GMACCM Classes Downgraded

Published May 06, 2005, 2:00 p.m. EDT

1 Min Read

The variable-rate class A insured notes of seven GMACCM Mortgage Trust I deals have been downgraded from AAA to AA-plus by Fitch Ratings as a result of a downgrade of the insurance company that provided credit enhancement for the transactions.The affected transactions were as follows: series 1999-A, 1999-B, 1999-C, 1999-D, 1999-E, 1999-F, and 1999-G. Fitch said the ratings reflect the credit enhancement provided by insurance policies issued by American International Specialty Lines Insurance Co., an indirect wholly owned subsidiary of American International Group Inc. The subsidiary was downgraded by Fitch, and the ratings on the transactions are "solely dependent upon the underlying credit of the insurance policy provider," Fitch said. The rating agency can be found online at http://www.fitchratings.com.

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