GMAC CMBS Classes Downgraded

Classes K through O of GMAC Commercial Mortgage Securities Inc. commercial mortgage pass-through certificates, series 2004-C3, have been downgraded and removed from Rating Watch Negative by Fitch Ratings.Three of the downgraded classes have been assigned Distressed Recovery ratings. The downgrades were as follows: class K from BB to B; class L, from BB-minus to B-minus; class M, from B-plus to CCC/DR1; class N, from B to C/DR3; and class O, from B-minus to C/DR6. In addition, Fitch affirmed the ratings on 18 other classes in the deal. The downgrades were attributed to expected losses on the specially serviced loans in the Nashville Multifamily Portfolio, which is collateralized by four cross-defaulted and cross-collateralized multifamily properties in Nashville, Tenn., Fitch reported. The rating agency can be found online at http://www.fitchratings.com.