Fitch Places 7 Classes of GMAC 2002-C3 on Watch Negative

CHICAGO--(Business Wire)--
Fitch Ratings places seven classes of GMAC Commercial Mortgage Securities, Inc.
commercial mortgage pass-through certificates, series 2002-C3 on Rating Watch as
follows:

--$18.5 million class J 'A-'; Rating Watch Negative;

--$8.7 million class K 'BBB'; Rating Watch Negative;

--$5.8 million class L 'BBB-'; Rating Watch Negative;

--$4.9 million class M 'BB+'; Rating Watch Negative;

--$3.9 million class N 'B+'; Rating Watch Negative;

--$2.7 million class O-1 'B'; Rating Watch Negative;

--$1.2 million class O-2 'B-'; Rating Watch Negative.

Additionally, Fitch affirms and revises the Rating Outlook for the following
class:

--$9.7 million class H 'AA-'; Outlook to Negative from Stable.

The classes have been identified by Fitch's downgrade screener due to
delinquencies and concerns over potential losses associated with the five
specially serviced loans (5.3% of pool). The largest specially serviced asset,
(2.3%), is a multifamily property consisting of 10 buildings of primarily
student housing located in Tallahassee, FL that is currently real estate owned
(REO). The property is currently under contract and losses are expected upon
liquidation.

Fitch expects to resolve the Rating Watch status following updated valuations of
the specially serviced loans and additional information on potential
resolutions.

Additional information is available at 'www.fitchratings.com'.

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PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK:
HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING
DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S
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Fitch Ratings, Chicago
Christopher Pilat, 312-606-2305
Britt Johnson, 312-606-2341
or
Media Relations:
Sandro Scenga, 212-908-0278, New York
Email: sandro.scenga@fitchratings.com

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