Fitch Upgrades 2 Classes of GMAC 2000-C3

CHICAGO--()--Fitch Ratings has upgraded two classes and affirmed seven classes of GMAC Commercial Mortgage Securities, Inc. commercial mortgage pass-through certificates series 2000-C3. A detailed list of rating actions follows at the end of this press release.

KEY RATING DRIVERS

The upgrades are the result of stable performance of the pool and sufficient credit enhancement levels. Additionally, two loans (45.6% of the pool) are defeased with maturities in 2015 that will lead to classes F through H being paid in full.

Fitch modeled losses of 14.8% of the remaining pool; expected losses on the original pool balance total 3.8%, including $41.8 million (3.2% of the original pool balance) in realized losses to date. Fitch has designated one loan (20.4%) as a Fitch Loan of Concern, and it is the only specially serviced asset.

As of the March 2014 distribution date, the pool's aggregate principal balance has been reduced by 95.6% to $57.7 million from $1.32 billion at issuance. Interest shortfalls are currently affecting classes K through P.

The largest contributor to expected losses is secured by a 128,185 square foot office complex (20.4% of the pool) consisting of three buildings located in Golden Valley, MN, which is in suburban Minneapolis. The asset was foreclosed upon in March 2012 and title was taken in October 2012. Occupancy at the property has improved to 86% as of April 2014 from a low of 71% in 2011. The special servicer's strategy is to explore exit strategies while continuing to lease the remaining space.

RATING SENSITIVITY

Rating Outlooks on classes F through H remain Stable due to increasing credit enhancement and continued paydown.

Fitch upgrades the following classes:

--$8 million class G to 'AAAsf' from 'AAsf', Outlook Stable;

--$9.9 million class H to 'AAAsf' from 'BBBsf', Outlook Stable.

Fitch affirms the following class and revises the RE as indicated:

--$4.5 million class K at 'Csf', RE 0%.

Fitch affirms the following classes:

--$7 million class F at 'AAAsf', Outlook Stable;

--$25.5 million class J at 'CCCsf', RE 100%;

--$2.9 million class L at 'Dsf', RE 0%;

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

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

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

The class A-1, A-2, B, C, D, E, S-MAC-1, S-MAC-2, S-MAC-3 and S-MAC-4 certificates have paid in full. Fitch does not rate the class P and S-AM certificates. 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 >> 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=826644

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. 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 PUBLIC WEBSITE '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 MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

Contacts

Fitch Ratings
Primary Analyst
Daniel Anderson, +1-312-368-2305
Associate Director
Fitch Ratings, Inc.
70 West Madison
Chicago, IL 60602
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
Daniel Anderson, +1-312-368-2305
Associate Director
Fitch Ratings, Inc.
70 West Madison
Chicago, IL 60602
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