Fitch Upgrades 4 Classes of GMACCM 2004-C1.

CHICAGO -- Fitch Ratings upgrades GMAC Commercial Mortgage Securities, Inc.'s (GMACCM) commercial mortgage pass-through certificates, series 2004-C1 as follows:

--$15.3 million class D to 'AA+' from 'AA';

--$8.1 million class E to 'AA' from 'AA-';

--$12.6 million class F to 'A+' from 'A';

--$8.1 million class G to 'A-' from 'BBB+'.

In addition Fitch affirms the following:

--$28.8 million class A-1 at 'AAA';

--$99 million class A-1A at 'AAA';

--$55 million class A-2 at 'AAA';

--$50 million class A-3 at 'AAA';

--$343.8 million class A-4 at 'AAA';

--Interest-only class X-1 at 'AAA';

--Interest-only class X-2 at 'AAA';

--$20.7 million class B at 'AAA';

--$8.1 million class C at 'AAA ';

--$10.8 million class H at 'BBB';

--$4.5 million class J at 'BB+';

--$4.5 million class K at 'BB';

--$4.5 million class L at 'BB-';

--$2.7 million class M at 'B+';

--$2.7 million class N at 'B';

--$2.7 million class O at 'B-'.

Fitch does not rate the $12.6 million class P certificates.

The ratings upgrades are the result of the defeasance of the second largest loan in the pool (5.1%) since Fitch's last rating action. Four loans, 14.3% of the pool, have defeased which includes the two largest loans in the transaction. As of the December 2006 distribution date, the pool has paid down 3.8% to $693.7 million from $721.4 million at issuance.

Two loans have investment grade credit assessments: Tysons Corner Center (5%) and AFR Office Portfolio (4.8%).

Tysons Corner Center is secured by a 1.5 million square foot (sf) regional mall located in McLean, VA. The property is encumbered by $340 million of debt consisting of four A notes. The $35 million A-2 note is included in this trust and has a current balance of $34.6 million. For year-end (YE) 2005, the Fitch stressed debt service coverage ratio (DSCR) increased to 1.83 times (x) compared to 1.53x at issuance.

The AFR Office Portfolio is secured by 152 properties located in 19 states. The debt on the portfolio consists of six A notes which total $340 million and one B note of $100 million. The $40 million A-4 note is included in this trust and has a current balance of $34.7 million. The Fitch stressed DSCR for YE 2005 was 1.58x compared to 1.79x at issuance.

To date, there have been no realized losses and no specially serviced loans.

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