2009-02-18 18:53:05 -
Fitch Ratings downgrades one class of GMAC Commercial Mortgage Securities Inc.'s mortgage pass-through certificates, series 2000-C1 as follows:
--$8.4 million class L to 'CC/DR3' from 'CCC/DR3'.
Fitch also affirms and assigns Rating Outlooks to the following classes:
--$496.2 million class A-2 at 'AAA'; Outlook Stable;
--Interest-only class X at 'AAA'; Outlook Stable;
--$37.4 million class B at 'AAA'; Outlook Stable;
--$41.8 million class C at 'AAA'; Outlook Stable;
--$8.8 million class D at 'AAA'; Outlook Stable;
--$30.8 million class E at 'AAA'; Outlook Stable;
--$15.4 million class F at 'AAA'; Outlook Stable;
--$22 million class G at 'A+'; Outlook Stable;
--$15.4 million class H at 'BBB'; Outlook Stable;
--$6.6 million class J at 'BB+'; Outlook Negative;
--$8.8 million class K at 'B+'; Outlook Negative.
Classes M and N have been reduced to zero due to realized losses. Fitch does not rate the zero balance class O and class A-1 has paid in full.
The rating downgrade is due to projected losses on the specially serviced loan (0.6%). The Rating Outlooks reflect the likely direction of any rating changes over the next one or two years.
The specially serviced loan is collateralized by an industrial property in Essington, PA. The loan transferred to special servicing on Feb. 13, 2009 for imminent default. As of third quarter-2008, occupancy at the property was 79.5%. Losses are expected.
Nineteen loans (9.1%) are considered Fitch Loans of Concern, including the specially serviced loan. Six additional loans (4.1%) have been identified as Loans of Concern since the last Fitch rating action.
In total 65 loans (63%) have defeased, including Equity Inns Portfolio (5.8%), a shadow rated loan.
Of the remaining 58 non-defeased loans, 73.2% mature in 2009 and 26.6% mature in 2010. The weighted average debt service coverage ratio for the non-defeased loans maturing in 2009 is 1.54 times (x). The weighted average coupon rate for those loans is 8.3%.
Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site.
Fitch Ratings
Elizabeth Elser, +1-312-606-2319 (Chicago)
Britt Johnson, +1-312-606-2341 (Chicago)
Sandro Scenga, +1-212-908-0278 (Media Relations, New York)
sandro.scenga@fitchratings.com 
