Fitch Ratings Upgrades GMAC Commercial Mortgage Securities 2000-FL-A.

Business Editors

CHICAGO--(BUSINESS WIRE)--Sept. 3, 2002

Fitch Ratings upgrades GMAC Commercial Mortgage Securities, Inc.'s mortgage pass-through certificates, series 2000-FL-A, $18.6 million class B to 'AAA' from 'AA+'. In addition, Fitch affirms the $39.4 million class A and $$43.1 million class E certificates at 'AAA'. Fitch does not rate the $21 million class C, $16.3 million class D or $17.5 million class F. The class E certificate is insured by American International Specialty Lines Insurance Co., an indirect wholly-owned subsidiary of American International Group, Inc. (AIG). Therefore, the rating for class E, is dependent upon the rating of AIG, currently rated 'AAA' by Fitch.

The upgrade reflects the increase in subordination levels due to the payoff of two loans (11% of the pool) since Fitch's last review. Performance on 12 of the remaining 13 loans is stable. GMACCM, the master servicer, collected year-end (YE) 2001 financials for the 12 performing loans. All of the loans have floating interest rates, which prompted Fitch to use the weighted average net cash flow (WANCF) as a performance indicator. The WANCF for YE 2001 increased 8.7% since issuance.

Fitch reviewed the servicer's watchlist, which revealed four loans or 50.8% of the transaction to be of potential concern. The first loan, 55 Francisco Street (18.3%), is on the servicer's watchlist due to upcoming maturity and likely extension. The property continues to sign new leases to increase occupancy. The largest loan in the pool (26.4%), Sheraton Premiere Tysons Corner, is on the watchlist due to a decline in occupancy. The cash flow at this hotel property has remained stable since issuance, with the decline in occupancy attributed to a slowdown in the economy. The Lexington Square Apartments (3.4%) loan is also on the watchlist due to upcoming maturity. The servicer expects this loan to be refinanced. The last loan on the watchlist (2.7%) is secured by a medical office building located in Reseda, CA. There has been a decline in occupancy resulting in a debt service coverage ratio below 1.0 times (x). The loan remains current and the borrower has engaged a new leasing broker to help increase occupancy.

Fitch also has concerns with the one loan in special servicing (6.7%), Fritzingtown Senior Living. The loan is secured by an assisted living facility located in Drums, PA. The loan was transferred to special servicing after the owner/operator filed for Chapter 11 bankruptcy protection. GMACCM, as special servicer, has replaced the operator with Sloan Management. The new operator has been working to reduce expenses at the facility. A new marketing director was hired in May to help increase the census. Fitch assumed losses on this loan in excess of $4 million, due to the amount of cumulative servicing advances and the appraised value of $8.5 million.

While the deal continues to weaken due to the high property type and geographic concentrations, additional loans identified as concern and the loss expected on the Fritzingtown property, the credit enhancement remains more than sufficient to support the upgrade and affirmations.

Fitch will continue to monitor this transaction as more loans are scheduled to mature in the near future.