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Rating Action:

Moody's Affirms Ten Classes and Downgrades Five CMBS Classes of GCCFC 2003-C2

20 Dec 2012

Approximately $856.6 Million of Structured Securities Affected

New York, December 20, 2012 -- Moody's Investors Service affirmed the ratings of ten classes and downgraded five classes of Greenwich Capital Commercial Funding Corporation, Commercial Mortgage Pass-Through Certificates, Series 2003-C2 as follows:

Cl. A-4, Affirmed at Aaa (sf); previously on Jan 14, 2004 Definitive Rating Assigned Aaa (sf)

Cl. B, Affirmed at Aaa (sf); previously on Aug 17, 2006 Upgraded to Aaa (sf)

Cl. C, Affirmed at Aaa (sf); previously on Jul 23, 2007 Upgraded to Aaa (sf)

Cl. D, Affirmed at Aa1 (sf); previously on Sep 25, 2008 Upgraded to Aa1 (sf)

Cl. E, Affirmed at Aa3 (sf); previously on Jul 23, 2007 Upgraded to Aa3 (sf)

Cl. F, Affirmed at A2 (sf); previously on Jul 23, 2007 Upgraded to A2 (sf)

Cl. G, Affirmed at Baa1 (sf); previously on Jul 23, 2007 Upgraded to Baa1 (sf)

Cl. H, Affirmed at Ba1 (sf); previously on Jan 6, 2012 Downgraded to Ba1 (sf)

Cl. J, Downgraded to B3 (sf); previously on Jan 6, 2012 Downgraded to B1 (sf)

Cl. K, Downgraded to Caa2 (sf); previously on Jan 6, 2012 Downgraded to B3 (sf)

Cl. L, Downgraded to Ca (sf); previously on Jan 6, 2012 Downgraded to Caa2 (sf)

Cl. M, Downgraded to C (sf); previously on Jan 6, 2012 Downgraded to Caa3 (sf)

Cl. N, Downgraded to C (sf); previously on Feb 3, 2011 Downgraded to Ca (sf)

Cl. O, Affirmed at C (sf); previously on Feb 3, 2011 Downgraded to C (sf)

Cl. XC, Affirmed at Ba3 (sf); previously on Feb 22, 2012 Downgraded to Ba3 (sf)

RATINGS RATIONALE

The affirmations of the principal classes are due to key parameters, including Moody's loan to value (LTV) ratio, Moody's stressed debt service coverage ratio (DSCR) and the Herfindahl Index (Herf), remaining within acceptable ranges. Based on our current base expected loss, the credit enhancement levels for the affirmed classes are sufficient to maintain their current ratings. The IO Class, Class XC, is affirmed due to the credit quality of its referenced classes.

The downgrades are due to realized and anticipated losses from specially serviced and troubled loans and the potential for additional interest shortfalls from loans in special servicing.

Moody's rating action reflects a cumulative base expected loss of 8.2% of the current balance compared to 7.1% at last review. The Moody's base plus realized losses totals 5.3% of the original balance compared to 5.1% at last review. Moody's provides a current list of base expected losses for conduit and fusion CMBS transactions on moodys.com at http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF215255. Depending on the timing of loan payoffs and the severity and timing of losses from specially serviced loans, the credit enhancement level for investment grade classes could decline below the current levels. If future performance materially declines, the expected level of credit enhancement and the priority in the cash flow waterfall may be insufficient for the current ratings of these classes.

Moody's analysis reflects a forward-looking view of the likely range of collateral performance over the medium term. From time to time, Moody's may, if warranted, change these expectations. Performance that falls outside an acceptable range of the key parameters may indicate that the collateral's credit quality is stronger or weaker than Moody's had anticipated during the current review. Even so, deviation from the expected range will not necessarily result in a rating action. There may be mitigating or offsetting factors to an improvement or decline in collateral performance, such as increased subordination levels due to amortization and loan payoffs or a decline in subordination due to realized losses.

Primary sources of assumption uncertainty are the extent of growth in the current macroeconomic environment given the weak pace of recovery and commercial real estate property markets. Commercial real estate property values are continuing to move in a modestly positive direction along with a rise in investment activity and stabilization in core property type performance. Limited new construction and moderate job growth have aided this improvement. However, a consistent upward trend will not be evident until the volume of investment activity steadily increases for a significant period, non-performing properties are cleared from the pipeline, and fears of a Euro area recession are abated.

The hotel sector is performing strongly with nine straight quarters of growth and the multifamily sector continues to show increases in demand with a growing renter base and declining home ownership. Recovery in the office sector continues at a measured pace with minimal additions to supply. However, office demand is closely tied to employment, where growth remains slow and employers are considering decreases in the leased space per employee. Also, primary urban markets are outperforming secondary suburban markets. Performance in the retail sector continues to be mixed with retail rents declining for the past four years, weak demand for new space and lackluster sales driven by internet sales growth. Across all property sectors, the availability of debt capital continues to improve with robust securitization activity of commercial real estate loans supported by a monetary policy of low interest rates.

Moody's central global macroeconomic scenario is for continued below-trend growth in US GDP over the near term, with consumer spending remaining soft in the US. Hurricane Sandy may skew near-term economic data but is unlikely to have any long-term macroeconomic effects. Primary downside risks include: a deeper than expected recession in the euro area accompanied by deeper credit contraction; the potential for a hard landing in major emerging markets, including China, India and Brazil; an oil supply shock; albeit abated in recent months; and given recent political gridlock, excessive fiscal tightening in the US in 2013 leading the US into recession. However, the Federal Reserve has shown signs of support for activity by continuing with quantitative easing.

The methodologies used in this rating were "Moody's Approach to Rating U.S. CMBS Conduit Transactions" published in September 2000, "Moody's Approach to Rating CMBS Large Loan/Single Borrower Transactions" published in July 2000, and "Moody's Approach to Rating Structured Finance Interest-Only Securities" published in February 2012. Please see the Credit Policy page on www.moodys.com for a copy of these methodologies.

Moody's review incorporated the use of the excel-based CMBS Conduit Model v 2.61 which is used for both conduit and fusion transactions. Conduit model results at the Aa2 (sf) level are driven by property type, Moody's actual and stressed DSCR, and Moody's property quality grade (which reflects the capitalization rate used by Moody's to estimate Moody's value). Conduit model results at the B2 (sf) level are driven by a pay down analysis based on the individual loan level Moody's LTV ratio. Moody's Herfindahl score (Herf), a measure of loan level diversity, is a primary determinant of pool level diversity and has a greater impact on senior certificates. Other concentrations and correlations may be considered in our analysis. Based on the model pooled credit enhancement levels at Aa2 (sf) and B2 (sf), the remaining conduit classes are either interpolated between these two data points or determined based on a multiple or ratio of either of these two data points. For fusion deals, the credit enhancement for loans with investment-grade credit assessments is melded with the conduit model credit enhancement into an overall model result. Fusion loan credit enhancement is based on the underlying credit assessment of the loan which corresponds to a range of credit enhancement levels. Actual fusion credit enhancement levels are selected based on loan level diversity, pool leverage and other concentrations and correlations within the pool. Negative pooling, or adding credit enhancement at the underlying rating level, is incorporated for loans with similar credit assessments in the same transaction.

Moody's review also incorporated the CMBS IO calculator ver1.1 which uses the following inputs to calculate the proposed IO rating based on the published methodology: original and current bond ratings and credit estimates; original and current bond balances grossed up for losses for all bonds the IO(s) reference(s) within the transaction; and IO type corresponding to an IO type as defined in the published methodology. The calculator then returns a calculated IO rating based on both a target and mid-point. For example, a target rating basis for a Baa3 (sf) rating is a 610 rating factor. The midpoint rating basis for a Baa3 (sf) rating is 775 (i.e. the simple average of a Baa3 (sf) rating factor of 610 and a Ba1 (sf) rating factor of 940). If the calculated IO rating factor is 700, the CMBS IO calculator ver1.1 would provide both a Baa3 (sf) and Ba1 (sf) IO indication for consideration by the rating committee.

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 risk of multiple notch downgrades under adverse circumstances. The credit neutral Herf score is 40. The pool has a Herf of 10 compared to 15 at last review.

In cases where the Herf falls below 20, Moody's also employs the large loan/single borrower methodology. This methodology uses the excel-based Large Loan Model v. 8.5 and then reconciles and weights the results from the two models in formulating a rating recommendation. The large loan model derives credit enhancement levels based on an aggregation of adjusted loan level proceeds derived from Moody's loan level LTV ratios. Major adjustments to determining proceeds include leverage, loan structure, property type and sponsorship. These aggregated proceeds are then further adjusted for any pooling benefits associated with loan level diversity, other concentrations and correlations.

Moody's ratings are determined by a committee process that considers both quantitative and qualitative factors. Therefore, the rating outcome may differ from the model output.

The rating action is a result of Moody's on-going surveillance of commercial mortgage backed securities (CMBS) transactions. Moody's monitors transactions on a monthly basis through a review utilizing MOST® (Moody's Surveillance Trends) Reports and a proprietary program that highlights significant credit changes that have occurred in the last month as well as cumulative changes since the last full transaction review. On a periodic basis, Moody's also performs a full transaction review that involves a rating committee and a press release. Moody's prior transaction review is summarized in a press release dated January 6, 2012. Please see the ratings tab on the issuer / entity page on moodys.com for the last rating action and the ratings history.

DEAL PERFORMANCE

As of the December 07, 2012 distribution date, the transaction's aggregate certificate balance has decreased 51% to $856.6 million from $1.7 billion at securitization. The Certificates are collateralized by 53 mortgage loans ranging in size from less than 1% to 46% of the pool. There are 16 defeased loans, representing 37% of the pool, that are backed by U.S. government securities. There are no loans with an investment grade credit assessment.

There are presently eight loans, representing 17% of the pool, on the master servicer's watchlist. The watchlist includes loans which meet certain portfolio review guidelines established as part of the CRE Finance Council (CREFC) 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.

Eight loans have been liquidated from the pool since securitization, resulting in an aggregate $22.0 million loss (19.9% loss severity on average). Currently four loans, representing 20% of the pool, are in special servicing. The largest specially serviced loan is the US Bank Loan ($120.2 million -- 14.0% of the pool), which represents the borrower's pari-passu interest in a $250 first mortgage. There is also a $10.0 million B note which is held outside of the trust. The loan is secured by a 1.4 million square foot (SF) office tower and accompanying parking garage located in downtown Los Angeles, California. The property was 55% leased as of September 2012 and was recently transferred to special servicing.

The remaining three specially serviced properties are secured by a mix of property types. Moody's estimates an aggregate $50.2 million loss for the specially serviced loans (29% expected loss on average).

Moody's was provided with full year 2011 and partial year 2012 operating results for 100% and 95% of the performing pool, respectively. Excluding specially serviced loans, Moody's weighted average conduit LTV is 96% compared to 99% at last review. Moody's net cash flow reflects a weighted average haircut of 11.6% to the most recently available net operating income. Moody's value reflects a weighted average capitalization rate of 9.9%.

Excluding specially serviced loans, Moody's actual and stressed conduit DSCRs are 1.24X and 1.18X, respectively, compared to 1.47X and 1.12X, respectively, at last full 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.

The top three performing conduit loans represent 17.6% of the pool balance. The largest conduit loan is the Broadway Mall Loan ($84.8 million -- 9.9% of the pool), which is secured by the borrower's interest in a 1.1 million SF regional mall located in Hicksville, New York. The property was 90% leased as of September 2012 compared to 89% at last review. The center is anchored by Macy's, IKEA and Target. The loan is currently on the master servicer's watchlist due to a decrease in DSCR. Moody's LTV and stressed DSCR are 122% and 0.89X, respectively, compared 126% and 1.0.86X at last review.

The second largest loan is the Generation Company Hotel Portfolio Loan ($33.2 million -- 3.9% of the pool), which is secured by the borrower's interest in a nine property portfolio of Candlewood and Suburban Lodge hotels in Virginia and North Carolina. These hotels were 71% occupied as of September 2012 compared to 74% at last review. Financial performance declined between 2010 and 2011 but year-to-date financial reports through September 2012 suggest improvement. Moody's LTV and stressed DSCR are 94% and 1.38X, respectively, compared to 93% and 1.39X at last review.

The third largest loan is the Sand Creek Crossing retail Loan ($32.5 million -- 3.8% of the pool), which is secured by a 240,753 SF strip retail center located in Brentwood, California. The property was 97% leased as of September 2012 compared to 93% at last review. The three largest tenants are Raley's Supermarket, Ross Dress for Less and TJ Maxx. All three tenants have long-term leases in place. Moody's LTV and stressed DSCR are 112% and 0.92X respectively, compared to 110% and 0.93X at last review.

REGULATORY DISCLOSURES

The Global Scale Credit Ratings on this press release that are issued by one of Moody's affiliates outside the EU are endorsed by Moody's Investors Service Ltd., One Canada Square, Canary Wharf, London E 14 5FA, UK, in accordance with Art.4 paragraph 3 of the Regulation (EC) No 1060/2009 on Credit Rating Agencies. Further information on the EU endorsement status and on the Moody's office that has issued a particular Credit Rating is available on www.moodys.com.

For ratings issued on a program, series or category/class of debt, this announcement provides relevant regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides relevant regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides relevant regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

Information sources used to prepare the rating are the following: parties involved in the ratings, parties not involved in the ratings, public information, confidential and proprietary Moody's Investors Service information, and confidential and proprietary Moody's Analytics information.

Moody's did not receive or take into account a third-party assessment on the due diligence performed regarding the underlying assets or financial instruments related to the monitoring of this transaction in the past six months.

Moody's considers the quality of information available on the rated entity, obligation or credit satisfactory for the purposes of issuing a rating.

Moody's adopts all necessary measures so that the information it uses in assigning a 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.

Please see the ratings disclosure page on www.moodys.com for general disclosure on potential conflicts of interests.

Please see the ratings disclosure page on www.moodys.com for information on (A) MCO's major shareholders (above 5%) and for (B) further information regarding certain affiliations that may exist between directors of MCO and rated entities as well as (C) the names of entities that hold ratings from MIS that have also publicly reported to the SEC an ownership interest in MCO of more than 5%. A member of the board of directors of this rated entity may also be a member of the board of directors of a shareholder of Moody's Corporation; however, Moody's has not independently verified this matter.

Please see Moody's Rating Symbols and Definitions on the Rating Process page on www.moodys.com for further information on the meaning of each rating category and the definition of default and recovery.

Please see ratings tab on the issuer/entity page on www.moodys.com for the last rating action and the rating history.

The date on which some ratings were first released goes back to a time before Moody's ratings were fully digitized and accurate data may not be available. Consequently, Moody's provides a date that it believes is the most reliable and accurate based on the information that is available to it. Please see the ratings disclosure page on our website www.moodys.com for further information.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Gregory Reed
Vice President - Senior Analyst
Structured Finance Group
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Keith Banhazl
VP - Senior Credit Officer
Structured Finance Group
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Releasing Office:
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's Affirms Ten Classes and Downgrades Five CMBS Classes of GCCFC 2003-C2
No Related Data.
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