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

Bitfinex and Ethfinex Launch IEO Platform - Tokinex

Bitfinex and Ethfinex, two of the world's leading digital asset exchanges, today announce the launch of Tokinex, their new Initial Exchange Offering (IEO) platform. Tokinex, allows qualified users to discover and participate in curated, pre-vetted token...

ASEAN needs a stronger sales pitch to realise its supply chain potential: HSBC

South-east Asia, and particularly Thailand, cannot expect to see a wide-scale divergence of supply chains coming its way unless there are improvements in production technology & capacity, and regional integration, according to HSBC. The comments...

UNUS SED LEO Listing on Bitfinex Following Completion of $1bn Contribution

We are pleased to announce that UNUS SED LEO, a utility token designed to empower the Bitfinex community and provide utility for those seeking to maximize the output and capabilities of the Bitfinex trading platform, will commence trading on Monday May...

Photo Release: EXIM Thailand Celebrates Successful Issuance of Renewable Energy Bond

Mr. Pisit Serewiwattana (second left), President of Export-Import Bank of Thailand (EXIM Thailand), together with Mr. Hironori Oka (second right), Senior Executive Managing Director and Head of Asia and Oceania, Daiwa Capital Markets Hong Kong Limited...

Calastone Goes Live With World#s Largest Financial Services Community on Blockchain

- Calastone has successfully launched its blockchain-enabled Distributed Market Infrastructure (DMI) - The migration sees the largest group of financial services organisations ever to connect and transact on a live distributed ledger - The entire global...

Related Topics