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Rating Action:

Moody's Affirms Eight and Downgrades 15 CMBS Classes of GCCF 2005-GG5

Global Credit Research - 23 Jun 2010

Approximately $4.1 Billion of Structured Securities Affected

New York, June 23, 2010 -- Moody's Investors Service (Moody's) affirmed the ratings of eight classes and downgraded 15 classes of Greenwich Capital Commercial Funding Corp. Commercial Mortgage Trust, Series 2005-GG5. The downgrades are due to higher expected losses for the pool resulting from anticipated losses from specially serviced loans, increased credit quality dispersion, and concerns about refinancing risk for loans approaching maturity in an adverse environment. Sixteen loans, representing 12% of the pool, mature within the next 24 months and have a Moody's stressed debt service coverage ratio (DSCR) less than 1.00X. The pool has experienced higher dispersion with 23% of the pool having a LTV over 120% compared to 13% at last review and 3% at securitization.

The affirmations are due to key rating parameters, including Moody's loan to value (LTV) ratio, Moody's stressed DSCR and the Herfindahl Index (Herf), remaining within acceptable ranges.

On March 25, 2010 Moody's placed 15 classes of this transaction on review for possible downgrade. This action concludes our review of this transaction. The rating action is the result of Moody's on-going surveillance of commercial mortgage backed securities (CMBS) transactions.

As of the June 11, 2010 distribution date, the transaction's aggregate certificate balance has decreased by 3% to $4.16 billion from $4.29 billion at securitization. The Certificates are collateralized by 171 mortgage loans ranging in size from less than 1% to 8% of the pool, with the top ten loans representing 42% of the pool. The pool includes two loans with investment grade underlying ratings, representing 3% of the pool. Four loans, representing 1% of the pool, have defeased and are collateralized by U.S. Government securities.

Sixty-three loans, representing 22% of the pool, are on the master servicer's watchlist. The watchlist includes loans which meet certain portfolio review guidelines established as part of CRE Finance Council (CREFC; formerly Commercial Mortgage Securities Association) 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.

Two loans have been liquidated from the pool, resulting in an aggregate $5.9 million realized loss (41% loss severity on average). Twenty nine loans, representing 22% of the pool, are currently in special servicing. The largest specially serviced loan is the Lynnhaven Mall Loan ($232.0 million -- 5.6% of the pool), which is secured by the borrower's interest in a 1.3 million square foot regional mall located in Virginia Beach, Virginia. The mall is anchored by JC Penney, Macy's and Dillard's. The loan sponsor is General Growth Properties (GGP). The loan was transferred to special servicing in April 2009 due to GGP's bankruptcy's filing but is expected to be returned to master servicer after the reorganization plan is completed. The loan's maturity has been extended to January 4, 2017. Performance has declined slightly since securitization but has been partially offset by 7% amortization. Moody's does not expect a loss from this loan. Moody's current LTV and stressed DSCR are 98% and 0.89X, respectively, compared to 96% and 0.9X at last review.

Of the remaining 28 specially serviced loans, 15 loans are either 90+ days delinquent, real estate owned (REO) or in the process of foreclosure. The servicer has recognized an aggregate $140.4 million appraisal reduction for sixteen of the specially serviced loans. Moody's estimates an aggregate $195.4 million loss for 27 of the specially serviced loans (32% expected loss on average).

In addition to recognizing losses from specially serviced loans, Moody's has assumed a high default probability on nine loans, representing 3% of the pool, due to refinancing risk or performance issue. Moody's estimates a $28.5 million aggregate expected loss for these troubled loans (24% expected loss on average based on 40% loss severity and 59% probability of default). Moody's rating action recognizes potential uncertainty around the timing and magnitude of loss from these troubled loans.

Moody's was provided with full-year 2008 and partial or full-year 2009 operating results for 99% and 52% of the pool, respectively. Excluding specially serviced and troubled loans, Moody's weighted average LTV ratio is 106% compared to 103% at Moody's prior review.

Excluding specially serviced and troubled loans, Moody's actual and stressed DSCR are 1.35X and 0.94X, respectively, compared to 1.38X and 0.97X at last review. Moody's actual DSCR is based on Moody's net cash flow (NCF) and the loan's actual debt service. Moody's stressed DSCR is based on Moody's NCF and a 9.25% stressed rate applied to the loan balance.

Moody's uses a variation of 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 has a Herf of 37, essentially the same as at last review.

The largest loan with an underlying rating is the San Francisco Centre Loan ($60.0 million - 1.4%), which represents a 50% pari passu interest in a $120.0 million first mortgage loan. The loan is secured by the borrower's leasehold interest in a 498,100 square foot retail center located in the Union Square retail area of San Francisco, California. The tenancy consists of a mix of established and trend-setting boutiques, traditional high-end mall retailers and a flagship Nordstrom and Bloomingdale, which are not part of the collateral. The center was 99% leased as of December 2009, essentially the same as at last review and securitization. Performance has been stable. The loan sponsors are the Westfield Group and Forest City. Moody's current underlying rating and stressed DSCR are Baa2 and 1.24X, respectively, the same as at last review.

The second largest loan with an underlying rating is the Imperial Valley Loan ($55.4 million - 1.3%), which is secured by the borrower's interest in an 765,000 square foot regional mall located in El Centro, California. The center is anchored by Sears, Dillard's, JC Penney and Macy's. As of March 2010, the center was 98% leased, essentially the same as at last review. Performance has been stable. Moody's current underlying rating and stressed DSCR are Baa3 and 1.30X, respectively, compared to Baa3 and 1.25X at last review.

The top three conduit loans represent 20% of the pool. The largest conduit loan is the 731 Lexington Avenue Loan ($320.0 million - 7.7%), which is secured by a 148,000 square foot multi-level retail condominium located on Lexington Avenue between East 58th and East 59th Street in New York City. The property is 100% leased, the same as last review. Major tenants include Home Depot, which occupies 53% of the premises through January 2025, H&M and the Container Store. The office component serves as the headquarters for Bloomberg LP. Performance has been stable. Moody's LTV and stressed DSCR are 99% and 0.85X, respectively, compared to 96% and 0.87X at last review.

The second largest conduit loan is the Schron Industrial Portfolio Loan ($317.5 million - 7.6%), which is secured by 36 industrial/flex facilities totaling 6.2 million square feet of space located in 14 states. The largest state concentration is Pennsylvania (19%). The largest tenant exposure is Maytag Appliances, which leases 15% of the portfolio. Performance has slightly declined since last review. Moody's LTV and stressed DSCR are 129% and 0.75X, respectively, compared to 122% and 0.80X at last review.

The third largest conduit loan is the Maryland Multifamily Portfolio Loan ($200.0 million -- 4.8%), which represents a 59% pari passu interest in a $340.0 million first mortgage loan. The loan is secured by nine multifamily properties located mostly in suburban Baltimore, Maryland. The portfolio was 93% leased as of September 2009 compared to 90% at last review. Performance has been stable. Moody's LTV and stressed DSCR are 119% and 0.80X, respectively, compared to 117% and 0.81X at last review.

Moody's rating action is as follows:

- Class A-2, $892,191,152, affirmed at Aaa; previously assigned at Aaa on 1/17/2006

- Class A-3 $65,000,000, affirmed at Aaa; previously assigned at Aaa on 1/17/2006

- Class A-4-1, $307,000,000, affirmed at Aaa; previously assigned at Aaa on 1/17/2006

- Class A-4-2, $50,000,000, affirmed at Aaa; previously assigned at Aaa on 1/17/2006

- Class A-AB, $139,000,000, affirmed at Aaa; previously assigned at Aaa on 1/17/2006

- Class A-5, $1,427,604,000, affirmed at Aaa; previously assigned at Aaa on 1/17/2006

- Class XP, Notional, affirmed at Aaa; previously assigned at Aaa on 1/17/2006

- Class XC, Notional, affirmed at Aaa; previously assigned at Aaa on 1/17/2006

- Class A-M, $429,515,000, downgraded to Aa2 from Aaa; previously placed on review for possible downgrade on 3/25/2010

-Class A-J, $300,660,000, downgraded to A3 from Aaa; previously placed on review for possible downgrade on 3/25/2010

-Class B, $96,641,000, downgraded to Baa2 from Aa2; previously placed on review for possible downgrade on 3/25/2010

-Class C, $37,583,000, downgraded to Ba1 from Aa3; previously placed on review for possible downgrade on 3/25/2010

-Class D, $80,534,000, downgraded to B2 from A2; previously placed on review for possible downgrade on 3/25/2010

-Class E, $37,582,000, downgraded to B3 from A3; previously placed on review for possible downgrade on 3/25/2010

-Class F, $53,690,000, downgraded to Caa2 from Baa1; previously placed on review for possible downgrade on 3/25/2010

-Class G, $42,951,000, downgraded to Ca from Baa2; previously placed on review for possible downgrade on 3/25/2010

-Class H, $48,321,000, downgraded to C from Baa3; previously placed on review for possible downgrade on 3/25/2010

-Class J, $21,476,000, downgraded to C from Ba1; previously placed on review for possible downgrade on 3/25/2010

-Class K, $21,475,000, downgraded to C from Ba2; previously placed on review for possible downgrade on 3/25/2010

-Class L, $21,476,000, downgraded to C from Ba3; previously placed on review for possible downgrade on 3/25/2010

-Class M, $5,369,000, downgraded to C from B1; previously placed on review for possible downgrade on 3/25/2010

-Class N, $16,107,000, downgraded to C from B2; previously placed on review for possible downgrade on 3/25/2010

-Class O, $10,738,000, downgraded to C from B3; previously placed on review for possible downgrade on 3/25/2010

Moody's monitors transactions on a monthly basis through two sets of quantitative tools -- MOST® (Moody's Surveillance Trends) and CMM (Commercial Mortgage Metrics) on Trepp -- and on a periodic basis through a comprehensive review. Moody's prior review is summarized in a press release dated August 28, 2008.

The principal methodology used in rating and monitoring this transaction is "US CMBS: Moody's Approach to Rating Fusion Transactions" published April 19, 2005, which is available on www.moodys.com in the Rating Methodologies sub-directory under the Research & Ratings tab. Other methodologies and factors that may have been considered in the process of rating this transaction can also be found in the Rating Methodologies sub-directory on Moody's website. In addition, Moody's publishes a weekly summary of structured finance credit, ratings and methodologies, available to all registered users of our website, at www.moodys.com/SFQuickCheck.

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 Eight and Downgrades 15 CMBS Classes of GCCF 2005-GG5
No Related Data.
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