DBRS Downgrades Two Classes of GE 2005-C1

DBRS has today downgraded the ratings of two classes of GE Commercial Mortgage Corporation Commercial Mortgage Pass-Through Certificates, Series 2005-C1 as follows:

• Class N to C – Interest in Arrears from CCC
• Class O to C – Interest in Arrears from CCC

Both classes will continue to carry Negative trends.

The changes primarily reflect the $10.7 million appraisal reduction taken on the eighth largest loan, Washington Mutual Buildings (2.7% of the pool) along with the $3.5 million appraisal reduction applied to Heritage on the River (0.9% of the pool). This is resulting in interest shortfalls for the two-rated classes being downgraded. To the extent that the resolution of this loan results in losses less than those anticipated by the appraisal reduction, the interest shortfalls may be recoverable.

DBRS last reviewed this transaction in June 2009 and the full Surveillance Report providing additional analytical detail is available by clicking the link below or by contacting us at info@dbrs.com.

Note:
All figures are in U.S. dollars unless otherwise noted.