GMAC CMBS Class Downgraded

Published April 07, 2004, 2:00 p.m. EDT

1 Min Read

Class F of GMAC Commercial Mortgage Securities Inc. mortgage pass-through certificates, series 2001-FL1, has been downgraded from B1 to B3 by Moody's Investors Service.In addition, Moody's upgraded two classes in the deal and affirmed the ratings of two other classes. The certificates are collateralized by three remaining mortgage loans ranging in size from 17.7% to 62.9% of the pool (based on current principal balances), Moody's reported. Each of the loans defaulted in late 2003 or early 2004, and the special servicer is pursuing resolution. Class F was downgraded due to poorer pool performance, while classes C and D were upgraded due to increased credit support levels, the rating agency said. Moody's can be found online at http://www.moodys.com.

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