Fitch Affirms GMAC 2001-C1

NEW YORK--()--Fitch Ratings has affirmed eight classes of GMAC Commercial Mortgage Securities, Inc., commercial mortgage pass-through certificates series 2001-C1. A detailed list of rating actions follows at the end of this press release.

KEY RATING DRIVERS

The affirmation of class F is the result of sufficient credit enhancement relative to the ratings.

Fitch modeled losses of 42.4% of the remaining pool; expected losses on the original pool balance total 10%, including $82.5 million (9.6% of the original pool balance) in realized losses to date. There are two remaining loans in the pool, one of which is specially serviced (60.4%). As of the December 2013 distribution date, the pool's aggregate principal balance has been reduced by 99% to $8.8 million from $864.1 million at issuance. Interest shortfalls are currently affecting classes G through P.

The specially-serviced asset is two office buildings with an aggregate 127,755 square feet (sf) of space located in Mobile, AL. The property became real estate owned (REO) in April 2011. The property's occupancy has remained at approximately 64% over the last year.

The remaining performing loan (39.6%), Live Oak Village Shopping Center, is a 106,283 sf retail center in Gulf Breeze, FL, which is part of Pensacola Beach. The last servicer reported occupancy was 85% as of year-end 2012, although 50% of its space rolls within the next two years. The loan passed its anticipated repayment date in March 2011.

RATING SENSITIVITY

The Rating Outlook on class F is Stable due to the expected to pay off from either the liquidation of the specially serviced asset or the last performing loan.

Fitch affirms the following classes and revises Outlooks as indicated:

--$574,997 class F at 'BBsf', Outlook to Stable from Negative;

--$8.2 million class G at 'Dsf', RE 0%;

--$0 class H at 'Dsf', RE 0%;

--$0 class J at 'Dsf', RE 0%;

--$0 class K at 'Dsf', RE 0%;

--$0 class L at 'Dsf', RE 0%;

--$0 class M at 'Dsf', RE 0%;

--$0 class N at 'Dsf', RE 0%.

Fitch does not rate the class P certificates. Fitch previously withdrew the rating on class O and X-1 certificates.

Classes A-1, A-2, B, C, D, E and X-2 have been paid in full.

Additional information on Fitch's criteria for analyzing U.S. CMBS transactions is available in the Dec. 11, 2013 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'.

Applicable Criteria and Related Research:

--'Global Structured Finance Rating Criteria' (May 24, 2013);

--'U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria' (Dec. 11, 2013).

Applicable Criteria and Related Research:

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=708661

U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=724961

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=814034

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Contacts

Fitch Ratings
Primary Analyst
Sean Gibbs, +1-212-908-0311
Associate Director
Fitch Ratings, Inc.
One State Street Plaza
New York, NY 10004
or
Committee Chairperson
Mary MacNeill, +1-212-908-0785
Managing Director
or
Media Relations, New York
Sandro Scenga, +1 212-908-0278
sandro.scenga@fitchratings.com

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Contacts

Fitch Ratings
Primary Analyst
Sean Gibbs, +1-212-908-0311
Associate Director
Fitch Ratings, Inc.
One State Street Plaza
New York, NY 10004
or
Committee Chairperson
Mary MacNeill, +1-212-908-0785
Managing Director
or
Media Relations, New York
Sandro Scenga, +1 212-908-0278
sandro.scenga@fitchratings.com