Fitch Ratings Upgrades 3 Classes of GMAC 2000-C2.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- Fitch Ratings Fitch Ratings An international rating agency for financial institutions, insurance companies, and corporate, sovereign, and municipal debt. Fitch Ratings has headquarters in New York and London and is wholly owned by FIMALAC of Paris. has upgraded GMAC GMAC General Motors Acceptance Corporation GMAC Graduate Management Admission Council GMAC Give Me A Call GMAC Genetic Manipulation Advisory Committee GMAC Genetic Modification Advisory Committee (Singapore) GMAC Give Me A Chance Commercial Mortgage Securities, Inc.'s mortgage pass-through certificates, series 2000-C2, as follows: --$10.6 million class D to 'AAA' from 'AA+'; --$19.3 million class E to 'AA' from 'A'; --$9.7 million class F to 'A+' from 'BBB+'. In addition, Fitch affirms the following classes: --$463.6 million class A-2 'AAA'; --Interest only classes X 'AAA'; --$31 million class B 'AAA'; --$28 million class C 'AAA'; --$4.8 million class M remains 'CC/DR3'; --$600,000 class N remains 'C/DR6'. Class A-1 has been repaid in full. Fitch does not rate classes G, H, J, K, L, and O certificates. The rating upgrades reflect the increased credit enhancement Credit Enhancement A method whereby a company attempts to improve its debt or credit worthiness. Notes: Credit enhancements take many different forms. An example of a credit enhancement would be conversion rights added on to a debt instrument in order to lower the issuing levels due to scheduled amortization, the defeasance of an additional four loans (5.1%) since Fitch's last rating action, and a decrease in Fitch loss expectation. As of the August 2006 distribution date, the pool's aggregate certificate balance has been reduced 20.3% to $617 million from $773.7 million at issuance. There are 116 mortgage loans remaining in the transaction. Currently, one loan (1.2%) is in special servicing. This loan is secured by a 188,981-square foot retail property in Meriden, CT. The loan was transferred to the special servicer in January 2003 when Ames, the property's anchor tenant, rejected its lease after filing for bankruptcy, significantly reducing occupancy to 47%. The special servicer and the borrower are currently in negotiations for a discounted payoff. Fitch expected losses upon liquidation will deplete de·plete v. 1. To use up something, such as a nutrient. 2. To empty something out, as the body of electrolytes. Class N and impact Class M. Fitch's rating definitions and the terms of use Terms of Use are rules set up by the owner of an intellectual property or service to govern how they may be legally used. In many cases, terms of service are used as a contractual agreement between a company and users of a service they provide. of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures Policies and Procedures are a set of documents that describe an organization's policies for operation and the procedures necessary to fulfill the policies. They are often initiated because of some external requirement, such as environmental compliance or other governmental are also available from the 'Code of Conduct' section of this site. |
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