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Rating Action:

Moody's Upgrades Three, Downgrades One and Affirms Six Classes of GCCFC 2005-GG3

09 Jul 2015

Approximately $281 Million of Structured Securities Affected

New York, July 09, 2015 -- Moody's Investors Service (Moody's) has upgraded the ratings of three classes, downgraded one class and affirmed six classes in Greenwich Capital Commercial Funding Corp., Commercial Mortgage Pass-Through Certificates, Series 2005-GG3 as follows:

Cl. B, Upgraded to Aaa (sf); previously on Jan 29, 2015 Upgraded to Aa1 (sf)

Cl. C, Upgraded to Aa3 (sf); previously on Jan 29, 2015 Upgraded to A2 (sf)

Cl. D, Upgraded to Baa3 (sf); previously on Jan 29, 2015 Affirmed Ba3 (sf)

Cl. E, Affirmed B3 (sf); previously on Jan 29, 2015 Affirmed B3 (sf)

Cl. F, Affirmed Caa2 (sf); previously on Jan 29, 2015 Affirmed Caa2 (sf)

Cl. G, Affirmed Caa3 (sf); previously on Jan 29, 2015 Affirmed Caa3 (sf)

Cl. H, Affirmed C (sf); previously on Jan 29, 2015 Affirmed C (sf)

Cl. J, Affirmed C (sf); previously on Jan 29, 2015 Affirmed C (sf)

Cl. K, Affirmed C (sf); previously on Jan 29, 2015 Affirmed C (sf)

Cl. XC, Downgraded to Caa2 (sf); previously on Jan 29, 2015 Downgraded to Caa1 (sf)

RATINGS RATIONALE

The ratings on three P&I classes, Class B through D, were upgraded primarily due to an increase in credit support since Moody's last review, resulting from paydowns and amortization, as well as Moody's expectation of additional increases in credit support resulting from the payoff of loans approaching maturity that are well positioned for refinance. The pool has paid down by 17% since Moody's last review. In addition, loans constituting 20% of the pool that have debt yields exceeding 12.0% are scheduled to mature within the next 24 months.

The rating on one P&I class, Class E, was 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 five P&I classes, Class F through K, were affirmed because the ratings are consistent with Moody's expected loss.

The rating on the IO Class (Class XC) was downgraded due to a decline in the credit performance (or the weighted average rating factor or WARF) of its referenced classes.

Moody's rating action reflects a base expected loss of 37.1% of the current balance compared to 35.3% at Moody's prior review. Moody's base expected loss plus realized losses is now 5.9% of the original pooled balance compared to 6.3% at the prior 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 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 "Approach to Rating US and Canadian Conduit/Fusion CMBS" published in December 2014, 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, which it uses for both conduit and fusion transactions. Credit enhancement levels for conduit loans 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). Moody's fuses the conduit results with the results of its analysis of investment grade structured credit assessed loans and any conduit loan that represents 10% or greater of the current pool balance.

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 10, compared to 12 at Moody's last review.

When the Herf falls below 20, Moody's uses the excel-based Large Loan Model and then reconciles and weights the results from the conduit and large loan 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. Moody's also further adjusts these aggregated proceeds for any pooling benefits associated with loan level diversity and other concentrations and correlations.

DEAL PERFORMANCE

As of the June 12, 2015 distribution date, the transaction's aggregate certificate balance has decreased by 92% to $281 million from $3.59 billion at securitization. The Certificates are collateralized by 18 mortgage loans ranging in size from less than 1% to 21% of the pool, with the top ten loans (excluding defeasance) representing 85% of the pool.

There are currently no loans 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.

Thirty loans have been liquidated from the pool, resulting in an aggregate realized loss of $107 million (35% loss severity on average). 12 loans, representing 70% of the pool, are in special servicing. The largest specially serviced loan is the Doral Arrowwood Hotel Loan ($57.6 million -- 20.5% of the pool), which is secured by a 374-key resort hotel and golf course in Rye Brook, New York, approximately 25 miles north of New York City. The resort includes 33 function rooms and three restaurants. Pharmaceutical company Pfizer has maintained a long-term contract with the property, contracted at higher room rates than now offered. Per the borrower, Pfizer used 24,466 singles and 6,980 doubles in 2009, while Pfizer used 17,780 singles and 8 doubles in 2013. The drop in Pfizer's occupancy has affected the market mix and lowered to overall average rate. There is a pending loan modification on the loan, which transferred to special servicing in February 2015. Per the March 2015 STR report, the property's occupancy was 53%, with an average daily rate of $194, and revenue per available room (RevPAR) of $103. The servicer has recognized an $20.6 million appraisal reduction for this loan.

The remaining eleven specially serviced loans are secured by a mix of property types. Moody's estimates an aggregate $83.5 million loss for the specially serviced loans (43% expected loss on average).

Moody's has assumed a high default probability for one poorly-performing loans representing 9.0% of the pool and has estimated a moderate loss from this troubled loan.

Moody's received full year 2014 operating results for 96% of the pool. Moody's weighted average conduit LTV is 69% compared to 85% at Moody's last review. Moody's conduit component excludes loans with structured credit assessments, defeased and CTL loans and specially serviced and troubled loans. Moody's net cash flow (NCF) reflects a weighted average haircut of 14% 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 1.75X and 1.59X, respectively, compared to 1.47X and 1.39X at the 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 conduit loans represent 20.1% of the pool balance. The largest loan is the One South Street A Note Loan ($32.3 million -- 11.5% of the pool), which is secured by a 477,000 square foot (SF) office building in downtown Baltimore. The property is LEED Silver certified is partially leased by Stifel Financial Corp, Goodell DeVries Law Group, and Deutsche Bank. The property was 82% leased as of March 2015. The loan underwent a modification in August of 2012; the IO term was increased by 108 months and a hope note was created. There is also a $25.3 million B-Note included in the deal. Moody's LTV and stressed DSCR are 84% and 1.25X, respectively, compared to 81% and 1.30X at the last review.

The second largest loan is the FAA Building Loan ($16.1 million -- 5.7% of the pool), which is secured by a 244,000 SF office building located in Des Plaines, IL. The property is one of five buildings in the O'Hare Lake Office Park, located five minutes from the Chicago O'Hare International Airport terminals. The property was 92% leased as of March 2015. The General Services Administration leases 85% of the space. Moody's LTV and stressed DSCR are 54% and 1.97X, respectively, compared to 64% and 1.64X at the last review.

The third largest loan is the Pleasant Valley Loan ($8.3 million -- 2.9% of the pool), which is secured by a two-story office building in York, Pennsylvania, approximately 27 miles southeast of Harrisburg. The property is fully leased to Graham Packaging, a customized blow molded plastic containers company owned by Blackstone. Moody's performed a lit-dark analysis to account for single tenant risk. Moody's LTV and stressed DSCR are 78% and 1.35X, respectively.

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 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.

Stephanie Sun
Associate 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
Senior Vice President
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 Upgrades Three, Downgrades One and Affirms Six Classes of GCCFC 2005-GG3
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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