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Rating Action:

MOODY'S UPGRADES SIX CLASSES OF GE CAPITAL COMMERCIAL MORTGAGE CORP., SERIES 2003-C1

29 Jun 2006
MOODY'S UPGRADES SIX CLASSES OF GE CAPITAL COMMERCIAL MORTGAGE CORP., SERIES 2003-C1

Approximately $1.1 Billion of Structured Securities Affected

New York, June 29, 2006 -- Moody's Investors Service upgraded the ratings of six classes and affirmed the ratings of fourteen classes of GE Capital Commercial Mortgage Corp., Commercial Mortgage Pass-Through Certificates, Series 2003-C1 as follows:

-- Class A-1, $73,314,585, Fixed, affirmed at Aaa

-- Class A-1A, $208,777,886, Fixed, affirmed at Aaa

-- Class A-2, $108,049,000, Fixed, affirmed at Aaa

-- Class A-3, $156,269,000, Fixed, affirmed at Aaa

-- Class A-4, $367,323,000, Fixed, affirmed at Aaa

-- Class X-1, Notional, affirmed at Aaa

-- Class X-2, Notional, affirmed at Aaa

-- Class B, $41,611,000, Fixed, upgraded to Aaa from Aa2

-- Class C, $16,347,000, Fixed, upgraded to Aa1 from Aa3

-- Class D, $25,264,000, Fixed, upgraded to Aa3 from A2

-- Class E, $16,347,000, Fixed, upgraded to A2 from A3

-- Class F, $10,403,000, Fixed, upgraded to A3 from Baa1

-- Class G, $16,347,000, Fixed, upgraded to Baa1 from Baa2

-- Class H, $16,347,000, Fixed, affirmed at Baa3

-- Class J, $25,264,000, Fixed, affirmed at Ba1

-- Class K, $8,916,000, Fixed, affirmed at Ba2

-- Class L, $7,431,000, Fixed, affirmed at Ba3

-- Class M, $2,972,000, Fixed affirmed at B1

-- Class N, $10,403,000, Fixed, affirmed at B2

-- Class O, $5,944,000, Fixed, affirmed at B3

As of the June 12, 2006 distribution date, the transaction's aggregate principal balance has decreased by 4.1% to $1.141 billion from $1.188 billion at securitization. The Certificates are collateralized by 134 loans, ranging in size from less than 1.0% to 6.3% of the pool, with the top ten loans representing 30.4% of the pool. The pool includes four shadow rated investment grade loans which represent 12.5% of the pool. Twelve loans, representing 8.3% of the pool, have defeased and been replaced with U.S. Government securities.

No loans have been liquidated from the pool. There are currently two loans in special servicing representing 1.3% of the pool with projected losses of $2.4 million. Eighteen loans, representing 10.8% of the pool, are on the master servicer's watchlist.

Moody's was provided with partial or full year 2005 operating results for 93.3% and 76.7% of the pool, respectively. Moody's weighted average loan to value ratio ("LTV") for the conduit component is 90.1%, compared to 90.8% at securitization. The upgrade of Classes B, C, D, E and F is due to a relatively high percentage of defeased loans, increased credit support and overall stable conduit performance.

The largest shadow rated loan is the Renaissance Tower Loan ($71.7 million -- 6.3%), which is secured by a 1.7 million square foot, 56-story office building located in Dallas, TX. Major tenants include Blockbuster's Videos, Inc. (254,417 SF, 14.6% of NRA, $15.70/SF; lease expiration in 2007) and Southwest Securities, Inc. (190,824 SF, 11.0% of NRA, $15.34/SF; lease expiration in 2008). The property is currently 84.0% occupied, compared to 81% at securitization. The net cash flow has declined due to an increase in expenses. The loan sponsors are Trizechahn RT LLC and Trizec Holdings, Inc. The property is also encumbered by a $20.0 million junior loan which is held outside the Trust. Moody's current shadow rating is A3 compared to Aa3 at securitization.

The second largest shadow rated loan is the Landmark Atrium III Loan ($41.9 million -- 3.7%), which is secured by a 45,000 square foot office building located in Secaucus, New Jersey. The property is currently 83.0% occupied, compared to 91.3% at securitization. The largest tenant is Buck Consultants, Inc. occupying 28% of NRA with the lease expiring July 2011. The Buck Consultants space is leased at $30 per square foot, while rents at the subject average $20 per square foot. Performance has declined due to decreased occupancy; however, much of the cash flow decline is mitigated by amortization. The loan sponsor is Hartz Mountain Industries. Moody's current shadow rating is Baa3, the same as at securitization.

The third largest loan is the Edgewater Village Loan ($19.1 million -- 1.7%), which is secured by a 283 unit, class B apartment complex built in 1970 with a 7,400 SF retail strip. The property is located in Framingham, Massachusetts, 15 miles west of Boston. The current occupancy is 95% compared to 90.4% at securitization. Overall performance has declined slightly due to increased expenses. Moody's LTV is 75.1%, compared to 72.7% at securitization. Moody's current shadow rating is Ba1 compared to Baa3 at securitization.

The fourth largest shadow rated loan is the Wellbridge Portfolio Loan ($9.7 million -- 0.8%), which represents a participation interest in a $56.5 million mortgage loan. The cross-collateralized and cross-defaulted loan is secured by 15 health and fitness clubs located in four states (Minnesota, New Mexico, Florida and Massachusetts). Built between 1971 and 1999, the facilities total 1.65 million square feet. The buildings are 100% occupied. The loan sponsor is Corporate Property Associates, Inc. Moody's current shadow rating is Aa3, compared to Aa3 at securitization.

The top three conduit loans represent 10.9% of the pool. The largest conduit loan is the 801 Market Street Loan ($42.3 million -- 3.7%), which is secured by a 370,000 square foot office condominium situated within a one million square foot office building in Philadelphia, Pennsylvania. The condominium includes part of the basement, ground floor retail and all of floors 7 through 13. The office building was built in 1928 and is located in the Market Street East submarket of the Philadelphia CBD. Average in place rent and occupancy at securitization and currently is $16.60 and 75.0% and $21.60 and 94.0%, respectively. The largest tenant is the GSA, occupying 41% of NRA with the lease expiring in December 2012. The sponsor is Preferred Real Estate Investment, Inc. Moody's LTV is 98.9% compared to 96.5% at securitization.

The second largest conduit loan is the Walmart Islip Shopping Center Loan ($42.2 million -- 3.7%), which is secured by 191,000 square feet of a 368,000 square foot power center built in 1991 and expanded in 2002. It is located in Central Islip, New York, a suburb of New York City. The current occupancy is 98% compared to 99.0% at securitization. The anchor tenants are Wal-Mart (ground leased site; lease expiration in November 2027), Stop & Shop (29% NRA; lease expiration in May 2011) and Dave & Buster's (ground leased site; lease expiration in August 2022). The sponsors are David Cordfish and Vincent Polimeni. Moody's LTV is 91.3% compared to 94.7% at securitization.

The third largest conduit loan is the Centennial Center Loan ($40.3 million -- 3.5%), which is secured by a 234,000 square foot community center located in Las Vegas, Nevada. The property was built between 2001 and 2002 and is situated 12 miles northwest of the Las Vegas Strip. This property is anchored by Home Depot (30% of NRA, lease expiring in January, 2031), Circuit City (9% of NRA, lease expiring in January, 2022) and Ross Stores (8% of NRA, lease expiring in January, 2017). It is also shadow anchored by Wal-Mart and Sam's Club. The current occupancy is 100% compared to 95.5% at securitization. Moody's LTV is 97.8% compared to 103.9% at securitization.

The pool's collateral is a mix of retail (32.6%), multifamily and MHP (23.5%), office and mixed-use (21.9%), industrial and self storage (11.7%), U.S. Government securities (7.3%), and lodging (3.0%). The properties are located in 32 states and Washington, D.C. The highest state concentrations are California (16.1%), Texas (14.9%), New York (9.0%), Virginia (8.3%), and Florida (8.1%). 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
Stewart Rubin
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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