Class M of GMAC Commercial Mortgage Securities Inc.'s mortgage pass-through certificates, series 1998-C1, has been downgraded from CCC to C and assigned a distressed recovery rating of DR6 by Fitch Ratings.Class L of the transaction was assigned a distressed recovery rating of DR2. In addition, Fitch upgraded one class, affirmed the ratings on five classes, and placed the ratings of five other classes on Rating Watch Evolving. The downgrade and assignment of distressed recovery ratings are the result of "possible losses from the Senior Living Properties loan," the rating agency said. Fitch can be found online at http://www.fitchratings.com.
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