Fitch Affirms GCCFC 2002-C1

CHICAGO--()--Fitch Ratings has affirmed Greenwich Capital Commercial Funding Corporation Commercial Mortgage Trust, series 2002-C1, commercial mortgage pass-through certificates. A detailed list of rating actions follows at the end of this press release.

KEY RATING DRIVERS

The affirmations reflect the distressed nature of the majority of the remaining collateral. The transaction has become highly concentrated with only five loans remaining in the pool, including three specially serviced loans (74.2%) and one defeased loan (20.7%). Fitch modeled losses of 48.9% of the remaining pool; expected losses on the original pool balance total 4.2%, including losses already incurred. The pool has experienced $39.7 million (3.4% of the original pool balance) in realized losses to date.

As of the June 2013 distribution date, the pool's aggregate principal balance has been reduced by 98.4% to $18.9 million from $1.18 billion at issuance. Interest shortfalls are currently affecting classes M through Q.

The largest contributor to modeled losses is a 266-room limited service hotel located in Dayton, OH (30.2% of the pool). The loan was transferred to special servicing in November 2008 due to imminent default. The borrower filed for bankruptcy in June 2010 after the special servicer initiated the foreclosure process. The bankruptcy was dismissed by the court and a receiver has been in place since August 2012. The servicer continues to work through the foreclosure process.

The second largest contributor to modeled losses a 49,416 square foot (sf) mixed-use property in Greenwood Village, CO (25.9%). The loan was transferred to special servicing in August 2012 for imminent default. The property became real estate owned (REO) in August 2013. The servicer continues to lease up and stabilize the property.

RATING SENSITIVITIES

The ratings of classes L and M are subject to further downgrades as losses on the specially serviced assets are realized.

Fitch affirms the following classes and revises Recovery Estimates as indicated:

--$13.8 million class L at 'CCCsf', RE 100%;

--$8.7 million class M at 'Csf', RE 40%;

--$4 million class N at 'Dsf', RE 0%;

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

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

The class A-1, A-2, A-3, A-4, B, C, D, E, F, G, H, J, K, the interest-only classes XPB and XP certificates, have paid in full. Fitch does not rate the class Q and SWD-B certificates. Fitch previously withdrew the rating on the interest-only class XC 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 then CMBS then 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=830334

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Contacts

Fitch Ratings
Primary Analyst
Valerie Jayson, +1 312-368-3116
Associate Director
Fitch Ratings, Inc.
70 W. Madison St
Chicago, IL 60602
or
Committee Chairperson
Mary MacNeill, +1 212-908-0785
Managing Director
or
Media Relations:
Sandro Scenga, +1 212-908-0278
sandro.scenga@fitchratings.com

Sharing

Contacts

Fitch Ratings
Primary Analyst
Valerie Jayson, +1 312-368-3116
Associate Director
Fitch Ratings, Inc.
70 W. Madison St
Chicago, IL 60602
or
Committee Chairperson
Mary MacNeill, +1 212-908-0785
Managing Director
or
Media Relations:
Sandro Scenga, +1 212-908-0278
sandro.scenga@fitchratings.com