The ratings on two classes of GMAC Commercial Mortgage Securities Inc. series 1997-C1 have been lowered by Standard & Poor's Ratings Services.The downgrades were as follows: class G, from BB to B-plus; and class H, from B-minus to CCC-minus. S&P said the downgrades were based on "potential losses" from five delinquent loans and three real-estate-owned loans, as well as a growing number of loans on the master servicer's watchlist. "The delinquent loans include the second-largest loan in the pool ($28.9 million, 2.1%), which is secured by a promissory note and a deed of trust on six skilled-nursing facilities in Connecticut," the rating agency said. S&P can be found online at http://www.standardandpoors.com.
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