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Rating Action:

Moody's Affirms 17 and Upgrades Three Classes of GCCFC 2004-GG1

09 Jul 2009

Approximately $2.2 Billion of Debt Securities Affected.

New York, July 09, 2009 -- Moody's Investors Service ("Moody's") affirmed the ratings of 17 classes and upgraded three classes of Greenwich Capital Commercial Funding Corp., Commercial Mortgage Pass-Through Certificates, Series 2004-GG1. The upgrades are due to defeasance and increased subordination resulting from paydowns and principal amortization. The pool has paid down 11% since Moody's last full review in March 2007. The action is the result of Moody's on-going surveillance of commercial mortgage backed securities ("CMBS") transactions.

As of the June 12, 2009 distribution date, the transaction's aggregate certificate balance has decreased by approximately 16% to $2.2 billion from $2.6 billion at securitization. The Certificates are collateralized by 117 mortgage loans ranging in size from less than 1% to 7% of the pool, with the top 10 loans representing 32% of the pool. The pool includes five loans, representing 16% of the pool, with investment grade underlying ratings. Thirty loans, representing 34% of the pool, have defeased and are collateralized with U.S. Government securities.

Eighteen loans, representing 8% of the pool, are on the master servicer's watchlist. The watchlist includes loans which meet certain portfolio review guidelines established as part of the Commercial Mortgage Securities Association's monthly reporting package. As part of our ongoing monitoring of a transaction, Moody's reviews the watchlist to assess which loans have material issues that could impact performance.

The pool has not experienced any losses since securitization. There are currently three loans, representing 7% of the pool, in special servicing. Two of the specially serviced loans, representing 7% of the pool, are secured by regional malls owned by affiliates of General Growth Properties, Inc. ("GGP"). These loans were transferred to special servicing after GGP's bankruptcy filing on April 16, 2009. Moody's does not expect a loss on these two loans, but estimates a $1.9 million loss (31% loss severity) from the third specially serviced loan.

Moody's was provided with full-year 2007 and 2008 operating results for 100% and 63%, respectively, of the pool. Moody's weighted average loan to value ("LTV") ratio for the conduit component, excluding the specially serviced loan with an estimated loss, is 95% compared to 90% at Moody's prior full review. Moody's stressed debt service coverage ratio ("DSCR") for the conduit pool is 1.14X, the same as at last review. Moody's stressed DSCR is based on Moody's net cash flow ("NCF") and a 9.25% stressed rate applied to the loan balance.

Moody's uses a variation of the Herfindahl index ("Herf") to measure diversity of loan size, where a higher number represents greater diversity. Loan concentration has an important bearing on potential rating volatility, including the risk of multiple-notch downgrades under adverse circumstances. The credit neutral Herf score is 40. The pool, excluding defeased loans and loans with underlying ratings, has a Herf of 35 compared to 34 at last review.

The largest loan with an underlying rating is the 111 Eighth Avenue Loan ($143.3 million -- 6.5%), which represents a 33.2% interest in a $431.2 million first mortgage loan. The loan is secured by a 2.9 million square foot office and telecom building located in the Chelsea area of New York City. The property was 99% occupied as of January 2009, essentially the same as at last review. Major tenants include Google (8% NRA; lease expiration February 2021), Sprint (9% NRA; lease expiration December 2014) and CCH Legal Information (6% NRA; lease expirations in July 2015 and February 2019). Performance has improved since securitization due to increased rental revenues and amortization. The property is also encumbered by a B Note, a portion of which is the collateral for the non-pooled and non-Moody's rated Classes OEA-B1 and OEA-B2. The loan sponsors are Jamestown and the New York Common Retirement Fund. Moody's stressed DSCR is 1.49X compared to 1.39X at last review. Moody's current underlying rating is Baa1 compared to Baa2 at last review.

The second loan with an underlying rating is the Southland Mall Loan ($81.0 million -- 3.7%), which is secured by the borrower's interest in a 1.3 million square foot regional mall located in Hayward, California. The loan, which matured in February 2009, was transferred to special servicing in March 2009 due to a maturity default and is included in GGP's bankruptcy filing. Based on Moody's value of the property, we do not currently anticipate a loss on this loan. Anchors include Macy's, J.C. Penney and Kohl's. As of December 2008 the in-line space was 90% occupied, compared to 96% at securitization. Steve & Barry's was still listed on the rent roll, even though it had vacated in 2008. Excluding the Steve & Barry's space and space leased on a month-to-month basis to temporary tenants, in-line occupancy falls to 71%. The loan was originally structured with a 30-year amortization schedule and has amortized by approximately 5% since last review. Moody's analysis of this loan incorporates a stressed cash flow to reflect our concerns about the current weak retail environment and the potential impact of GGP's bankruptcy on property performance. Moody's analysis also reflects the elimination of certain tranching benefits associated with the nature of the collateral and the sponsorship and management of the mall. Moody's stressed DSCR is 1.44X compared to 1.46X at last review. Moody's current underlying rating is Baa2 compared to A3 at last review.

The third loan with an underlying rating is the Deerbrook Mall Loan ($73.3 million -- 3.3%), which is secured by the borrower's interest in a 1.2 million square foot regional mall located in the suburban Houston suburb of Humble, Texas. The loan, which matured in March 2009, was transferred to special servicing in March due to maturity default and is included in GGP's bankruptcy filing. Based on Moody's value of the property, we do not currently anticipate a loss on this loan. Anchors include Dillard's, Macy's, Sears and J.C. Penney, none of which are part of the collateral. As of January 2009 the in-line space was 93% occupied, compared to 96% at last review. Excluding space leased on a month-to-month basis to temporary tenants, inline occupancy falls to 87%. The loan was originally structured with a 25-year amortization schedule and has amortized by approximately 7% since last review. Moody's analysis of this loan incorporates a stressed cash flow to reflect our concerns about the current weak retail environment and the potential impact of GGP's bankruptcy on property performance. Moody's analysis also reflects the elimination of certain tranching benefits associated with the nature of the collateral and the sponsorship and management of the mall. Moody's stressed DSCR is 1.66X compared to 1.51X at last review. Moody's current underlying rating is Baa1, the same as at last review.

The fourth loan with an underlying rating is the Water Tower Place Loan ($53.6 million -- 2.2%), which represents a 30% interest in a $170.8 million first mortgage loan. The loan is secured by an eight-story mixed use property located on North Michigan Avenue in downtown Chicago, Illinois. The loan sponsor is GGP. The property is not part of GGP's bankruptcy filing; however, the loan is on the master servicer's watchlist due to GGP's sponsorship. The property 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 Macy's, which leases 35% of the NRA through January 2016. As of September 2008, the in-line space was 84% occupied compared to 95% at last review. The loan was originally structured with a 30-year amortization schedule and has amortized by approximately 4% since last review. Moody's analysis of this loan incorporates a stressed cash flow to reflect our concerns about the current weak retail environment and the potential impact of GGP's bankruptcy on property performance. Moody's analysis also reflects the elimination of certain tranching benefits associated with the nature of the collateral and the sponsorship and management of the mall. Moody's stressed DSCR is 1.38X, the same as at last review. Moody's current underlying rating is A2, the same as at last review.

The fifth loan with an underlying rating is the 222 East 41st Street Loan ($10.0 -- 0.5%), which is secured by the borrower's interest in a leased fee land parcel in the Grand Central submarket in New York City. The land is improved with a 371,000 square foot office building constructed in 1999 and leased to the Jones Day Law firm. Moody's stressed DSCR is 1.20X compared to 1.18X at last review. Moody's current underlying rating is Aa2, the same as at last review.

The three largest non-defeased conduit loans comprise 10.5% of the pool. The largest loan is the Aegon Center Loan ($108.4 million - 4.9%), which is secured by a 634,000 square foot Class A office building located in downtown Louisville, Kentucky. The property was 94% leased as of January 2009 compared to 96% at last review. Major tenants include Aegon N.V. (Moody's senior unsecured rating A3 - negative outlook; 41% of NRA; lease expiration December 2012), Frost Brown Todd (18% of NRA; lease expiration April 2015) and Stites and Harbison (13% of NRA; lease expiration May 2014). The loan was structured with an initial 60-month interest only period. Moody's LTV is 99% compared to 96% at last review. Moody's stressed DSCR is 1.03X compared to 1.02X at last review.

The second largest loan is the 180 North LaSalle Loan ($61.8 million -- 2.8%), which is secured by a 766,000 square foot office building located in the East Loop submarket of Chicago, Illinois. The property was 86% leased as of February 2009 compared to 80% at last review. Major tenants include Accenture (22% of NRA; lease expiration July 2015), Performics (8% of NRA; lease expiration April 2015), and Schwartz, Cooper, Greenberger & Kraus (7% of NRA; lease expiration August 2014). Performance has been stable. Moody's LTV is 92% compared to 93% at last review. Moody's stressed DSCR is 1.08X compared to 1.07X at last review.

The third largest loan is the New Roc City Loan ($61.2 million -- 2.8%), which is secured by a 446,000 square foot lifestyle retail center in New Rochelle, New York. The property was 91% occupied as of June 2008 compared to 98% at last review. Performance has declined with the fall in overall occupancy. Moody's LTV is 88% compared to 82% at last review. Moody's stressed DSCR is 1.20X compared to 1.28X at last review.

Moody's rating action is as follows:

-Class A-3, $42,173,329, affirmed at Aaa; previously affirmed at Aaa on 3/1/2007

-Class A-4, $296,000,000, affirmed at Aaa; previously affirmed at Aaa on 3/1/2007

-Class A-5, $381,830,000, affirmed at Aaa; previously affirmed at Aaa on 3/1/2007

-Class A-6, $100,000,000, affirmed at Aaa; previously affirmed at Aaa on 3/1/2007

-Class A-7, $1,005,555,000, affirmed at Aaa; previously affirmed at Aaa on 3/1/2007

-Class XC, Notional, affirmed at Aaa ; previously affirmed at Aaa on 3/1/2007

-Class XP, Notional, affirmed at Aaa; previously affirmed at Aaa on 3/1/2007

-Class B, $61,802,000, affirmed at Aaa; previously upgraded to Aaa from Aa2 on 3/1/2007

-Class C, $26,021,000, upgraded to Aaa from Aa1; previously upgraded to Aa1 from Aa2 on 12/20/2007

-Class D, $52,043,000, upgraded to Aa3 from A1; previously upgraded to A1 from A2 on 3/1/2007

-Class E, $32,527,000, upgraded to A2 from A3; previously affirmed at A3 on 3/1/2007

-Class F, $32,527,000, affirmed at Baa1; previously affirmed at Baa1 on 3/1/2007

-Class G, $26,022,000, affirmed at Baa2; previously affirmed at Baa2 on 3/1/2007

-Class H, $39,032,000, affirmed at Baa3; previously affirmed at Baa3 on 3/1/2007

-Class J, $6,505,000, affirmed at Ba1; previously affirmed at Ba1 on 3/1/2007

-Class K, $13,011,000, affirmed at Ba2; previously affirmed at Ba2 on 3/1/2007

-Class L, $13,011,000, affirmed at Ba3; previously affirmed at Ba3 on 3/1/2007

-Class M, $9,758,000, affirmed at B1; previously affirmed at B1 on 3/1/2007

-Class N, $9,758,000, affirmed at B2; previously affirmed at B2 on 3/1/2007

-Class O, $6,506,000, affirmed at B3; previously affirmed at B3 on 3/1/2007

Moody's monitors transactions on both a monthly basis through two sets of quantitative tools: MOST® (Moody's Surveillance Trends) and CMM on Trepp, and a periodic basis through a full review. Moody's prior full review is summarized in a press release dated March 1, 2007. Class C was upgraded after the full review based on a Q-Tools portfolio review on December 20, 2007.

The principal methodology used in rating and monitoring this transaction is "CMBS: Moody's Approach to Rating Fusion Transactions" dated April 19, 2005, which can be found at www.moodys.com in the Credit Policy & Methodologies directory, in the Ratings Methodologies subdirectory. Other methodologies and factors that may have been considered in the process of rating this issue can also be found in the Credit Policy & Methodologies directory.

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

New York
Michael M. Gerdes
Senior Vice President
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's Affirms 17 and Upgrades Three Classes of GCCFC 2004-GG1
No Related Data.
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