratings on the RTC's commercial-mortgage-backed securities.

During the summer, the agency twice downgraded one RTC issue backed by about $325 million of mortgages secured by Southern California apartment complexes, lowering its ratings to BBB from AA. Last week, it placed another RTC issue backed by just over $300 million of "multifamily" loans, also on Southern California property, on credit watch with negative implications.

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