DBRS Places One Class of GECMC, Series 2005-C1, Under Review with Positive Implications

DBRS has today placed the rating of one class of GE Commercial Mortgage Corporation, Series 2005-C1 Under Review with Positive Implications as follows:

-- Class B, rated A (sf)

Class B was placed Under Review with Positive Implications as a result of the repayment of outstanding interest shortfalls, which had previously affected the class. The shortfalls were triggered in December 2012 after the borrower for the Washington Mutual Buildings loan (Prospectus ID#9) won its countersuit against the Trust, which required the Trust to reimburse the borrower’s legal fees and other expenses, totaling $5.1 million. With the May 2013 remittance, shortfalls to Class B were recouped in full. DBRS originally downgraded the class due to the interest in arrears and the expected timing of the repayment of the interest payments, which precluded a AA (low) (sf) rating. With the interest in arrears now repaid, the credit characteristics of the class have improved, justifying the Under Review-Positive Implications designation.

DBRS continues to monitor this transaction in its Monthly CMBS Surveillance Report, with additional information on the DBRS viewpoint for this transaction, including details on the largest loans in the pool, the loans in special servicing and the loans on the servicer’s watchlist. The May 2013 Monthly Surveillance Report for this transaction will be published shortly. If you are interested in receiving this report, contact us at info@dbrs.com.

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

This rating is endorsed by DBRS Ratings Limited for use in the European Union.

The applicable methodologies are CMBS Rating Methodology (January 2012) and CMBS North American Surveillance Methodology (November 2012), which can be found on our website under Methodologies.