Fitch Affirms GMACC 2004-C1

CHICAGO--(BUSINESS WIRE)-- Fitch Ratings has affirmed nine classes of GMAC Commercial Mortgage Securities, Inc. commercial mortgage pass-through certificates series 2004-C1 (GMACC 2004-C1). A detailed list of rating actions follows at the end of this press release.

KEY RATING DRIVERS

The affirmation to class F reflects that while the class has high credit enhancement and continued expected paydown, there remains significant concentration risk with only two loans remaining, one of which is collateralized by a single tenant retail property. The affirmations of the remaining classes reflect experienced losses. To date, $14.9 million (2.1% of the original pool balance) in realized losses have been experienced. Fitch has designated the smaller of the two loans (11.8%) as a Fitch Loan of Concern.

As of the April 2015 distribution date, the pool's aggregate principal balance has been reduced by 98.6% to $10.1 million from $721.4 million at issuance. Interest shortfalls are currently affecting classes G through P. The remaining loans have maturity dates in 2015 and 2024.

The largest loan (88.2% of the pool) is secured by a 230,000 square foot (sf) retail property located in Lombard, IL, which is approximately 20 miles west of Chicago. The property is 100% leased to Carson Pirie Scott Furniture Gallery (The Bon-Ton) through January 2024, co-terminus with the loan's maturity. Yorktown Center, a 1.5 million sf enclosed regional shopping mall anchored by Von Maur, JC Penney and Carson Pirie Scott, is located directly across from the subject. As of year-end (YE) 2014, the servicer reported debt service coverage ratio (DSCR) was 1.37x. The loan is fully amortizing.

The other loan (11.8% of the pool) is the Fitch Loan of Concern and is secured by a 14,712 sf retail property located in Troy, MI, which is 20 miles north of Detroit. The loan transferred to special servicing in January 2014 due to a maturity default, and was transferred back to the master servicer in August 2014. A modification was executed that included extending the maturity date to December 2015. The DSCR was reported to be 0.97x at YE 2014. According to the March 2015 rent roll, the occupancy was reported to be 56%. Occupancy has been at this level since 2012 when tenants totaling 6,452 vacated upon lease expiration. The borrower continues to aggressively market the vacant space.

RATING SENSITIVITIES

The Rating Outlook on class F is revised to Stable from Negative due to increasing credit enhancement and continued paydown as the class is most senior in the trust. Fitch does not foresee negative rating migration unless there is material economic change to largest loan.

Fitch affirms the following classes and revises Rating Outlooks and REs as indicated:

--$5.3 million class F at 'Bsf', Outlook to Stable from Negative;--$4.8 million class G at 'Dsf'; RE 0%.

Fitch affirms the following classes as indicated:

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

The class A-1, A-2, A-3, A-4, A-1A, B, C, D and E certificates have paid in full. Fitch does not rate the class P certificates. Fitch previously withdrew the ratings on the interest-only class X-1 and X-2 certificates.

Additional information on Fitch's criteria for analyzing U.S. CMBS transactions is available in the Dec. 10, 2014 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' (March 31, 2015);--'U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria' (Dec. 10, 2014).

Applicable Criteria and Related Research:Global Structured Finance Rating Criteriahttp://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=864268U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteriahttp://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=812608

Additional DisclosureSolicitation Statushttp://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=984614ALL 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.

Fitch Ratings
Primary Analyst
Daniel Anderson
Associate Director
+1-312-606-2305
Fitch Ratings, Inc.
70 West Madison Street
Chicago, IL 60602
or
Committee Chairperson
Mary MacNeill
Managing Director
+1-212-908-0785
or
Media Relations
Sandro Scenga, New York, +1-212-908-0278
[email protected]

Source: Fitch Ratings

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