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Article: Fitch Affirms Class A-J of GMAC Commercial Mortgage 2004-C3; Revises Outlook to Negative.
- Article from:
- Business Wire
- Article date:
- October 8, 2009
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CHICAGO -- Fitch Ratings affirms and revises the Rating Outlook for one class of GMAC Commercial Mortgage Securities, Inc., series 2004-C3, commercial mortgage pass-through certificates as follows:
--$82.9 million class A-J 'AAA'; Outlook to Negative from Stable.
The Outlook revision is due to continued concerns regarding potential losses on the five specially serviced loans (6.7% of the pool). The largest specially serviced loan, International Tower (3%), is collateralized by a 302,992 square foot (sf) office property located in Chicago, IL. The three largest tenants are T-Mobile (17.6%), HDR Engineering, Inc (12.1%), and Alcoa, Inc (9.1%). The loan is ...