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

Stocks and Financial Services Press Releases Wednesday May 25, 2016 09:12
NEW YORK--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.

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