GMACCM Gets Upgrade
Fitch Ratings has raised its primary servicer rating on GMAC Commercial Mortgage to "CPS1-" from "CPS2+." Fitch likewise raised the company's master servicer rating one notch to "CMS1-."
Fitch credited CMACCM's "strong ability to monitor and report CMBS transactions and oversee primary servicers" for the master servicing upgrade. Fitch also praised the company's management team, technology, training programs and improved financial condition. Fitch noted that the sale of a majority stake in GMACCM to an investor group resulted in a name change to Capmark Financial Group, which will become effective in the second quarter.
At the end of last year, GMACCM was primary servicer of $100 billion in commercial mortgage loans that had been pooled into securities. GMACCM also was master servicer on 164 CMBS transactions totaling $107.2 billion, overseeing 61 primary servicers.
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