Fitch Upgrades One Class of GMACC 1999-C1

NEW YORK--()--Fitch Ratings has upgraded one class and affirmed one class of GMAC Commercial Mortgage Securities, Inc. 1999-C1 commercial mortgage pass-through certificates. A detailed list of rating actions follows at the end of this press release.

KEY RATING DRIVERS

The upgrade of class H is a result of stable performance of the remaining collateral, with low leveraged loans. Despite high credit enhancement and minimal expected losses, upgrades were limited given the concentrated nature of the pool. There are 13 loans remaining, three are defeased (19.5%) and one is designated as a Fitch Loan of Concern (12.2%). None of the loans are specially serviced.

Expected losses on the original pool balance total 3.1%, including $39 million (2.9% of the original pool balance) in realized losses to date. As of the March 2014 distribution date, the pool's aggregate principal balance has been reduced by 98.8% to $16 million from $1.33 billion at issuance.

The Loan of Concern is the River Walk - Uniprop NCII loan (12.2% of the pool), which was originally secured by a 197 pad mobile home park located in Raleigh, NC. The property ceased operations in September 2008 and has been vacant ever since. The master servicer reports that the borrower has been trying to sell the property since it closed due to the rezoning of the land for multifamily use. The loan has remained current since issuance.

There are several single tenant property concentrations in the remaining pool, with six loans (34.2% of the pool) being occupied by a single tenant. Five of the loans (29.2%) are currently occupied by Rite Aids, four of which have lease expirations in 2018 and one in 2016. The remaining single tenant property (5%) is occupied by a CVS, which has a lease expiration in 2017.

RATING SENSITIVITY

The Rating Outlook on class H has been revised to Stable from Negative due to increasing credit enhancement and continued paydown. Upgrades are not expected due to the credit quality of the remaining pool, with assets located in tertiary markets. Class J will remain at 'Dsf' due to already realized losses.

Fitch upgrades the following class and revises the Rating Outlook:

--$5 million class H to 'BBsf' from 'B+sf', Outlook to Stable from Negative.

Fitch affirms the following class:

--$11 million class J at 'Dsf', RE 60%.

Fitch previously withdrew the rating on the interest-only class X certificates.

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 then CMBS then 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=825913

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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:
Sandro Scenga, +1 212-908-0278
sandro.scenga@fitchratings.com

Sharing

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:
Sandro Scenga, +1 212-908-0278
sandro.scenga@fitchratings.com