Fitch Ratings Upgrades GMAC's 2000-FL-B Class E Mtge P-T Ctfs.Business Editors CHICAGO--(BUSINESS WIRE)--July 30, 2003 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 Asset Corp.'s mortgage pass-through certificates Pass-Through Certificates (PTCs) are instruments that evidence the ownership of two or more Equipment Trust Certificates. In other words, Equipment Trust Certificates may be bundled into a pass-through structure as a means of diversifying the asset pool and/or increasing the size , series 2000-FL-B, $8.6 million class E certificates are upgraded to 'AAA' from 'AA' by 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. . In addition, Fitch affirms the following classes: -- $8.5 million class C 'AAA'; -- $3.5 million class D 'AAA'; -- $9.3 million class F 'BB+'. Fitch does not rate the $9.3 million class G. Classes A and B have paid off. The rating actions follow Fitch's annual review of the transaction, which closed in July 2000. The upgrades are attributed to increased subordination levels as a result of additional loan payoffs since last year's review. As of the July 2003 distribution date, the pool's aggregate collateral balance has been reduced 72%, to $39.2 million from $138 million at issuance. The remaining pool is composed of six loans, collateralized by eleven health care properties. The pool is concentrated geographically, with 46.3% of the pool located in VA (16.4%) and Michigan (29.9%). The servicer collected year-end (YE) 2002 financials for 100% of the remaining pool. Six loans, representing 66.8% of the pool, have increased net cash flows (NCFs) since issuance. Of the four loans where NCF See National Cristina Foundation. has declined, only one loan had a YE 2002 debt service coverage ratio The debt service coverage ratio (DSCR), or debt service ratio, is the ratio of net operating income to debt payments on a piece of investment real estate. It is a popular benchmark used in the measurement of an income-producing property’s ability to produce (DSCR DSCR See: Debt-service coverage ratio ) below 1.0 times (x). Currently, there are five cross collateralized and cross-defaulted loans in special servicing as a result of the Centennial Healthcare bankruptcy bankruptcy, in law, settlement of the liabilities of a person or organization wholly or partially unable to meet financial obligations. The purposes are to distribute, through a court-appointed receiver, the bankrupt's assets equitably among creditors and, in most filing in January 2003. One loan, IHCP/Vanguard Health Care (11%) is on the master servicer watchlist, due to its upcoming maturity date (December 2003) and low DSCR resulting from decreased revenues and increased liability insurance and nursing expenses. One loan, representing 10.5% of the pool, exercised a one-year extension option at its maturity and is now scheduled to mature in 2005. The remaining loans in the pool mature by December 2004. Fitch will continue to closely monitor this transaction as surveillance is ongoing. |
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