Four classes of GMAC Commercial Mortgage Securities Inc.'s commercial mortgage pass-through certificates, series 1998-C1, have been downgraded by Fitch Ratings.The downgrades were as follows: class H, from BB-plus to BB-minus; class J, from BB-minus to B; class K, from B-minus to CCC/DR3 (and removed from Rating Watch Evolving); and class L, from CCC/DR2 to C/DR6. The ratings on eight other classes in the deal were affirmed. The rating agency attributed the downgrades to expected losses from the deal's specially serviced Senior Living Properties loan, whose remaining collateral is 48 health care properties in Texas.
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