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Rating Action:

Moody's Upgrades Four and Affirms Seven CMBS Classes of GECMC 2001-1

01 Sep 2011

Approximately $142.1 Million of Structured Securities Affected

New York, September 01, 2011 -- Moody's Investors Service (Moody's) upgraded the ratings of four classes and affirmed the ratings of seven classes of GE Capital Commercial Mortgage Corporation, Commercial Mortgage Pass-Through Certificates, Series 2001-1 as follows:

Cl. C, Affirmed at Aaa (sf); previously on Jul 29, 2010 Confirmed at Aaa (sf)

Cl. D, Affirmed at Aaa (sf); previously on Jan 13, 2011 Upgraded to Aaa (sf)

Cl. E, Upgraded to Aaa (sf); previously on Jan 13, 2011 Upgraded to Aa3 (sf)

Cl. F, Upgraded to Aa3 (sf); previously on Jul 29, 2010 Downgraded to Baa1 (sf)

Cl. G, Upgraded to Baa2 (sf); previously on Jul 29, 2010 Downgraded to Ba3 (sf)

Cl. H, Upgraded to Caa1 (sf); previously on Jan 13, 2011 Downgraded to Caa3 (sf)

Cl. I, Affirmed at C (sf); previously on Jan 13, 2011 Downgraded to C (sf)

Cl. J, Affirmed at C (sf); previously on Jan 13, 2011 Downgraded to C (sf)

Cl. K, Affirmed at C (sf); previously on Jul 29, 2010 Downgraded to C (sf)

Cl. L, Affirmed at C (sf); previously on Jul 29, 2010 Downgraded to C (sf)

Cl. X-1, Affirmed at Aaa (sf); previously on Jul 17, 2001 Definitive Rating Assigned Aaa (sf)

RATINGS RATIONALE

The upgrades are due to the significant increase in credit subordination due to loan payoffs and lower realized and anticipated losses from troubled loans. Since the prior review, the pool has paid down by 76%.

The affirmations 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.

Moody's rating action reflects a cumulative base expected loss of 22.5% of the current balance. At last review, Moody's cumulative base expected loss was 10.1%. Moody's base expected loss is a function of the total anticipated losses for the loans remaining in the pool. The increase of Moody's base expected loss reflects the significant pay down experienced since last review amid a lack of liquidations or workouts of many of the pool's troubled loans. Moody's stressed scenario loss is 27.0% of the current balance. Moody's provides a current list of base and stress scenario losses for conduit and fusion CMBS transactions on moodys.com at http://v3.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.

The performance expectations for a given variable indicate Moody's forward-looking view of the likely range of performance over the medium term. From time to time, Moody's may, if warranted, change these expectations. Performance that falls outside the given range may indicate that the collateral's credit quality is stronger or weaker than Moody's had anticipated when the related securities ratings were issued. Even so, a deviation from the expected range will not necessarily result in a rating action nor does performance within expectations preclude such actions. The decision to take (or not take) a rating action is dependent on an assessment of a range of factors including, but not exclusively, the performance metrics.

Primary sources of assumption uncertainty are the current sluggish macroeconomic environment and performance in the commercial real estate property markets. While commercial real estate property markets are gaining momentum, a consistent upward trend will not be evident until the volume of transactions increases, distressed properties are cleared from the pipeline and job creation rebounds. The hotel and multifamily sectors are continuing to show signs of recovery through the first half of 2011, while recovery in the non-core office and retail sectors are tied to pace of recovery of the broader economy. Core office markets are showing signs of recovery through lending and leasing activity. The availability of debt capital continues to improve with terms returning toward market norms. Moody's central global macroeconomic scenario reflects an overall sluggish recovery as the most likely scenario through 2012, amidst ongoing individual, corporate and governmental deleveraging, persistent unemployment, and government budget considerations, however the downside risks to the outlook have risen since last quarter.

The primary methodology used in this rating was "CMBS: Moody's Approach to Conduit Transactions" published on September 15, 2000. The other methodology used in this rating was "CMBS: Moody's Approach to Rating Large Loan/Single Borrower Transactions" published on July 7, 2000. 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 2.60 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 paydown 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 estimates is melded with the conduit model credit enhancement into an overall model result. Fusion loan credit enhancement is based on the credit estimate 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 credit estimate level, is incorporated for loans with similar credit estimates in the same transaction.

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 14 compared to 30 at Moody's prior 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 8.1 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 two sets of quantitative tools -- MOST® (Moody's Surveillance Trends) and CMM (Commercial Mortgage Metrics) on Trepp -- and on a periodic basis through a comprehensive review. Moody's prior full review is summarized in a press release dated January 13, 2011. 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 August 15, 2011 distribution date, the transaction's aggregate certificate balance has decreased by 87% to $142.1 million from $1.13 billion at securitization. The Certificates are collateralized by 23 mortgage loans ranging in size from less than 1% to 11% of the pool, with the top ten loans representing 71% of the pool. The pool does not contain any defeased loans or loans with investment grade credit estimates.

Two loans, representing 5% of the pool, are 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.

Thirteen loans have been liquidated from the pool, resulting in a realized loss of $31.6 million (38% loss severity). Currently 16 loans, representing 74% of the pool, are in special servicing. The largest specially serviced loan is the Hawthorn Suites Loan ($15.2 million -- 10.7% of the pool), which is secured by a 280 room extended stay hotel located in Atlanta, Georgia. The loan was transferred to special servicing in April 2009. A moisture and mold issue at the property forced 43 rooms to be put out of service for most of 2010. Remediation costs were funded from the property's cash flow and the rooms were back in service by the end of 2010. The property is currently being marketed for sale.

The remaining 15 specially serviced loans are secured by a mix of property types. Moody's estimates an aggregate $29.3 million loss for the specially serviced loans (41% expected loss on average).

Moody's has assumed a high default probability for three poorly performing loans representing 11% of the pool and has estimated an aggregate $1.7 million loss (11% expected loss based on a 50% probability default) from these troubled loans.

Moody's was provided with full year 2010 operating results for 100% of the pool's performing loans. Excluding loans for which Moody's anticipates a loss, Moody's weighted average LTV is 88% compared to 72% at Moody's prior review. Moody's net cash flow reflects a weighted average haircut of 16% to the most recently available net operating income. Moody's value reflects a weighted average capitalization rate of 10.1%.

Excluding loans for which Moody's anticipates a loss, Moody's actual and stressed DSCRs are 1.09X and 1.29X, respectively, compared to 1.40X and 1.55X at last 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 loans represent 23% of the pool. The largest loan is the Juncos Plaza Loan ($14.5 million -- 10.2% of the pool), which is secured by a 213,327 square foot (SF) retail center located in Juncos, Puerto Rico. The loan was transferred to special servicing in May 2011 due to a maturity default. Property performance has deteriorated slightly as occupancy declined to 75% in early 2011, compared to 82% at the prior review but the property is still generating sufficient cash flow to cover debt service and the loan is current. Moody's does not currently anticipate that the loan will generate a loss to the trust. Moody's LTV and stressed DSCR are 101% and 1.05X, respectively, compared to 79% and 1.33X at last review.

The second largest loan is the Canyon Creek Plaza Loan ($9.3 million -- 6.5% of the pool), which is secured by a 61,049 SF mixed use building located in San Jose, California. The loan transferred to special servicing in February 2011 due to upcoming loan maturity. The property was 90% leased as of September 2010 compared to 100% in December 2009. Moody's does not currently anticipate that the loan woll generate a loss to the trust. Moody's LTV and stressed DSCR are 85% and 1.28X, respectively, compared to 78% and 1.39X at last review.

The third largest loan is the Roswell Corners Shopping Center Loan ($9.1 million -- 6.4% of the pool), which is secured by a 136,752 SF retail center located in suburban Atlanta. The property is shadow anchored by Target. Major tenants at the collateral are TJ Maxx (22% of the net rentable area (NRA); lease expiration -- 4/30/2015) and Staples (18% of the NRA; lease expiration -- 2/28/2015). As of December 2010, the property was 100% leased, the same as at the prior review and an increase from 92% at securitization. Property performance has been stable. Moody's LTV and stressed DSCR are 57% and 1.80X, respectively, compared to 63% and 1.64X at last review.

REGULATORY DISCLOSURES

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 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.

New York
Andrew Florio
Associate Analyst
Structured Finance Group
Moody's Investors Service, Inc.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

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

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 Upgrades Four and Affirms Seven CMBS Classes of GECMC 2001-1
No Related Data.
© 2019 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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