Fitch Assigns Ratings to GMAC Commercial Mortgage Bank

NEW YORK--Jan. 1, 20054, 2005--Fitch Ratings has assigned the following ratings to GMAC Commercial Mortgage Bank (CMB), a wholly owned subsidiary of GMAC Commercial Holding Corp., (CMH), which, in turn, is a wholly owned subsidiary of General Motors Acceptance Corporation (GMAC):

-- Long-term deposits 'BBB+';

-- Long-term debt 'BBB';

-- Short-term deposits 'F2';

-- Short-term 'F2';

-- Individual 'B/C';

-- Support '2'.

The Rating Outlook is Negative.

Fitch's individual rating for CMB, which reflects the bank's stand-alone business and financial profile, recognizes the experienced management of the bank, majority of outside directors as required by Utah law, well defined and modest-risk business plan, and maintenance of conservative capital levels. The bank also benefits from the competitive position of CMH, which, through its subsidiaries, is a large originator and servicer of commercial mortgages, primarily in the U.S. but growing internationally. These strengths are tempered by the de novo nature of the institution, niche focus on commercial mortgages, and lack of a broader funding profile. The individual rating will be influenced by CMB's ability to sustain acceptable levels of profitability and credit quality while further developing its funding sources.

While CMB's commercial mortgage finance business is unrelated to its ultimate parent, General Motors (GM), the long-term and short-term ratings primarily reflect CMB's ownership by GM. The long-term rating for GM is currently 'BBB' with a Negative Rating Outlook and reflects GM's structural and competitive pressures in the automotive industry. The Rating Outlook for CMB is a function of GM's Rating Outlook. The '2' support rating reflects Fitch's view that there would be a high probability of financial support from its parent organization and indicates that the source of support is rated at least 'BBB-'.

CMB commenced operations in April 2003 as a Utah-based industrial bank. The bank was primarily established to enhance funding alternatives for CMH, and at Sept. 30, 2004, CMB reported $1.7 billion of assets and $468 million in equity capital.