Fitch Upgrades 3 Classes of GECCMC 2002-1

NEW YORK--()--Fitch Ratings has upgraded three classes and affirmed two classes of GE Capital Commercial Mortgage Corp., commercial mortgage pass-through certificates, series 2002-1 (GECCMC 2002-1). A detailed list of rating actions follows at the end of this press release.

KEY RATING DRIVERS

The upgrades are due to sufficient credit enhancement to the remaining Fitch rated classes and minimal Fitch expected losses across the pool. The pool has experienced $24.1 million (2.3% of the original pool balance) in realized losses to date.

As of the March 2014 distribution date, the pool's aggregate principal balance has been reduced by 97.3% to $28.5 million from $1.04 billion at issuance. There are three loans remaining in the pool, one (18.6% of the pool) of which is defeased and one in special servicing (17.1% of the pool). Interest shortfalls are currently affecting classes N through P.

The largest loan in the pool (64.3% of the pool) is a single-tenant office property in Dearborn, MI leased to a single- tenant, Ford Motor Company (rated 'BBB-', Stable Outlook by Fitch). The loan is fully amortizing, and the lease is co-terminus with the maturity date.

The specially-serviced loan is secured by two office buildings totaling 77,839 sf located in Sacramento, CA. The loan transferred to special servicing in November 2011 for imminent maturity default. The two buildings are vacant. The borrower is paying taxes, insurance and basic utilities. While the maturity date has passed, a loan modification was recently approved. The special servicer anticipates that the modification should close this May and that the loan should return to the master servicer following timely payments under the modified loan.

RATING SENSITIVITY

The ratings of classes K through M are expected to remain stable. Upgrades are not likely due to the pool concentration as only three loans remain.

Fitch upgrades the following classes:

--$7.2 million class K to 'Asf' from 'BBBsf', Outlook Stable;

--$6.5 million class L to 'BBBsf' from 'BBsf', Outlook Stable;

--$7.8 million class M to 'BBsf' from 'Bsf', Outlook to Stable from Negative.

Fitch affirms the following classes:

--$7 million class N at 'Dsf', RE 50%;

--$0 class O at 'Dsf', RE 0%.

The class A-1, A-2, A-3, B, C, D, E, F, G, H and J certificates, and the interest-only class X-2 certificates have paid in full. Fitch does not rate the class P certificates. Fitch previously withdrew the rating on the interest-only class X-1 certificates.

Additional information on Fitch's criteria for analyzing U.S. CMBS transactions is available in the Dec. 11, 2013 report, 'U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria', which is available at 'www.fitchratings.com' under the following headers:

Structured Finance >> CMBS >> Criteria Reports

Additional information is available at 'www.fitchratings.com'.

Applicable Criteria and Related Research:

--'Global Structured Finance Rating Criteria' (May 24, 2013);

--'U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria' (Dec. 11, 2013).

Applicable Criteria and Related Research:

Global Structured Finance Rating Criteria
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=708661

U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=724961

Additional Disclosure

Solicitation Status
http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=826768

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

Contacts

Fitch Ratings
Primary Analyst
Martin Nunnally, +1-212-908-0871
Associate Director
Fitch Ratings, Inc.
One State Street Plaza
New York, NY 10004
or
Committee Chairperson
Mary MacNeill, +1-212-908-0785
Managing Director
or
Media Relations, New York
Sandro Scenga, +1-212-908-0278
sandro.scenga@fitchratings.com

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Contacts

Fitch Ratings
Primary Analyst
Martin Nunnally, +1-212-908-0871
Associate Director
Fitch Ratings, Inc.
One State Street Plaza
New York, NY 10004
or
Committee Chairperson
Mary MacNeill, +1-212-908-0785
Managing Director
or
Media Relations, New York
Sandro Scenga, +1-212-908-0278
sandro.scenga@fitchratings.com