CHICAGO--(BUSINESS WIRE)--
Fitch Ratings has downgraded 5 classes of Greenwich Capital
Commercial Funding Corp. blurb debt pass-through certificates,
array 2004-FL2 (GCCFC 2004-FL2). A minute list of rating actions
follows at the end of this release.
The downgrades classes simulate opening declines of the only loan
remaining in the pool, Southfield Town Center. The category L stays at
'D' due to $375,585 in principal waste from non-recoverable advances.
Southfield Town Center loan is cumulative by a 2.2 million block foot
bureau formidable located in Southfield, Michigan. Occupancy has been
disappearing over the last 3 years, reported at 67.2% as of Mar 2012,
compared to 70.5% at year-end (YE) 2010 and 75% at YE 2009. The
Southfield submarket of Detroit reported a cavity of 30.6% as of first
entertain 2012, which indicates the theme is behaving in-line with the
market.
Tenancy is different with no reside comprising more than 5% of the space.
The 3 largest tenants are Fifth Third Bank, Microsoft and Alix
Partners LLP. Rollover averages about 10% per year over the subsequent three
years, which might put serve vigour on occupancy. The YE 2011 net
handling income (NOI) declined 17% compared to YE 2010 due to a decline
in let revenues total with aloft expenses. The loan exercised its
final prolongation in Jul 2011, and matures in Jul 2012. The borrower has
not nonetheless indicated if it will compensate off the loan at maturity.
Fitch has downgraded the following classes:
--$19.5 million category G to 'AAsf' from 'AAAsf'; Outlook Stable;
--$14.5 million category H to 'Asf' from 'AAsf'; Outlook Stable;
--$23.1 million category J to 'BBB-sf' from 'A-sf'; Outlook to Stable from
Negative;
--$10.3 million category K to'BBsf' from 'BBBsf'; Outlook to Stable from
Negative;
--$7.4 million category N-SO to 'B-sf' from'BBB-sf'; Outlook Negative.
Fitch has endorsed the following classes:
--$4.2 million category C at 'AAAsf'; Outlook Stable;
--$22.7 million category D at 'AAAsf'; Outlook Stable;
--$12.4 million category E at 'AAAsf'; Outlook Stable;
--$22.8 million category F at 'AAAsf'; Outlook Stable;
--$15.3 million category L at 'Dsf/RE 90%';
Additional information is available at 'www.fitchratings.com'.
The ratings above were solicited by, or on interest of, the issuer, and
therefore, Fitch has been compensated for the sustenance of the ratings.
Applicable Criteria and Related Research:
--'Global Structured Finance Rating Criteria' (Aug. 4, 2011);
--'Criteria for Analyzing Large Loans in U.S. Commercial Mortgage
Transactions' (Sept. 26, 2011).
Applicable Criteria and Related Research:
Global Structured Finance Rating Criteria
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=646569
Criteria for Analyzing Large Loans in U.S. Commercial Mortgage
Transactions
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=651703
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Fitch Ratings
Primary Analyst
R. Brook Sutherland
Director
+1-312-606-2346
Fitch, Inc.
70 W. Madison St.
Chicago, IL 60602
or
Committee Chairperson
Mary MacNeill
Managing Director
+1-212-908-0785
or
Media Relations:
Sandro Scenga, +1-212-908-0278 (New York)
sandro.scenga@fitchratings.com



