Fitch Rates GMAC Commercial Mortgage Securities, Inc., Series 2004-C3

Business Wire, Dec 21, 2004

NEW YORK -- GMAC Commercial Mortgage Securities, Inc., series 2004-C3, commercial mortgage pass-through certificates are rated by Fitch Ratings as follows:

-- $15,500,000 class A-1 'AAA';

-- $351,441,000 class A-1A 'AAA';

-- $28,700,000 class A-2 'AAA';

-- $137,900,000 class A-3 'AAA';

-- $266,000,000 class A-4 'AAA';

-- $62,731,000 class A-AB 'AAA';

-- $138,600,000 class A-5 'AAA';

-- $82,885,000 class A-J 'AAA';

-- $31,277,000 class B 'AA';

-- $14,075,000 class C 'AA-';

-- $20,330,000 class D 'A';

-- $12,511,000 class E 'A-';

-- $15,639,000 class F 'BBB+';

-- $1,251,090,921 class X-1* 'AAA';

-- $1,211,222,000 class X-2* 'AAA';

-- $10,947,000 class G 'BBB';

-- $20,330,000 class H 'BBB-';

-- $3,128,000 class J 'BB+';

-- $6,255,000 class K 'BB';

-- $4,692,000 class L 'BB-';

-- $4,691,000 class M 'B+';

-- $3,128,000 class N 'B';

-- $3,128,000 class O 'B-';

-- $17,202,921 class P 'NR';

* Notional Amount and Interest Only.

Class P is not rated by Fitch Ratings. Classes A-1, A-2, A-3, A-4, A-5, A-J, A-1A, A-AB, X-2, B, C, and D are offered publicly, while classes X-1, E, F, G, H, J, K, L, M, N, and O are privately placed pursuant to Rule 144A of the Securities Act of 1933. The certificates represent beneficial ownership interest in the trust, primary assets of which are 92 fixed-rate loans having an aggregate principal balance of approximately $1,251,090,921, as of the cutoff date.

For a detailed description of Fitch's rating analysis, please see the Report titled 'GMAC Commercial Mortgage Securities, Inc., Series 2004-C3' dated Dec. 1, 2004 and available on the Fitch Ratings web site at www.fitchrating.com.