GMAC CMBS Class Downgraded

Class M of GMAC Commercial Mortgage Securities Inc. series 1998-C2 has been downgraded from CCC/DR4 to CC/DR4 by Fitch Ratings.Fitch also upgraded one class and affirmed the ratings on 11 other classes in the deal. The downgrade was attributed to an increase in expected losses on the six specially serviced loans. Fitch said it expects the losses to deplete the principal balance of the nonrated class N and significantly affect the principal balance of class M. The largest of the specially serviced loans (representing 0.8% of the pool) is in foreclosure and is secured by a 420-unit multifamily property in West Des Moines, Iowa, Fitch reported. The second-largest (0.2%) is real estate owned and is secured by a 467-pad mobile home property in Saginaw, Mich.