Moody's Upgrades Five Classes of Greenwich Capital Commercial Funding Corp., Series 2003-C2
Approximately $1.6 Billion of Structured Securities Affected
New York, July 23, 2007 -- Moody's Investors Service upgraded the ratings of five classes and affirmed
the ratings of 14 classes of Greenwich Capital Commercial Funding Corp.,
Commercial Mortgage Pass-Through Certificates, Series 2003-C2
as follows:
-Class A-1, $55,099,966,
affirmed at Aaa
-Class A-2, $269,542,000,
affirmed at Aaa
-Class A-3, $460,942,000,
affirmed at Aaa
-Class A-4, $565,453,000,
affirmed at Aaa
-Class XC, Notional, affirmed at Aaa
-Class XP, Notional, affirmed at Aaa
-Class B, $52,075,000, affirmed
at Aaa
-Class C, $21,697,000, upgraded
to Aaa from Aa2
-Class D, $43,396,000, upgraded
to Aa2 from A1
-Class E, $15,189,000, upgraded
to Aa3 from A2
-Class F, $23,867,000, upgraded
to A2 from Baa1
-Class G, $26,038,000, upgraded
to Baa1 from Baa2
-Class H, $26,037,000, affirmed
at Baa3
-Class J, $23,868,000, affirmed
at Ba1
-Class K, $17,358,000, affirmed
at Ba2
-Class L, 10,849,000, affirmed at Ba3
-Class M, $10,849,000, affirmed
at B1
-Class N, $10,848,000, affirmed
at B2
-Class O, $6,510,000, affirmed at
B3
As of the July 9, 2007 distribution date, the transaction's
aggregate certificate balance has decreased by approximately 3.7%
to $1.67 billion from $1.74 billion at securitization.
The Certificates are collateralized by 80 loans, ranging in size
from less than 1.0% to 7.2% of the pool,
with the top 10 loans representing 47.6% of the pool.
The pool includes one shadow rated loan, representing 7.2%
of the pool. Sixteen loans, representing 28.7%
of the pool, have defeased and have been replaced with U.S.
Government securities. The pool has not realized any losses since
securitization. Three loans, representing 0.7%
of the pool, are in special servicing. Moody's is estimating
$1.8 million of losses from all of the specially serviced
loans. Eight loans, representing 8.3% of the
pool, are on the master servicer's watchlist.
Moody's was provided with full- and partial-year 2006 operating
results for 63.0% and 94.0%, respectively,
of the pool. Moody's weighted average loan to value ratio
("LTV") for the conduit component is 88.0%,
compared to 89.7% at last review and compared to 91.2%
at securitization. Moody's is upgrading Classes C, D,
E, F and G due to defeasance and stable overall pool performance.
The shadow rated loan is the U.S. Bank Tower Loan ($120.2
million -- 7.2%), which represents a 48.1%
pari passu interest in a $250.0 million first mortgage loan.
There is also $10 million of subordinate note held outside the
trust. The loan is secured by a 73-story, 1.4
million square foot Class A office building located in Los Angeles,
California. The property also includes 43,000 square feet
of retail space and 1,395 parking spaces. The loan matures
in July 2013 and is interest only for its entire term. Moody's
current shadow rating is Baa3, the same as at securitization.
The top three conduit loans represent 14.6% of the pool.
The largest conduit loan is the Broadway Mall Loan ($92.9
million -- 5.6%), which is secured by a 1.1
million square foot regional mall located 27 miles east of New York City
in Hicksville (Nassau County), New York. Moody's LTV
is 91.8%, compared to 91.7% at last
review and compared to 93.1% at securitization.
The second largest conduit loan is the Pinnacle Building Loan ($86.1
million -- 5.1%), which is secured by a 393,000
square foot Class A office building located in Burbank, California.
The loan matures in December 2013 and is interest only for its entire
term. Moody's LTV is 75.5%, compared
to 78.4% at last review and compared to 75.5%
at securitization.
The third largest conduit loan is the 150 Fifth Avenue Loan ($66.0
million -- 3.9%), which is secured by a 209,683
square foot office building located in New York City. Moody's
LTV is 95.5%, essentially the same as at securitization.
New York
Pamela Dent
Senior Vice President
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653
New York
Stewart Rubin
VP - Senior Credit Officer
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653