GMAC CMBS Classes Downgraded

Three classes of GMAC Commercial Mortgage Securities Inc.'s mortgage pass-through certificates, series 2001-C1, have been downgraded by Fitch Ratings.The downgrades were as follows: class M, from B to B-minus; class N, from B-minus to CC; and class O, from CC to C. In addition, Fitch affirmed 14 classes in the deal. The downgrades reflect decreased subordination levels due to expected losses from two specially serviced assets and a 10.2% increase in Fitch Loans of Concern since Fitch's last rating action, the rating agency said. Fitch said it has identified 20 loans in the latter category, including the specially serviced assets and loans exhibiting low debt service coverage ratios or low occupancy. Fitch can be found online at http://www.fitchratings.com.