Fitch Upgrades 1 Class of GMACC 2000-C3

CHICAGO--(BUSINESS WIRE)-- Fitch Ratings has upgraded one class and affirmed five classes of GMAC Commercial Mortgage Securities, Inc. commercial mortgage pass-through certificates series 2000-C3. A detailed list of rating actions follows at the end of this press release.

KEY RATING DRIVERS

The upgrade to class J reflects the imminent payoff of the only loan remaining in the pool. The loan is secured by a portfolio of four grocery-anchored retail properties in Georgia and South Carolina totalling 167,177 square feet. Three of the properties are anchored by Bi-Lo and the other is a dark Piggly Wiggly store. The loan transferred to the special servicer in November 2014 due to imminent default ahead of the loan's March 2016 maturity. According to the special servicer, the four collateral properties are under contract to sell as part of a larger portfolio of properties owned by the loan sponsor. It is expected that the sale proceeds will pay off the loan in full before the maturity date. As of year-end 2014, the debt service coverage ratio was reported to be 1.10x and economic occupancy was 97%.

The affirmation of classes K through O reflects incurred losses. The pool has experienced $45.3 million (3.4% of the original pool balance) in realized losses to date. As of the February 2016 distribution date, the pool's aggregate principal balance has been reduced by 98.9% to $14.5 million from $1.32 billion at issuance. Interest shortfalls are currently affecting the class K through P notes.

RATING SENSITIVITIES

A further upgrade to class J is limited by the concentrated nature of the pool. No further rating changes are anticipated for the remaining life of the deal. A downgrade to class J could occur if the remaining loan does not pay off as expected and experiences a significant performance decline.

DUE DILIGENCE USAGE

No third party due diligence was provided or reviewed in relation to this rating action.

Fitch upgrades the following class and assigns the Rating Outlook as indicated:

--$10.9 million class J notes to 'Bsf' from 'CCCsf'; Outlook Stable assigned.

Fitch affirms the following classes:

--$3.6 million class K at 'Dsf', RE 100%;--$0 class L at 'Dsf'; RE 0%;--$0 class M at 'Dsf'; RE 0%;--$0 class N at 'Dsf'; RE 0%;--$0 class O at 'Dsf'; RE 0%.

The class A-1, A-2, B, C, D, E, F, G, H, S-MAC-1, S-MAC-2, S-MAC-3 and S-MAC-4 certificates have paid in full. Fitch does not rate the class P and S-AM certificates. Fitch previously withdrew the rating on the interest-only class X certificates.

Additional information is available at 'www.fitchratings.com'.

Applicable CriteriaGlobal Structured Finance Rating Criteria (pub. 06 Jul 2015)https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=867952U.S. and Canadian Fixed-Rate Multiborrower CMBS Surveillance and U.S. Re-REMIC Criteria (pub. 13 Nov 2015)https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=873395

Additional DisclosuresDodd-Frank Rating Information Disclosure Formhttps://www.fitchratings.com/creditdesk/press_releases/content/ridf_frame.cfm?pr_id=999966Solicitation Statushttps://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=999966Endorsement Policyhttps://www.fitchratings.com/jsp/creditdesk/PolicyRegulation.faces?context=2&detail=31

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

View source version on businesswire.com: http://www.businesswire.com/news/home/20160224006669/en/

Fitch Ratings
Primary Analyst
Daniel Anderson
Associate Director
+1-312-606-2305
Fitch Ratings, Inc.
70 West Madison Street
Chicago, IL 60602
or
Committee Chairperson
Britt Johnson
Senior Director
+1-312-606-2341
or
Media Relations
Sandro Scenga, +1 212-908-0278
[email protected]

Source: Fitch Ratings

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