(The following statement was released by the rating agency) OVERVIEW
-- We lowered our ratings on three classes of commercial mortgage pass-through certificates from GMAC Commercial Mortgage Securities Inc.'s series 2001-C1, a U.S. CMBS transaction due to current and potential interest shortfalls.
-- We lowered our rating on class F to 'D (sf)' because we expect the accumulated interest shortfalls to remain outstanding for the foreseeable future.
-- The ratings actions primarily reflect approximately $1.1 million of previous advances intended to be recovered from the trust by the master servicer.
NEW YORK (Standard & Poor's) Oct. 10, 2012--Standard & Poor's Ratings Services today lowered its ratings on three classes of commercial mortgage pass-through certificates from GMAC Commercial Mortgage Securities Inc.'s series 2001-C1 due to current and potential interest shortfalls (see list).
We downgraded class F to 'D (sf)' to reflect accumulated interest shortfalls outstanding four months, primarily due to ASER amounts ($50,957) related to one ($10.0 million, 13.0%) of the seven assets ($73.5 million; 95.4%) that are currently with the special servicer, Berkadia Commercial Mortgage LLC (Berkadia); interest not advanced of $294,950 associated with the Bridgewater Place and the Providence Office Center assets, which have been deemed nonrecoverable by Berkadia; and special servicing fees ($15,415). The master servicer, Berkadia, has informed us that it intends to recover a total of $1.1 million in outstanding advances from the trust related to property protection advances (PPA) made on behalf of the Bridgewater Place specially service asset. Berkadia expects to recover the $1.1 million over the next six months, which will potentially cause interest shortfalls up to and including the class D certificate.
We lowered our ratings on class D and E because we expect these classes to be susceptible to future interest shortfalls, resulting primarily from the recovery of the previous PPA made by Berkadia. Class E has already experienced an interest shortfall in the prior month.
As of the Sept. 17, 2012, trustee remittance report, ARAs totaling $31.2 million were in effect for four of the seven specially serviced assets. The reported monthly interest shortfalls totaled $378,976 and affected all bonds subordinate to and including the class E certificates. Including the above mentioned recoveries by Berkadia, we estimated the potential interest shortfalls for the next six months to be approximately $439,908, which will likely affect all bonds subordinate to and including class D.
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" RELATED CRITERIA AND RESEARCH
-- Global Structured Finance Scenario And Sensitivity Analysis: The Effects Of The Top Five Macroeconomic Factors, Nov. 4, 2011
-- Rating U.S. CMBS In The Face Of Interest Shortfalls, Feb. 23, 2006
RATINGS LOWERED GMAC Commercial Mortgage Securities Inc. Commercial mortgage pass-through certificates series 2001-C1 Reported Rating Credit interest shortfalls Class To From enhcmt(%) Current Accumulated D CCC- (sf) BBB+ (sf) 98.98 0 0 E CCC- (sf) B+ (sf) 76.56 46,734 46,734 F D (sf) CCC- (sf) 59.74 80,948 146,382 (New York Ratings Team)