Fitch Affirms GMAC 1999-C1

NEW YORK--(BUSINESS WIRE)-- Fitch Ratings has affirmed the ratings of GMAC Commercial Mortgage Securities, Inc. 1999-C1 commercial mortgage pass-through certificates series. A detailed list of rating actions follows at the end of this release.

KEY RATING DRIVERS

The affirmation of class H is due to the class being fully covered by defeasance. The pool is highly concentrated with 13 loans remaining, four of which are defeased (17%), three are fully amortizing (7.3%) and one is designated as a Fitch Loan of Concern (15.1%). None of the loans are in special servicing.

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 August 2016 distribution date, the pool's aggregate principal balance has been reduced by 99% to $11.5 million from $1.33 billion at issuance. Interest shortfalls are currently affecting classes J through K-2.

The Loan of Concern is the River Walk - Uniprop NCII loan (15% 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 property has been rezoned for multifamily use and is currently under contract. The loan has remained current since issuance.

Five loans are secured by single-tenanted properties (31.3%). Four are leased by Rite Aid (31%), with lease expirations in 2018(3) 2017(1) and one by Family Dollar, with a lease expiration in November 2016.

RATING SENSITIVITIES

The Rating Outlook on class H remains Stable as the class is covered by defeasance. Class J will remain at 'Dsf' due to incurred losses.

USE OF THIRD-PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G-10

Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action.

Fitch has affirmed the following ratings:

--$459,706 thousand class H at 'AAAsf'; Outlook Stable;

--$11 million class J at 'Dsf'; RE 70%.

The class A-1, A-2, B, C, D, E, F and G certificates have paid in full. Fitch does not rate the class K-1 and K-2 certificates. Fitch previously withdrew the rating on the interest-only class X certificates.

Additional information is available at www.fitchratings.com.

Applicable Criteria

Counterparty Criteria for Structured Finance and Covered Bonds (pub. 18 Jul 2016)

https://www.fitchratings.com/site/re/884963

Global Structured Finance Rating Criteria (pub. 27 Jun 2016)

https://www.fitchratings.com/site/re/883130

U.S. and Canadian Fixed-Rate Multiborrower CMBS Surveillance and U.S. Re-REMIC Criteria (pub. 13 Nov 2015)

https://www.fitchratings.com/site/re/873395

Additional Disclosures

Dodd-Frank Rating Information Disclosure Form

https://www.fitchratings.com/creditdesk/press_releases/content/ridf_frame.cfm?pr_id=1011056

Solicitation Status

https://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=1011056

Endorsement Policy

https://www.fitchratings.com/jsp/creditdesk/PolicyRegulation.faces?context=2&detail=31

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.

View source version on businesswire.com: http://www.businesswire.com/news/home/20160831006341/en/

Fitch Ratings
Primary Analyst
Catherine Barbieri, +1-212-908-0638
Associate Director
Fitch Ratings, Inc.
33 Whitehall Street
New York, NY 10004
or
Committee Chairperson
Mary MacNeill, +1-212-908-0785
Managing Director
or
Media Relations
Sandro Scenga, New York, +1-212-908-0278
[email protected]

Source: Fitch Ratings

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