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Rating Action:

Moody's Downgrades Two Classes of Greenwich Capital Commercial Funding Corp., Series 2006-GG7

30 May 2008
Moody's Downgrades Two Classes of Greenwich Capital Commercial Funding Corp., Series 2006-GG7

Approximately $3.5 Billion of Structured Securities Affected

New York, May 30, 2008 -- Moody's Investors Service downgraded the ratings of two classes and affirmed the ratings of 22 classes of Greenwich Capital Commercial Funding Corp. Commercial Mortgage Trust, Series 2006-GG7 as follows:

-Class A-1, $57,413,791, affirmed at Aaa

-Class A-2, $260,782,000, affirmed at Aaa

-Class A-3, $101,915,000, affirmed at Aaa

-Class A-AB, $125,000,000, affirmed at Aaa

-Class A-4, $1,845,339,000, affirmed at Aaa

-Class A-1-A, $95,000,359, affirmed at Aaa

-Class A-M, $361,165,000, affirmed at Aaa

-Class A-J, $261,845,000, affirmed at Aaa

-Class X, Notional, affirmed at Aaa

-Class B, $27,088,000, affirmed at Aa1

-Class C, $54,175,000, affirmed at Aa2

-Class D, $27,087,000, affirmed at Aa3

-Class E, $22,573,000, affirmed at A1

-Class F, $45,146,000, affirmed at A2

-Class G, $31,602,000, affirmed at A3

-Class H, $45,145,000, affirmed at Baa1

-Class J, $40,632,000, affirmed at Baa2

-Class K, $36,116,000 affirmed at Baa3

-Class L, $13,544,000, affirmed at Ba1

-Class M, $18,058,000, affirmed at Ba2

-Class N, $18,058,000, affirmed at Ba3

-Class O, $4,515,000, affirmed at B2

-Class P, $13,544,000, downgraded to Caa1 from B3

-Class Q, $9,029,000, downgraded to Caa2 from Caa1

Moody's is downgrading Classes P and Q due to Moody's increased projection of losses from specially serviced loans.

As of the May 12, 2008 distribution date, the transaction's aggregate certificate balance has decreased by approximately 1.2% to $3.57 billion from $3.61 billion at securitization. The Certificates are collateralized by 134 mortgage loans ranging in size from less than 1.0% to 7.0% of the pool, with the top 10 loans representing 44.5% of the pool. The transaction includes one loan with an investment grade underlying rating, representing 5.6% of the pool.

No loans have been liquidated from the pool. Currently there are four loans, representing 3.8% of the pool, in special servicing. The largest specially serviced loan is the West Oaks Mall Loan ($81.3 million -- 2.3%), which is secured by a 507,000 square foot shopping center located in Houston, Texas. The sponsor has filed a voluntary petition for reorganization under Chapter 11 of the U.S. Bankruptcy Code and the center is being managed under the control of a bankruptcy trustee. The center competes against two dominant malls as well as a newly constructed upscale factory outlet retail center. As of December 2007, in-line occupancy was 79.0% compared to 86.6% at securitization. Moody's is estimating significant losses from the four specially serviced loans.

Nineteen loans representing 15.2% of the pool are on the master servicer's watchlist. The master servicer's watchlist includes loans which meet certain portfolio review guidelines established as part of the 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. Not all loans on the watchlist are delinquent or have significant issues.

Moody's was provided with year-end 2006 and 2007 operating results for 98.0% and 48.9% of the pool, respectively. Moody's loan to value ("LTV") ratio is 106.3% compared to 109.9% at Moody's last full review in January 2008 and 103.8% at securitization.

The loan with an underlying rating is the One New York Plaza Loan ($200.0 million -- 5.6%), which is secured by a 2,417,000 square foot, 50-story, Class A office building located in downtown Manhattan. The property was 99.0% leased as of December 2007 compared to 95% at securitization. Major tenants include Wachovia Securities (Moody's senior unsecured rating of parent, Wachovia Bank N.A. is Aa1, negative outlook; 54.1% NRA; lease expiration December 2014), The Goldman Sachs Group (Moody's senior unsecured rating Aa3, stable outlook; 23.1% NRA; lease expiration September 2009 and December 2010) and Fried Frank Harris (15.9% NRA; lease expiration February 2024). Moody's current underlying rating is Baa2, the same as at last review.

The top three conduit loans represent 17.6% of the pool. The largest conduit loan is the Investcorp Retail Portfolio Loan ($248.4 million -- 7.0%), which represents a pari passu interest in a $312.2 million loan. The loan is secured by 29 retail properties totaling 2,798,308 square feet. The properties are located in Houston (15), Dallas (11) and San Antonio (3). The portfolio was 86.0% occupied as of December 2007 compared to 93.0% at securitization. Moody's LTV is 109.6%, the same as at last review.

The second largest conduit loan is the J.P. Morgan International Plaza I & II Loan ($190.6 million -- 5.3%), which is secured by two office buildings totaling 756,900 square feet and located in Farmers Branch, Texas. The buildings are 100.0% leased to J.P. Morgan Chase (Moody's senior unsecured rating of parent, J.P. Morgan & Incorporated, is Aa2, stable outlook) through February 2018. Moody's LTV is 114.2%, the same as at last review.

The third largest conduit loan is the 55 Corporate Drive Loan ($190.0 million -- 5.3%), which is secured by a three-building, 669,700 square foot office complex located in Bridgewater, New Jersey. The property is 100.0% leased to Aventis Inc. (Moody's senior unsecured rating of parent, Sanofi-Avenis, is A1, positive outlook) through November 2023. Moody's LTV is 107.7%, the same as at securitization.

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

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

No Related Data.
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