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Rating Action:

Moody's Affirms Ten and Downgrades One Class of GCCFC 2004-GG1

04 Jun 2014

Approximately $186.7 Million of Structured Securities Affected

New York, June 04, 2014 -- Moody's Investors Service has affirmed the ratings on ten classes and downgraded the rating on one class in Greenwich Capital Commercial Funding Corp., Commercial Mortgage Trust 2004-GG1 as follows:

Cl. E, Affirmed A1 (sf); previously on Dec 5, 2013 Affirmed A1 (sf)

Cl. F, Affirmed Baa1 (sf); previously on Dec 5, 2013 Affirmed Baa1 (sf)

Cl. G, Affirmed Baa3 (sf); previously on Dec 5, 2013 Affirmed Baa3 (sf)

Cl. H, Affirmed B1 (sf); previously on Dec 5, 2013 Downgraded to B1 (sf)

Cl. J, Affirmed B3 (sf); previously on Dec 5, 2013 Downgraded to B3 (sf)

Cl. K, Affirmed Caa1 (sf); previously on Dec 5, 2013 Downgraded to Caa1 (sf)

Cl. L, Affirmed Caa2 (sf); previously on Dec 5, 2013 Downgraded to Caa2 (sf)

Cl. M, Affirmed Caa3 (sf); previously on Dec 5, 2013 Downgraded to Caa3 (sf)

Cl. N, Affirmed C (sf); previously on Dec 5, 2013 Affirmed C (sf)

Cl. O, Affirmed C (sf); previously on Dec 5, 2013 Affirmed C (sf)

Cl. XC, Downgraded to Caa1 (sf); previously on Dec 5, 2013 Affirmed Ba3 (sf)

RATINGS RATIONALE

The ratings on the P&I classes E though J were affirmed because the transaction's key metrics, including Moody's loan-to-value (LTV) ratio, Moody's stressed debt service coverage ratio (DSCR) and the transaction's Herfindahl Index (Herf), are within acceptable ranges. The ratings on the P&I Classes K through O were affirmed because the ratings are consistent with Moody's expected loss.

The rating of the IO Class (Class XC) was downgraded due to the decline in the credit performance of its reference classes resulting from principal paydowns of higher quality reference classes.

Moody's rating action reflects a base expected loss of 29.6% of the current balance compared to 6.2% at Moody's last review. Moody's base expected loss plus realized losses is now 3.6% of the original pooled balance compared to 3.5% at last review. Moody's provides a current list of base expected losses for conduit and fusion CMBS transactions on moodys.com at http://v3.moodys.com/viewresearchdoc.aspx?docid=PBS_SF215255.

FACTORS THAT WOULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING:

The performance expectations for a given variable indicate Moody's forward-looking view of the likely range of performance over the medium term. Performance that falls outside the given range can indicate that the collateral's credit quality is stronger or weaker than Moody's had previously expected.

Factors that could lead to an upgrade of the ratings include a significant amount of loan paydowns or amortization, an increase in the pool's share of defeasance or an improvement in pool performance.

Factors that could lead to a downgrade of the ratings include a decline in the performance of the pool, loan concentration, an increase in realized and expected losses from specially serviced and troubled loans or interest shortfalls.

METHODOLOGY UNDERLYING THE RATING ACTION

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

DESCRIPTION OF MODELS USED

Moody's review used the excel-based CMBS Conduit Model v 2.64, which it uses 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 Moody's uses to estimate Moody's value). Conduit model results at the B2 (sf) level are based on a paydown analysis using the individual loan-level Moody's LTV ratio. Moody's may consider other concentrations and correlations in its analysis. Based on the model pooled credit enhancement levels of Aa2 (sf) and B2 (sf), the required credit enhancement on 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, Moody's merges the credit enhancement for loans with investment-grade credit assessments with the conduit model credit enhancement for an overall model result. Moody's incorporates negative pooling (adding credit enhancement at the credit assessment level) for loans with similar credit assessments in the same transaction.

Moody's uses a variation of Herf to measure the diversity of loan sizes, 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 4 compared to 15 at Moody's 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 8.7 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.

DEAL PERFORMANCE

As of the May 12, 2014 distribution date, the transaction's aggregate certificate balance has decreased by 93% to $191.9 million from $2.6 billion at securitization. The certificates are collateralized by 12 mortgage loans ranging in size from less than 1% to 43% of the pool, with the top ten loans constituting 99% of the pool.

Three loans, constituting 46% of the pool, are on the master servicer's watchlist. The watchlist includes loans that meet certain portfolio review guidelines established as part of the CRE Finance Council (CREFC) monthly reporting package. As part of Moody's ongoing monitoring of a transaction, the agency reviews the watchlist to assess which loans have material issues that could affect performance.

Sixteen loans have been liquidated at a loss from the pool, resulting in an aggregate realized loss of $37.1 million (for an average loss severity of 25%). There are currently six loans in special servicing, constituting 42% of the pool. The loans are secured by a mix of property type and three of them are already REO or in the process of foreclosure. The largest specially serviced loan is the Severance Town Center Loan ($39.7 million -- 20.7% of the pool), which is secured by a 644,501 square foot (SF) retail property located in Cleveland Heights, Ohio. Economic occupancy is 91% while physical occupancy is approximately 70% due to large tenant (Walmart) vacating but continuing to pay rent per lease obligation. The loan matured on April 1, 2014. The special servicer is in the process of appointing receiver and filing for foreclosure. Moody's estimates an aggregate $27.8 million loss for specially serviced loans (34 % expected loss on average).

Moody's has assumed a high default probability for one poorly performing loan and the B note associated with the Aegon Center Loan, constituting 13% of the pool, and has estimated an aggregate loss of $16.8 million (a 67% expected loss based on a 71% probability default) from these troubled loans.

Moody's received full year 2012 operating results for 100% of the pool, and full or partial year 2013 operating results for 97% of the pool, excluding specially serviced loans. Moody's weighted average conduit LTV is 112% compared to 88% at Moody's last review. Moody's conduit component excludes defeased, specially serviced and troubled loans. Moody's net cash flow (NCF) reflects a weighted average haircut of 10% to the most recently available net operating income (NOI). Moody's value reflects a weighted average capitalization rate of 9.7%.

Moody's actual and stressed conduit DSCRs are 1.47X and 1.07X, respectively, compared to 1.69X and 1.28X at the last review. Moody's actual DSCR is based on Moody's NCF and the loan's actual debt service. Moody's stressed DSCR is based on Moody's NCF and a 9.25% stress rate the agency applied to the loan balance.

The top three conduit loans represent 56.8% of the deal. The largest loan is the Aegon Center Loan ($103.1 million -- 53.7% of the pool), which is secured by a 759,650 SF 34-story Class A office located in Louisville, Kentucky. As of December 2013, the property was 72% leased compared to 74% at last review. The loan had been in special servicing for imminent monetary default due to Aegon's lease expiring in December 2012. The loan was modified in August 2013 and returned to the master servicer on November 7, 2013. The loan was modified into a 80/20 A/B note split, resulting in an $82 million A-note and a $21.1 million B-note and the loan maturity was extended to April 2019 from April 2014. The interest rate on the A-note was reduced to 4% from 6.415% for three years. This modification has caused significant interest shortfalls. Although the loan is current, Moody's is concerned about the refinancing risk given the property's depressed occupancy level and the fact that leases for a significant portion of the building expire around the time of the loan maturity. Moody's current LTV and stressed DSCR on the A-note are 116% and 0.91X, respectively, compared to 100% and 1.05X at last review.

The second largest loan is the Rockefeller Industrial Building Loan ($3.8 million -- 2.0% of the pool). The loan is secured by a 130,916 SF industrial property located in Ceres, California. The loan has returned to the master servicer from the special servicer on March 11th 2014 after being modified. Although, occupancy increased to 74% as of December 2013 from 39% in 2011, the loan is still poorly performing. As of December 2013 reported DSCR was only 0.12X. The loan has been recognized as a troubled loan. Moody's LTV and stressed DSCR are 145% and 0.71X, respectively.

The third largest loan is the Bangor Plaza Loan ($2.2 million -- 1.1% of the pool). The loan is secured by a 135,059 SF retail property located in Pen Argyl, Pennsylvania. As of December 2013 the property was 91% leased compared to 55% in December 2012. In 2013, Lehigh Valley Hospital leased 37% of the premises with a lease expiration on December 1, 2023. Moody's current LTV and stressed DSCR are 51% and 0.77X, respectively, compared to 49% and 2.11X at last review.

REGULATORY DISCLOSURES

For further specification of Moody's key rating assumptions and sensitivity analysis, see the sections Methodology Assumptions and Sensitivity to Assumptions of the disclosure form.

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.

The analysis includes an assessment of collateral characteristics and performance to determine the expected collateral loss or a range of expected collateral losses or cash flows to the rated instruments. As a second step, Moody's estimates expected collateral losses or cash flows using a quantitative tool that takes into account credit enhancement, loss allocation and other structural features, to derive the expected loss for each rated instrument.

Moody's did not use any stress scenario simulations in its analysis.

For ratings issued on a program, series or category/class of debt, this announcement provides certain 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 certain 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 certain 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.

For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this rating action, and whose ratings may change as a result of this rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

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.

Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.

Dariusz Surmacz
Asst Vice President - 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 - Sr Credit Officer/Manager
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 and Downgrades One Class of GCCFC 2004-GG1
No Related Data.
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