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.


Latest Press Release

mai welcomes petroleum transport provider VL on May 21

Market for Alternative Investment (mai) will list V.L. Enterprise pcl, a marine transportation service provider for petroleum and chemical products, on May 21, under the ticker symbol "VL". The company has a market capitalization at its initial public...

ThomasLloyd Launches First Open-ended Public Infrastructure Fund and Signs Global Fund Distribution Agreement With Allfunds

The global investment and advisory firm ThomasLloyd announced that it is cooperating with Allfunds, one of the world's leading distributors of investment funds. Following the signing of a global framework agreement relating to ThomasLloyd´s fund...

Ichitan Group unveils high Q1 net profit with 247.1% YoY growth, aiming for continuous growth in Q2 through regional exports

Ichitan Group Public Company Limited (SET:ICHI) today announces a strong net profit growth of 247.1% YoY in the first quarter worth 114.2 million baht, accounting for net profit margin of 8.7%. Such profit is derived from management efficiency and a...

KBank opens the exhibition booth at Money Expo Bangkok To offer special promotions under KBank Always With You concept

KBank will make its presence felt at Money Expo Bangkok from May 16-19, 2019 by offering special promotions, discounts, bonuses, giveaways and privileges for homebuyers looking for mortgage loans, together with the best interest rates and conditions for...

Fitch Rates EXIM#s USD Senior Notes #BBB+(EXP)#

Fitch Ratings has assigned an expected rating of 'BBB+(EXP)' to Export-Import Bank of Thailand's (EXIM, BBB+/Stable) five-year senior unsecured notes. The notes will be issued under the bank's USD1.5 billion medium-term note (MTN) programme. EXIM plans...

Related Topics