Moodys.com
Please Note
We brought you to this page based on your search query. If this isn't what you are looking for, you can continue to Search Results for ""
The maximum number of items you can export is 3,000. Please reduce your list by using the filtering tool to the left.
Close
Close
Email Research
Recipient email addresses will not be used in mailing lists or redistributed.
Recipient's
Email

Use semicolon to separate each address, limit to 20 addresses.
Enter the
characters you see
Close
Email Research
Thank you for your interest in sharing Moody's Research. You have reached the daily limit of Research email sharings.
Close
Thank you!
You have successfully sent the research.
Please note: some research requires a paid subscription in order to access.
Already a customer?
LOG IN
Don't want to see this again?
REGISTER
OR
Accept our Terms of Use to continue to Moodys.com:

PLEASE READ AND SCROLL DOWN!

 

By clicking “I AGREE” [at the end of this document], you indicate that you understand and intend these terms and conditions to be the legal equivalent of a signed, written contract and equally binding, and that you accept such terms and conditions as a condition of viewing any and all Moody’s inform​ation that becomes accessible to you [after clicking “I AGREE”] (the “Information”).   References herein to “Moody’s” include Moody’s Corporation, Inc. and each of its subsidiaries and affiliates.

 

Terms of One-Time Website Use

 

1.            Unless you have entered into an express written contract with Moody’s to the contrary, you agree that you have no right to use the Information in a commercial or public setting and no right to copy it, save it, print it, sell it, or publish or distribute any portion of it in any form.               

 

2.            You acknowledge and agree that Moody’s credit ratings: (i) are current opinions of the future relative creditworthiness of securities and address no other risk; and (ii) are not statements of current or historical fact or recommendations to purchase, hold or sell particular securities.  Moody’s credit ratings and publications are not intended for retail investors, and it would be reckless and inappropriate for retail investors to use Moody’s credit ratings and publications when making an investment decision.  No warranty, express or implied, as the accuracy, timeliness, completeness, merchantability or fitness for any particular purpose of any Moody’s credit rating is given or made by Moody’s in any form whatsoever.          

 

3.            To the extent permitted by law, Moody’s and its directors, officers, employees, representatives, licensors and suppliers disclaim liability for: (i) any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with use of the Information; and (ii) any direct or compensatory damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud or any other type of liability that by law cannot be excluded) on the part of Moody’s or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with use of the Information.

 

4.            You agree to read [and be bound by] the more detailed disclosures regarding Moody’s ratings and the limitations of Moody’s liability included in the Information.     

 

5.            You agree that any disputes relating to this agreement or your use of the Information, whether sounding in contract, tort, statute or otherwise, shall be governed by the laws of the State of New York and shall be subject to the exclusive jurisdiction of the courts of the State of New York located in the City and County of New York, Borough of Manhattan.​​​

I AGREE
Rating Action:

MOODY'S UPGRADES THREE CLASSES OF GREENWICH CAPITAL COMMERCIAL FUNDING CORP., SERIES 2002-C1

28 Jun 2005
MOODY'S UPGRADES THREE CLASSES OF GREENWICH CAPITAL COMMERCIAL FUNDING CORP., SERIES 2002-C1

Approximately $1.1 Billion of Structured Securities Affected

New York, June 28, 2005 -- Moody's Investors Service upgraded the ratings of three classes and affirmed the ratings of eighteen classes of Greenwich Capital Commercial Funding Corp., Commercial Mortgage Pass-Through Certificates, Series 2002-C1 as follows:

-- Class A-1, $54,280,192, Fixed, affirmed at Aaa

-- Class A-2, $80,537,961, Fixed, affirmed at Aaa

-- Class A-3, $137,776,000, Fixed, affirmed at Aaa

-- Class A-4, $608,235,000, Fixed, affirmed at Aaa

-- Class XPB, Notional, affirmed at Aaa

-- Class XP, Notional, affirmed at Aaa

-- Class XC, Notional, affirmed at Aaa

-- Class B, $46,515,000, WAC Cap, upgraded to Aa1 from Aa2

-- Class C, $11,629,000, WAC Cap, upgraded to Aa2 from Aa3

-- Class D, $14,536,000, WAC Cap, upgraded to Aa3 from A1

-- Class E, $20,350,000, WAC Cap, affirmed at A2

-- Class F, $15,990,000, WAC Cap, affirmed at A3

-- Class G, $15,989,000, WAC Cap, affirmed at Baa1

-- Class H, $17,443,000, WAC Cap, affirmed at Baa2

-- Class J, $14,536,000, WAC CAP, affirmed at Baa3

-- Class K, $20,350,000, WAC Cap, affirmed at Ba1

-- Class L, $20,351,000, WAC Cap, affirmed at Ba2

-- Class M, $8,721,000, WAC Cap, affirmed at Ba3

-- Class N, $5,815,000, WAC Cap, affirmed at B1

-- Class O, $8,721,000, WAC Cap, affirmed at B2

-- Class P, $4,361,000, WAC Cap, affirmed at B3

As of the June 13, 2005 distribution date, the transaction's aggregate balance has decreased by approximately 2.9% to $1.14 billion from $1.18 billion at securitization. The Certificates are collateralized by 111 mortgage loans. The loans range in size from less than 1.0% to 6.3% of the pool, with the top ten loans representing 42.6% of the pool. The pool includes one shadow rated loan. Two loans representing 1.0% of the pool have defeased and been replaced with U.S. Government securities.

Two loans, representing less than 1.0% of the pool, are in special servicing. Moody's is not projecting any losses from the specially serviced loans at this time. Eleven loans, representing 6.7% of the pool, are on the master servicer's watchlist. One loan has been liquidated from the trust, resulting in a realized loss of approximately $1.9 million.

Moody's was provided with partial or full year 2004 operating results for 95.6% of the performing loans. Moody's conduit loan to value ratio ("LTV") is 85.5% compared to 87.8% at securitization. Based on Moody's analysis, 6.7% of the conduit pool has a LTV greater than 100.0% compared to 4.3% at securitization. The upgrade of Classes B, C and D is primarily due to stable pool performance and increased subordination levels.

The shadow rated loan is the 311 South Wacker Drive Loan ($72.5 million -- 6.3%), a 50.0% participation interest in a $145.0 million first mortgage loan. The loan is secured by a 1.3 million square foot Class A office tower located in Chicago's West Loop. The property was constructed in 1990 and is located adjacent to Sears Tower. The property was 71.2% occupied as of year-end 2004 compared to 82.4% at securitization. Major tenants include Freeborn & Peters LLP (8.8% NRA; lease expiration November 2022), Reuters Data (3.5% NRA, lease expiration in May 2008) and First Industrial Realty (3.4% NRA; lease expiration June 2007). Although the Chicago office vacancy rate has stabilized at 15.0%, rents have declined since securitization. However, the property benefits from a strong location, quality improvements, a diversified tenant profile and strong sponsorship. The loan, which is interest only for its five year term, is sponsored by Walton Street Capital Fund III. The loan is shadow rated Baa3, the same as at securitization.

The top three conduit loans represent 15.6% of the outstanding pool balance. The largest conduit loan is the Lake Merritt Plaza Loan ($68.3 million -- 6.0%), which is secured by a 513,400 square foot office property located in Oakland, California. The property is 85.0% occupied, essentially the same as at securitization. The largest tenant is the law firm of Crosby, Heafy, Roach and May PC, (17.0% NRA; lease expiration December 2012). Moody's LTV is 72.5%, compared to 74.8% at securitization.

The second largest conduit loan is the Jamaica Center Loan ($57.6 million -- 5.0%), which is secured by a 215,800 square foot retail center located in Jamaica (Queens), New York. The property was completed in May 2002 and is 99.0% occupied, essentially the same as at securitization. Major tenants include Old Navy (13.9%; lease expiration May 2012), The Gap (7.0%; lease expiration May 2012), Bally's Fitness (12.1% GLA; lease expiration June 2017) and a 15-screen multiplex movie theater operated by National Amusements (31.2% GLA; lease expiration May 2022). In addition, the property has an office tenant, Queens Educational Opportunity Center, which is a division of the State University of New York (17.5% GLA; lease expiration December 2012). The ten year loan was structured with an initial two year interest only period. Moody's LTV is 82.5%, essentially the same as at securitization.

The third largest conduit loan is the 900 Nicollet Mall Loan ($52.2 million -- 4.6%), which is secured by a 500,000 square foot Class A office/retail building constructed in 2001 and located in the central business district of Minneapolis, Minnesota. The property is 85.7% occupied compared to 79.8% at securitization. Major tenants include Retek, Inc. (48.6% NRA; lease expiration May 2013) and Ryan Companies (14.4%, lease expiration July 2015). Retek, Inc. is a software company that was recently acquired by Oracle Corporation (Moody's senior unsecured rating A3). Ryan Companies is the property management company and an affiliate of the borrower. Moody's LTV is 81.9%, compared to 83.7% at securitization.

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
Vice President - Senior Analyst
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

No Related Data.
© 2021 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

CREDIT RATINGS ISSUED BY MOODY'S CREDIT RATINGS AFFILIATES ARE THEIR CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODY’S (COLLECTIVELY, “PUBLICATIONS”) MAY INCLUDE SUCH CURRENT OPINIONS. MOODY’S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE APPLICABLE MOODY’S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S CREDIT RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS, NON-CREDIT ASSESSMENTS (“ASSESSMENTS”), AND OTHER OPINIONS INCLUDED IN MOODY’S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY’S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY’S ANALYTICS, INC. AND/OR ITS AFFILIATES. MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS, ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES ITS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.

MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS, AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS OR PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER.

ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY’S PRIOR WRITTEN CONSENT.

MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK.

All information contained herein is obtained by MOODY’S from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided “AS IS” without warranty of any kind. MOODY'S adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODY'S considers to be reliable including, when appropriate, independent third-party sources. However, MOODY’S is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing its Publications.

To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability to any person or entity for any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information, even if MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers is advised in advance of the possibility of such losses or damages, including but not limited to: (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODY’S.

To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud, willful misconduct or any other type of liability that, for the avoidance of doubt, by law cannot be excluded) on the part of, or any contingency within or beyond the control of, MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with the information contained herein or the use of or inability to use any such information.

NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING, ASSESSMENT, OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODY’S IN ANY FORM OR MANNER WHATSOEVER.

Moody’s Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody’s Corporation (“MCO”), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody’s Investors Service, Inc. have, prior to assignment of any credit rating, agreed to pay to Moody’s Investors Service, Inc. for credit ratings opinions and services rendered by it fees ranging from $1,000 to approximately $5,000,000. MCO and Moody’s Investors Service also maintain policies and procedures to address the independence of Moody’s Investors Service credit ratings and credit rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold credit ratings from Moody’s Investors Service and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading “Investor Relations — Corporate Governance — Director and Shareholder Affiliation Policy.”

Additional terms for Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY’S affiliate, Moody’s Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody’s Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). This document is intended to be provided only to “wholesale clients” within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, you represent to MOODY’S that you are, or are accessing the document as a representative of, a “wholesale client” and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to “retail clients” within the meaning of section 761G of the Corporations Act 2001. MOODY’S credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors.

Additional terms for Japan only: Moody's Japan K.K. (“MJKK”) is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned by Moody’s Overseas Holdings Inc., a wholly-owned subsidiary of MCO. Moody’s SF Japan K.K. (“MSFJ”) is a wholly-owned credit rating agency subsidiary of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Organization (“NRSRO”). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively.

MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any credit rating, agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY125,000 to approximately JPY550,000,000.

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

Moodys.com