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Rating Action:

MOODY'S UPGRADES FOUR CLASSES OF GREENWICH CAPITAL COMMERCIAL FUNDING CORP., SERIES 2003-C2

17 Aug 2006
MOODY'S UPGRADES FOUR CLASSES OF GREENWICH CAPITAL COMMERCIAL FUNDING CORP., SERIES 2003-C2

Approximately $1.7 Billion of Structured Securities Affected

New York, August 17, 2006 -- Moody's Investors Service upgraded the ratings of four classes and affirmed the ratings of 15 classes of Greenwich Capital Commercial Funding Corp., Commercial Mortgage Pass-Through Certificates, Series 2003-C2 as follows:

-Class A-1, $79,806,163, Fixed, affirmed at Aaa

-Class A-2, $269,542,000, Fixed, affirmed at Aaa

-Class A-3, $460,942,000, Fixed, affirmed at Aaa

-Class A-4, $565,453,000, Fixed, affirmed at Aaa

-Class XC, Notional, affirmed at Aaa

-Class XP, Notional, affirmed at Aaa

-Class B, $52,075,000, Fixed, upgraded to Aaa from Aa1

-Class C, $21,697,000, Fixed, upgraded to Aa2 from Aa3

-Class D, $43,396,000, Fixed, upgraded to A1 from A2

-Class E, $15,189,000, Fixed, upgraded to A2 from A3

-Class F, $23,867,000, Fixed, affirmed at Baa1

-Class G, $26,038,000, Fixed, affirmed at Baa2

-Class H, $26,037,000, Fixed, affirmed at Baa3

-Class J, $23,868,000, Fixed, affirmed at Ba1

-Class K, $17,358,000, Fixed, affirmed at Ba2

-Class L, 10,849,000, Fixed, affirmed at Ba3

-Class M, $10,849,000, Fixed, affirmed at B1

-Class N, $10,848,000, Fixed, affirmed at B2

-Class O, $10,848,000, Fixed, affirmed at B3

As of the August 7, 2006 distribution date, the transaction's aggregate certificate balance has decreased by approximately 2.2% to $1.70 billion from $1.74 billion at securitization. The Certificates are collateralized by 80 loans ranging in size from less than 1.0% to 7.1% of the pool, with the ten largest loans representing 47.3% of the pool. Five loans, representing 12.6% of the pool, have defeased and have been replaced with U.S. Government securities. The defeased loans include two of the pool's top 10 loans -- 1801 K Street ($115.8 million -- 6.8%) and Independent Square ($53.1 million -- 3.1%). The pool is comprised of conduit loans (80.3%), defeased loans (12.6%) and a shadow rated investment grade loan (7.1%).

There have been no losses since securitization. One loan, representing less than 1.0% of the pool, is in special servicing. Moody's is expecting only a minimal loss from this loan. Twelve loans, representing 9.7% of the pool, are on the master servicer's watchlist.

Moody's was provided with year-end 2005 operating results for 86.0% of the performing loans. Moody's weighted average loan to value ratio ("LTV") for the conduit component is 89.7%, compared to 91.2% at securitization. Moody's is upgrading Classes B, C, D and E due to stable overall pool performance and defeasance. Class B was upgraded on August 2, 2006 and placed on review for further possible upgrade based on a Q tool based portfolio review (see "US CMBS: Q Tool Based Portfolio Review Results in Numerous Upgrades, " Moody's Special Report, August 2, 2006).

The shadow rated loan is the U.S. Bank Tower Loan ($120.2 million - 7.1%), which represents a 48.1% pari passu interest in a $250.0 million first mortgage loan. The loan is secured by a 1.4 million square foot Class A office building located in Los Angeles, California. The property is currently 85.0% occupied, compared to 89.3% at securitization. The tenant base is large national credit tenants occupying multiple floors. The largest tenants are Latham & Watkins (20.1% NRA; lease expiration November 2009), Pacific Enterprises (parent Sempra Energy - Moody's senior unsecured rating Baa1 - stable outlook; 16.5% NRA; lease expiration June 2010) and US Bancorp (Moody's senior unsecured rating Aa2 - stable outlook; 8.8% NRA; lease expiration June 2015). The loan matures in July 2013 and is interest only for the entire term. The property also secures a $10.0 million subordinate loan which is not an asset of the trust. The loan sponsor is Maguire Properties, a publicly traded REIT. Moody's current shadow rating is Baa3, the same as at securitization.

The top three conduit loans represent 17.6% of the pool. The largest conduit loan is the 237 Park Avenue Loan ($119.3 million - 7.0%), which represents a 40.0% pari passu interest in a $298.0 million first mortgage loan. The loan is secured by a 1.2 million square foot Class B+ office building located in midtown Manhattan's Grand Central District. The property is 95.0% leased, compared to 100.0% at securitization. The largest tenants include Credit Suisse Asset Management (29.4% NRA; lease expiration October 2014), J. Walter Thompson Company (parent WPP Group, plc - Moody's senior unsecured rating Baa2 - stable outlook; 22.0% NRA; lease expiration December 2016), EM Warburg Pincus (9.4% NRA; lease expiration October 2009) and International Paper Company (Moody's senior unsecured rating Baa3 - stable outlook; 9.5% NRA; lease expiration September 2011). Moody's LTV is 90.9%, compared to 89.3% at securitization.

The second largest conduit loan is the Broadway Mall Loan ($94.2 million - 5.5%), which is secured by a 1.1 million square foot regional mall located 27 miles east of New York City in Hicksville (Nassau County), New York. The mall is anchored by Macy's, Target (not part of the collateral), Ikea (ground lease) and Broadway Multiplex. The in-line stores are 95.3% occupied, compared to 93.0% at securitization. Moody's LTV is 91.7%, compared to 93.1% at securitization.

The third largest conduit loan is the Pinnacle Building Loan ($86.1 million - 5.1%), which is secured by a 393,000 square foot Class A office building located in Burbank, California. The property is currently 93.8% occupied, compared to 90.8% at securitization. The majority of the tenant base is media oriented. The largest tenants are Warner Music Group (parent AOL/Time Warner - Moody's backed senior unsecured rating Baa2 - stable outlook; 49.7% NRA; lease expiration December 2019), AM/FM Operating Inc. (parent Clear Channel Communications - Moody's senior unsecured rating Baa3 - stable outlook; 25.6% NRA; lease expiration September 2016) and NBC Enterprises (parent General Electric - Moody's senior unsecured rating Aaa - stable outlook; 9.4% NRA; lease expiration December 2014). The loan sponsors are RREEF (95.0%) and M. David Paul Development LLC (5.0%). The loan matures in December 2013 and is interest only for the entire term. Moody's LTV is 78.4%, compared to 75.5% at securitization.

The pool collateral is a mix of office (48.7%), retail (21.2%), U.S. Government securities (12.6%), lodging (7.3%), multifamily (5.2%), industrial and self storage (2.9%), and mixed use (2.1%). The collateral properties are located in 27 states and the District of Columbia. The highest state concentrations are California (23.4%), New York (21.9%), Connecticut (10.0%), Texas (5.1%) and Arizona (4.3%). 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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