GMAC Commercial Mortgage Securities Inc. Series 2004-C1 Rating On Class F Raised

Stocks and Financial Services Press Releases Wednesday May 25, 2016 09:26
--25 May--S&P Global Ratings

NEW YORK (S&P Global Ratings) May 24, 2016--S&P Global Ratings today raised its rating to 'A+ (sf)' from 'B- (sf)' on the class F commercial mortgage pass-through certificates from GMAC Commercial Mortgage Securities Inc.'s series 2004-C1, a U.S. commercial mortgage-backed securities (CMBS) transaction.

The upgrade follows our analysis of the transaction, primarily using our criteria for rating U.S. and Canadian CMBS transactions, which included a review of the credit characteristics and performance of the remaining loan in the pool, the transaction's structure, and the liquidity available to the trust. The raised rating also reflects our expectation of the available credit enhancement for the class, which we believe is greater than our most recent estimate of necessary credit enhancement for the rating level, our views regarding the collateral's current and future performance, and the significant reduction in the trust balance. While available credit enhancement levels suggest further positive rating movement on class F, our analysis also considered the class' historical interest shortfalls. In addition, we considered that the collateral securing the sole remaining loan in the trust is a retail property located outside of Chicago and is leased to a speculative-grade rated single tenant.

TRANSACTION SUMMARY As of the May 10, 2016, trustee remittance report, the collateral pool balance was $8.1 million, which is 1.1% of the pool balance at issuance. The pool currently includes one loan, down from 64 loans at issuance. We calculated a 1.15x S&P Global Ratings debt service coverage ratio and a 38.0% S&P Global Ratings loan-to-value ratio using our capitalization rate of 7.25% for the sole remaining loan. To date, the transaction has experienced $46.3 million in principal losses, or 6.4% of the original pool trust balance.

Latest Press Release

KTC invites members to enjoy shopping with worthwhileness and special privileges at Osaka Japan.

Miss Sudchavee Banjobdee, Senior Manager – Credit Card Business, "KTC" or Krungthai Card Public Company Limited,jointly with Miss Tharinee Wongwattanun, Senior Marketing Manager, JCB International (Thailand) Company Limited, invite KTC JCB PLATINUM...

New Accenture Study Forecasts End to #Lucrative Inefficiencies for $1 Trillion Capital Markets Industry as It Adapts to the Digital Age

Wealth and asset managers generate most of the industry's profits but struggle to find scale efficiencies and are highly exposed to squeeze scenarios A new study from Accenture (NYSE: ACN) shows how the capital markets industry can wring out historical...

UMITRON secures US$2 million project funding from the Inter-American Development Bank to deliver IoT and AI technology to drive growth of sustainable aquaculture in Lake Titicaca, Peru

UMITRON PTE.LTD. (Singapore, Co-founder/Managing Director, Masahiko Yamada) in cooperation with Abaco (Cooperativa de Ahorro y Credito) and its subsidiary Piscis (Piscifactorias de los Andes) has been approved for US$2 million project funding to improve...

Photo Release: KBank wins Best Private Bank in Thailand 2018 award on the global stage

Mr. Jirawat Supornpaibul, Private Banking Group Head, recently represented KBank to receive the "Best Private Bank in Thailand 2018" award at the PWM/The Banker Global Private Banking Awards, organized by The Banker Magazine. It is the 24th best private...

Fitch Affirms BAFS at #A+(tha)#; Maintains Negative Outlook

Fitch Ratings (Thailand) Limited has affirmed Bangkok Aviation Fuel Services Public Company Limited's (BAFS) National Long-Term Rating at 'A+(tha)' and maintained Negative Outlook. Fitch has also affirmed BAFS's National Short-Term Rating at...

Related Topics