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Rating Action:

Moody's Upgrades Two Classes of GMAC Commercial Mortgage Securities, Inc., Series 2003-C3

27 Feb 2007
Moody's Upgrades Two Classes of GMAC Commercial Mortgage Securities, Inc., Series 2003-C3

Approximately $1.3 Billion of Structured Securities Affected

New York, February 27, 2007 -- Moody's Investors Service upgraded the ratings of two classes and affirmed the ratings of 22 classes of GMAC Commercial Mortgage Securities, Inc., Commercial Mortgage Pass-Through Certificates, Series 2003-C3 as follows:

-Class A-1, $57,361,306, Fixed, affirmed at Aaa

-Class A-1A, $219,109,822, Fixed, affirmed at Aaa

-Class A-2, $114,365,000, Fixed, affirmed at Aaa

-Class A-3, $247,900,000, Fixed, affirmed at Aaa

-Class A-4, $408,101,000, Fixed, affirmed at Aaa

-Class X-1, Notional, affirmed at Aaa

-Class X-2, Notional, affirmed at Aaa

-Class B, $41,676,000, WAC Cap, upgraded to Aaa from Aa1

-Class C, $16,671,000, WAC Cap, upgraded to Aa1 from Aa2

-Class D, $30,007,000, WAC Cap, affirmed at A1

-Class E, $21,672,000, WAC Cap, affirmed at A3

-Class F, $23,339,000, WAC Cap, affirmed at Baa1

-Class G, $13,336,000, WAC Cap, affirmed at Baa2

-Class H, $16,671,000, WAC, affirmed at Baa3

-Class J, $13,336,000, WAC Cap, affirmed at Ba1

-Class K, $8,336,000, WAC Cap, affirmed at Ba2

-Class L, $6,668,000, WAC Cap, affirmed at Ba3

-Class M, $10,002,000, WAC Cap, affirmed at B1

-Class N, $5,001,000, WAC Cap, affirmed at B2

-Class O, $5,002,000, WAC Cap, affirmed at B3

-Class S-AFR1, $9,001,491, WAC, affirmed at A3

-Class S-AFR2, $19,803,280, WAC, affirmed at Baa1

-Class S-AFR3, $19,803,280, WAC, affirmed at Baa2

-Class S-AFR4, $41,406,857, WAC, affirmed at Baa3

As of the February 12, 2007 distribution date, the transaction's aggregate certificate balance has decreased by approximately 4.0% to $1.28 billion from $1.43 billion at securitization. The Certificates are collateralized by 81 mortgage loans ranging in size from less than 1.0% to 6.5% of the pool, with the top 10 loans representing 45.6% of the pool. The pool includes three investment grade shadow rated loans, representing 17.6% of the pool. Nine loans, representing 7.8% of the pool, have defeased and are collateralized by U.S. Government securities.

The pool has not experienced any losses since securitization and currently there are no loans in special servicing. Seventeen loans, representing 22.8% of the pool, are on the master servicer's watchlist.

Moody's was provided with full-year 2005 and partial-year 2006 operating results for 96.8% and 93.2%, respectively, of the pool. Moody's loan to value ratio ("LTV") for the conduit component is 94.5%, compared to 91.8% at Moody's last full review in July 2005 and compared to 94.7% at securitization. Moody's is upgrading Classes C and D due to increased credit support, the stable performance of the shadow rated loan component and defeasance.

The largest shadow rated loan is the AFR Portfolio Loan ($86.4 million - 6.5%), which represents a participation interest in a $293.8 million first mortgage loan. The loan is secured by 147 properties consisting of office, operation centers and retail bank branches totaling 7.1 million square feet. The properties are located in 19 states. Bank of America, N.A. (Moody's senior unsecured rating Aa2) leases approximately 65.0% of the premises under a master lease that expires in June 2023. As of December 2006 the portfolio was 90.0% leased, compared to 81.1% at last review. The portfolio is also encumbered by an $86.6 million B Note, which is held within the trust and is the security for Classes S-AFR1, S-AFR2, S-AFR3 and S-AFR4. Five properties comprising 643,000 square feet have been released since securitization, resulting in a $9.1 million principal prepayment to both the participation interest and the B Note. Moody's current shadow rating for the participation interest is A1, compared to A2 at securitization. Moody's current shadow rating of the B Note is Baa3, the same as at last review.

The second shadow rated loan is the Water Tower Place Loan ($71.2 million - 5.6%), which represents a participation interest in a $178.4 million first mortgage loan secured by Water Tower Place, an eight-story regional mall located on North Michigan Avenue in downtown Chicago, Illinois. The mall totals 822,000 square feet, which includes 728,000 square feet of retail space and 94,000 square feet of office space. The retail space is anchored by Marshall Field's and Lord & Taylor. The loan sponsor is General Growth Properties Inc. (Moody's senior unsecured shelf rating (P)Ba2; stable outlook), a publicly traded REIT. Moody's current shadow rating is A2, compared to A3 at last review.

The third shadow rated loan is the Mall at Millenia Loan ($67.5 million - 5.3%), which represents a participation interest in a $195.0 first mortgage loan secured by the Mall at Millenia, a regional mall located in Orlando, Florida. The mall contains 1.1 million square feet, of which 520,000 square feet serves as collateral for the loan. The retail component is anchored by Bloomingdale's, Macy's and Neiman Marcus. As of December 2006, in-line stores were 94.9% leased, essentially the same as at last review. The property is also encumbered by a $15.0 million B Note, which is held outside the trust. The loan sponsors are The Forbes Company and The Taubman Realty Group. Moody's current shadow rating is Baa2, the same as last review.

The top three conduit loans represent 14.8% of the outstanding pool balance. The largest conduit loan is the Wells Fargo Tower Loan ($64.4 million - 5.0%), which represents a participation interest in a $247.6 million first mortgage loan. The loan is secured by a 1.4 million square foot Class A office building located in downtown Los Angeles, California. As of year-end 2005 the property was 89.0% leased, compared to 84.0% at securitization. The property is anchored by Wells Fargo Bank N.A. (Moody's senior unsecured rating Aaa -- stable outlook; 25.0% NRA; lease expiration November 2017) and Gibson Dunn & Crutcher (21.2% NRA; lease expiration February 2013). The loan was interest only for the first 35 months of its term. Moody's LTV is 91.0%, essentially the same as at last review.

The second largest conduit loan is the 609 Fifth Avenue Loan ($63.8 million - 5.0%), which is secured by a 150,000 square foot office building located on Fifth Avenue in midtown Manhattan. The property includes 99,000 square feet of office space and 46,000 square feet of retail space. Major tenants include American Girl Place Inc. (parent Mattel, Inc.; Moody's senior unsecured rating Baa2 -- negative outlook; 32.9% NRA; lease expiration 2014) and DZ Bank (26.0%; lease expiration March 2017). As of December 2006 the property was 97.1% occupied, the same as at last review. Moody's LTV is 99.7%, essentially the same as at last review.

The third largest conduit loan is the Union Center Plaza V Loan ($61.9 million - 4.8%), which is secured by a 250,000 square foot Class A office building located in the Capitol Hill submarket of Washington, D.C. The property is 100.0% leased to Group Hospitals and Medical Services, Inc., doing business as CareFirst, Inc., the predominant Blue Cross/Blue Shield medical provider for the D.C. metropolitan area. The lease expires in August 2013. Moody's LTV is 93.7%, compared to 97.5% at last review.

The pool's collateral is a mix of office and mixed use (40.7%), retail (21.6%), multifamily (20.4%), U.S. Government securities (7.8%), lodging (4.7%), industrial and self storage (3.2%) and credit tenant lease (1.6%). The collateral properties are located in 30 states and Washington, D.C. The highest state concentrations are California (13.3%), Florida (12.9%), New York (11.5%), Texas (10.6%) and Illinois (8.6%). All of the loans are fixed rate.

New York
Tad Philipp
Managing Director
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
Sandra Ruffin
VP - Senior Credit Officer
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

No Related Data.
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