GMAC Series 2001-C2 P-T Ctfs Affirmed by Fitch Ratings.Business Editors NEW YORK--(BUSINESS WIRE)--July 3, 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 Securities, Inc.'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 2001-C2, $130.2 million class A-1, $437.7 million class A-2, and interest-only classes X-1 and X-2 are affirmed af·firm v. af·firmed, af·firm·ing, af·firms v.tr. 1. To declare positively or firmly; maintain to be true. 2. To support or uphold the validity of; confirm. v.intr. at 'AAA' 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: $34 million class B at 'AA'; $11.3 million class C at 'AA-'; $15.1 million class D at 'A'; $9.4 million class E at 'A-'; $15.1 million class F at 'BBB+'; $10.4 million class G at 'BBB'; $9.4 million class H at 'BBB-'; $23.6 million class J at 'BB+'; $5.7 million class K at 'BB'; $5.7 million class L at 'BB-'; $11.3 million class M at 'B+'; $3.8 million class N at 'B'; $3.8 million class O at 'B-'; and $3.8 million class P at 'CCC'. Fitch does not rate the $11.3 million class Q certificates. The rating affirmations follow Fitch's annual review of the transaction, which closed in June 2002. No loans have paid off since issuance. The rating affirmations reflect the consistent loan performance and minimal reduction of the pool collateral balance since closing. GMAC Commercial Mortgage Corp, the master servicer, collected year-end (YE) 2002 financials for 64% of the pool balance. Based on the information provided the resulting YE 2002 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 ) is 1.31 times (x) unchanged from issuance for the same loans. Currently, there are no delinquent or specially serviced loans. Fitch will continue to monitor this transaction, as surveillance is ongoing. |
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