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Rating Action:

Moody's Affirms Two Classes of GCCFC 2007-GG9

06 Sep 2019

Approximately $36.6 million of structured securities affected

New York, September 06, 2019 -- Moody's Investors Service, ("Moody's") has affirmed the ratings on two classes in Greenwich Capital Commercial Funding Corp., 2007-GG9, Commercial Pass-Through Certificates, Series 2007-GG9 as follows

Cl. A-J, Affirmed Caa2 (sf); previously on Apr 20, 2018 Affirmed Caa2 (sf)

Cl. X*, Affirmed C (sf); previously on Apr 20, 2018 Affirmed C (sf)

* Reflects Interest Only Classes

RATINGS RATIONALE

The rating on Class A-J was affirmed because the rating is consistent with Moody's expected loss plus realized losses. Cl. A-J has already experienced a 5.5% realized loss as a result of previously liquidated loans.

The rating on the IO class, Class X, was affirmed based on the credit quality of the referenced classes.

Moody's rating action reflects a base expected loss of 71.9% of the current pooled balance, compared to 82.3% at Moody's last review. Moody's base expected loss plus realized losses is now 12.1% of the original pooled balance, compared to 12.4% at the 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.

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

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 an improvement in pool performance.

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

METHODOLOGY UNDERLYING THE RATING ACTION

The principal methodology used in these ratings except for the interest only class was "Moody's Approach to Rating Large Loan and Single Asset/Single Borrower CMBS" published in July 2017. The methodologies used in rating the interest only class were "Moody's Approach to Rating Large Loan and Single Asset/Single Borrower CMBS" published in July 2017 and "Moody's Approach to Rating Structured Finance Interest-Only (IO) Securities" published in February 2019. Please see the Rating Methodologies page on www.moodys.com for a copy of these methodologies.

Moody's analysis incorporated a loss and recovery approach in rating the P&I classes in this deal since 100% of the pool is in special servicing. In this approach, Moody's determines a probability of default for each specially serviced loan that it expects will generate a loss and estimates a loss given default based on a review of broker's opinions of value (if available), other information from the special servicer, available market data and Moody's internal data. The loss given default for each loan also takes into consideration repayment of servicer advances to date, estimated future advances and closing costs. Translating the probability of default and loss given default into an expected loss estimate, Moody's then applies the aggregate loss from specially serviced loans and the recovery as a paydown of the principal.

DEAL PERFORMANCE

As of the August 12, 2019 distribution date, the transaction's aggregate certificate balance has decreased by 99% to $36.6 million from $6.58 billion at securitization. The certificates are collateralized by three mortgage loans, all of which are in special servicing and real estate owned (REO).

Seventy-four loans have been liquidated from the pool, resulting in an aggregate realized loss of $771 million.

The largest specially serviced loan is the Verizon Wireless Center ($21.2 million -- 57.8% of the pool), which is secured by a 197,000 SF office property located in Albuquerque, New Mexico. Although the building is fully leased to Verizon through December 2020, the tenant is in the process of vacating the property. As of July 2019, a small collection of employees remain in place as part of a bi-lingual call center for Verizon. The loan transferred to the special servicer for imminent default in February 2017 and became REO in May 2018.

The second largest specially serviced loan is the 126-130 Main Street ($9.8 million -- 26.9% of the pool), which is secured by two mixed-use buildings in downtown New Canaan, Connecticut, located eight miles north of downtown Stamford. The first building is a three-story, 17,000 SF Class B office building featuring ground floor retail, originally built in the 1920's. The second property is an approximately 1,700 SF, two-story building originally built in 1850 and later renovated for retail use. The special servicer indicated a recently signed lease for approximately 6,000 SF would increase occupancy to 100%, as compared to 70% in January 2019. The loan transferred to the special servicer for imminent default in October 2016 and became REO in May 2018. The special servicer indicated the property failed to sell at a May 2019 auction.

The third largest specially serviced loan is the Chapel Ridge Shopping Center ($5.6 million -- 15.3% of the pool), which is secured by a 61,683 SF power center located in Fort Wayne, Indiana. The property is shadow anchored by Walmart and Kohl's. The property is currently 100% vacant following departures of all three tenants, Marshall's, Office Depot, and Mattress Firm, between November 2016 and January 2017. The loan transferred to the special servicer for maturity default in January 2017 and became REO in July 2019.

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.

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, category/class of debt or security this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series, category/class of debt, security 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 credit rating action on the support provider and in relation to each particular credit 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 credit rating action, and whose ratings may change as a result of this credit 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.

Rhett Terrell
Associate Lead Analyst
Structured Finance Group
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653

Matthew Halpern
VP-Sr Credit Officer
Structured Finance Group
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653

Releasing Office:
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 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.

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