NEW YORK--(BUSINESS WIRE)-- Fitch Ratings has placed the following classes of GMAC Commercial Mortgage Securities, Inc.'s mortgage pass-through certificates, series 2001-C2 on Rating Watch Negative:

--$15.1 million class D 'AAAsf';

--$9.4 million class E 'AAsf';

--$15.1 million class F 'BBB-sf'.

The Rating Watch Negative placement on classes E and F are due to interest shortfalls as the result of the recovery of servicer advances on three specially serviced loans in the September and October 2011 reporting periods. Additional recoveries may be taken in future reporting periods. Currently, 93.8% of the transaction is in special servicing, including several real estate owned (REO) properties representing 43% of the outstanding pool balance. The Rating Watch Negative placement of class D reflects the potential for future interest shortfalls as well as the significant concentration of specially serviced loans.

Fitch expects to resolve the Rating Watch when updated information on specially serviced loans becomes available as well as on the duration and ultimate recoverability of interest shortfalls. The bonds may be subject to multi-category downgrades.

Additional information on Fitch's criteria is available in the Nov. 17, 2010 report, 'Surveillance Methodology for U.S. Fixed-Rate CMBS Transactions', which is available at 'www.fitchratings.com' under the following headers:

Structured Finance >> CMBS >> Criteria Reports

Additional information is available at 'www.fitchratings.com'. The ratings above were solicited by, or on behalf of, the issuer, and therefore, Fitch has been compensated for the provision of the ratings.

Applicable Criteria and Related Research:

--'Global Structured Finance Rating Criteria' (Aug. 4, 2011);

--'Surveillance Methodology for U.S. Fixed-Rate CMBS Transactions' (Nov. 17, 2010);

--'Criteria for Rating Caps in Global Structured Finance Transactions' (Aug. 9, 2011).

Applicable Criteria and Related Research:

Criteria for Rating Caps in Global Structured Finance Transactions

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=648672

Surveillance Methodology for U.S. Fixed-Rate CMBS Transactions

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=574208

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=646569

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE.

CONTACT:

Fitch Ratings
Brian Bertsch, +1-212-908-0549
Media Relations, New York
brian.bertsch@fitchratings.com
or
Primary Analyst:
Jeffrey Diliberto, +1-212-908-9173
Director
Fitch, Inc.
One State Street Plaza
New York, NY 10004
or
Committee Chairperson:
Mary MacNeill, +1-212-908-0785
Managing Director

KEYWORDS:   United States  North America  New York

INDUSTRY KEYWORDS:   Professional Services  REIT  Finance  Construction & Property

MEDIA: