(The following statement was released by the rating agency)OVERVIEW
-- We lowered our ratings on three classes of commercial mortgagepass-through certificates from GMAC Commercial Mortgage Securities Inc.'sseries 2001-C1, a U.S. CMBS transaction due to current and potential interestshortfalls.
-- We lowered our rating on class F to 'D (sf)' because we expect theaccumulated interest shortfalls to remain outstanding for the foreseeablefuture.
-- The ratings actions primarily reflect approximately $1.1 million ofprevious advances intended to be recovered from the trust by the masterservicer.
NEW YORK (Standard & Poor's) Oct. 10, 2012--Standard & Poor's Ratings Servicestoday lowered its ratings on three classes of commercial mortgage pass-throughcertificates from GMAC Commercial Mortgage Securities Inc.'s series 2001-C1due to current and potential interest shortfalls (see list).
We downgraded class F to 'D (sf)' to reflect accumulated interest shortfallsoutstanding four months, primarily due to ASER amounts ($50,957) related toone ($10.0 million, 13.0%) of the seven assets ($73.5 million; 95.4%) that arecurrently with the special servicer, Berkadia Commercial Mortgage LLC(Berkadia); interest not advanced of $294,950 associated with the BridgewaterPlace and the Providence Office Center assets, which have been deemednonrecoverable by Berkadia; and special servicing fees ($15,415). The masterservicer, Berkadia, has informed us that it intends to recover a total of $1.1million in outstanding advances from the trust related to property protectionadvances (PPA) made on behalf of the Bridgewater Place specially serviceasset. Berkadia expects to recover the $1.1 million over the next six months,which will potentially cause interest shortfalls up to and including the classD certificate.
We lowered our ratings on class D and E because we expect these classes to besusceptible to future interest shortfalls, resulting primarily from therecovery of the previous PPA made by Berkadia. Class E has already experiencedan interest shortfall in the prior month.
As of the Sept. 17, 2012, trustee remittance report, ARAs totaling $31.2million were in effect for four of the seven specially serviced assets. Thereported monthly interest shortfalls totaled $378,976 and affected all bondssubordinate to and including the class E certificates. Including the abovementioned recoveries by Berkadia, we estimated the potential interestshortfalls for the next six months to be approximately $439,908, which willlikely affect all bonds subordinate to and including class D.
STANDARD & POOR'S 17G-7 DISCLOSURE REPORT
SEC Rule 17g-7 requires an NRSRO, for any report accompanying a credit ratingrelating to an asset-backed security as defined in the Rule, to include adescription of the representations, warranties and enforcement mechanismsavailable to investors and a description of how they differ from therepresentations, warranties and enforcement mechanisms in issuances of similarsecurities. The Rule applies to in-scope securities initially rated (includingpreliminary ratings) on or after Sept. 26, 2011.
If applicable, the Standard & Poor's 17g-7 Disclosure Reports included in thiscredit rating report are available at"
"RELATED CRITERIA AND RESEARCH
-- Global Structured Finance Scenario And Sensitivity Analysis: TheEffects Of The Top Five Macroeconomic Factors, Nov. 4, 2011
-- Rating U.S. CMBS In The Face Of Interest Shortfalls, Feb. 23, 2006
RATINGS LOWEREDGMAC Commercial Mortgage Securities Inc.Commercial mortgage pass-through certificates series 2001-C1ReportedRating Credit interest shortfallsClass To From enhcmt(%) Current AccumulatedD CCC- (sf) BBB+ (sf) 98.98 0 0E CCC- (sf) B+ (sf) 76.56 46,734 46,734F D (sf) CCC- (sf) 59.74 80,948 146,382(New York Ratings Team)
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