February 15, 2013 / 9:55 PM / 5 years ago

TEXT-Fitch affirms GMAC 1997-C1

Feb 15 - Fitch Ratings has affirmed one class of GMAC Commercial Mortgage
Securities, Inc. (GMAC) commercial mortgage pass-through certificates series
1997-C1. A detailed list of rating actions follows at the end of this press


The affirmation is due to sufficient credit enhancement to the remaining Fitch
rated class and minimal Fitch expected losses across the pool. Fitch modeled
losses of 2.8% of the remaining pool; expected losses on the original pool
balance total 3.7%, including losses already incurred. The pool has experienced
$60.9 million (3.6% of the original pool balance) in realized losses to date.
Fitch has designated three loans (8.5%) as Fitch Loans of Concern, which
includes the two specially serviced assets.

As of the January 2013 distribution date, the pool's aggregate principal balance
has been reduced by 95.2% to $80.9 million from $1.7 billion at issuance. Per
the servicer reporting, one loan (25.4% of the pool) is defeased. Interest
shortfalls are currently affecting classes H through K.

Although credit enhancement of the one remaining rated class G is high for a
'BB' rating, upgrades are not warranted. The pool is concentrated with 10 of the
remaining 22 loans secured by properties occupied by single tenants and thus
carry a great deal of binary risk.

The largest contributor to expected losses is secured by a 52,419 square foot
(sf) business park (1.9% of the pool) located in Plantation, Florida. The
Borrower has been involved in two recent lawsuits, though these legal issues
have since been cleared and the borrower has expressed a desire to pay the loan
in full. The borrower is, however, contesting amounts due.

The next largest contributor to expected losses is a loan secured by two
shopping centers totaling 175,369-sf located in Portage, WI and Waseca, MN.
Occupancy declined 23% when Wal-Mart vacated upon its Feb. 27, 2007 lease
expiration date. The market remains slow in the local area.

Fitch affirms the following classes:

--$34.3 million class G at 'BBsf'; Outlook Stable.

Classes A-1 through F are paid in full. Fitch does not rate the class H or K
certificates. Fitch previously withdrew the rating on the interest-only class X

Additional information on Fitch's criteria for analyzing U.S. CMBS transactions
is available in the Dec. 18, 2012 report, 'U.S. Fixed-Rate Multiborrower CMBS
Surveillance and Re-REMIC Criteria', which is available at
'www.fitchratings.com' under the following headers:

Structured Finance >> CMBS >> Criteria Reports

Additional information is available at 'www.fitchratings.com'. The ratings above
were solicited by, or on behalf of, the issuer, and therefore, Fitch has been
compensated for the provision of the ratings.

Applicable Criteria and Related Research:
--'Global Structured Finance Rating Criteria' (June 6, 2012);
--'U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria' (Dec.
18, 2012).

Applicable Criteria and Related Research:
Global Structured Finance Rating Criteria
U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria
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