Fitch Ratings Upgrades GMAC 2002-C3.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 upgrades 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 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 2002-C3, as follows: --$29.2 million class B to 'AAA' from 'AA'; --$11.7 million class C to 'AA' from 'AA-'; --$18.5 million class D to 'A+' from 'A'; --$11.7 million class E to 'A' from 'A-'; --$9.7 million class F to 'A-' from 'BBB+'; --$9.7 million class G to 'BBB+' from 'BBB'; --$9.7 million class H to 'BBB' from 'BBB-'; --$18.5 million class J to 'BBB-' from 'BB+'; --$8.7 million class K to 'BB+' from 'BB'; --$5.8 million class L to 'BB' from 'BB-'; --$4.9 million class M to 'BB-' from 'B+'; --$3.9 million class N to 'B+' from 'B'; --$2.7 million class O-1 to 'B' from 'B-'; --$1.2 million class O-2 to 'B' from 'B-'. In addition, Fitch affirms the following classes: --$184.2 million class A-1 at 'AAA'; --$406.4 million class A-2 at 'AAA'; --Interest-only class X-1 at 'AAA'; --Interest-only class X-2 at 'AAA'. Fitch does not rate $17.5 million class P. The rating upgrades are a result of loan amortization and continued strong performance of the overall pool resulting in increased subordination levels. As of June 2005 distribution date, the pool has paid down 3.0% to $753.9 million from $777.4 million at issuance. GMAC Commercial Mortgage Corp., the master servicer, collected year-end (YE) 2004 financials for 90% of the pool balance. Based on the information provided the resulting YE 2004 weighted average 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 ) for the pool has remained stable at 1.58 times (x), from 1.61x YE 2003 and 1.59x YE 2002 for the same loans. Two loans (1.5%) are currently in special servicing. The largest loan (1.2%) is secured by an industrial building located in Muhlenberg Township, PA and is 60 days delinquent delinquent 1) adj. not paid in full amount or on time. 2) n. short for an underage violator of the law as in juvenile delinquent. DELINQUENT, civil law. He who has been guilty of some crime, offence or failure of duty. . The property is currently listed for sale and no losses are expected. The second specially serviced loan (0.2%) is secured by a multifamily property located in Orlando, FL and is 90 days delinquent. Counsel has filed a complaint for foreclosure foreclosure Legal proceeding by which a borrower's rights to a mortgaged property may be extinguished if the borrower fails to live up to the obligations agreed to in the loan contract. and a motion to install a receiver at the property. Fitch's rating definitions are available on the agency's public web site, www.fitchratings.com. Published ratings, criteria and methodologies, and 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 this site, at all times. This document will remain on the public site for seven days. |
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