Fitch Upgrades GMAC 1999-FL1

    NEW YORK--Nov. 13, 2001--GMAC Commercial Mortgage Securities, Inc. mortgage pass-through certificates, series 1999-FL1, are upgraded by Fitch as follows: $11.4 million class C to `AAA' from `AA'; $29.9 million class D to `AAA' from `BBB+'. Classes A and B paid off and the ratings have been withdrawn. Fitch does not rate the $23.4 million class E and $53.3 million class F certificates. The rating actions follow Fitch's annual review of the transaction, which closed in November of 1999.
    The upgrades reflect the strong operating performance of the collateral, the lack of delinquencies, and the increased subordination levels as a result of loan payoffs, including the $130 million General Growth Portfolio (34.7% of the original collateral balance) that matured on Nov. 1. As of the October 2001 distribution date, the pool's aggregate collateral balance has been reduced by approximately 68.5%, to $118.0 million from $374.2 million at closing. In total, 15 of the original 30 loans have paid off, including six loans since Fitch's last review in May.
    Master servicer GMAC Commercial Mortgage Corp. provided year-end (YE) 2000 financials for all 15 loans. According to this information, the 2000 weighted-average debt service coverage ratio (DSCR) is 1.50 times (x), compared to the original banker underwritten DSCR of 1.36x. Additionally, the pool's YE 2000 net cash flow increased 22% since issuance and 17% since YE 1999. No loans are delinquent or in special servicing. Fitch reviewed the exception report and found no loans with missing assignments or unrecorded mortgage instruments.
    A number of multifamily and retail loans have paid off since origination, bringing those categories' concentrations down to 12% and 10% from 20% and 38% at closing, respectively. Office properties continue to make up the largest concentration at 52% of the pool balance. There are large geographic concentrations in Texas (47%) and California (25%). Five loans (48%) had the ability to extend their maturity at the borrower's option for up to one year. To date, four of these loans have exercised all their options, including one (6%) due on Oct. 1 that is now in the process of refinancing. The fifth loan (24%), which is scheduled to mature on Jan. 1, 2002, may be extended for one more six-month term.
    Fitch will continue to monitor this transaction, as surveillance is ongoing.