Fitch Upgrades GECCMC 2001-3

CHICAGO--(BUSINESS WIRE)-- Fitch Ratings has upgraded one class and affirmed five classes of GE Capital Commercial Mortgage Corporation (GECCMC) commercial mortgage pass-through certificates series 2001-3 due to stable pool performance. A detailed list of rating actions follows at the end of this press release.

KEY RATING DRIVERS

The upgrade of class H is based on the class being fully covered by defeased collateral, continued principal paydown, and better than expected recoveries of three specially serviced loans since Fitch's last rating action. Fitch modeled losses of 1.7% of the remaining pool; expected losses of the original pool are at 5.5% including losses already incurred to date (5.5%). No loans are listed on the servicer watchlist or as Fitch Loans of Concern.

As of the March 2016 distribution date, the pool's aggregate principal balance has been reduced by 99% (including 5.5% of realized losses) to $9.4 million from $963.8 million at issuance. Cumulative interest shortfalls in the amount of $2.191 million are currently affecting classes N through K.

Of the original 133 loans, six remain, three of which (64.1%) are fully defeased. The loans have maturity dates in 2016 (55.4%), 2019 (9.7%), 2020 (27.8%), and 2021 (7%). Five loans (54%) are fully amortizing and one loan has a balloon maturity (46%). The three non-defeased loans are collateralized by fully amortizing loans.

The largest non-defeased loan is the single tenanted 15,120 square foot (sf) freestanding retail building, Walgreens Meridian, located in Meridian, ID a town located 422 miles southeast of Portland, OR. The loan is fully amortizing with a scheduled maturity date of December 2020.

The second largest non-defeased loan is the single tenanted 13,905 square foot (sf) freestanding retail building, Walgreens Passaic, located in a New York - New Jersey metropolitan area 11 miles north of Newark central business district. The loan is fully amortizing with a scheduled maturity date of December 2020.

The last remaining non-defeased loan is the 120,020 sf self-storage facility located in Albuquerque, NM. The facility is built in 1976 and renovated in 1996. Performance has been steady since issuance with the debt service coverage ratio reaching 4.64 times (x) and occupancy at 84%. The fully amortizing loan is current with a scheduled maturity date September 2021.

RATING SENSITIVITIES

Fitch anticipates that the trust will pay off within the next one to two months as the master servicer intends to collapse the transaction. Additional rating changes are not expected. If the servicer does not collapse the trust, the recovery estimate on class I could be updated with any changes to loss expectations.

DUE DILIGENCE USAGE

No third-party due diligence was provided or reviewed in relation to this rating action.

Fitch upgrades the following class:

--$3.5 million class H to 'AAAsf' from 'Bsf', Outlook Stable.

Fitch affirms the following classes:

--$5.9 million class I at 'Dsf', RE 30%;

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

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

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

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

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

Additional information is available at www.fitchratings.com.

Applicable Criteria

Global Structured Finance Rating Criteria (pub. 06 Jul 2015)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=867952

U.S. and Canadian Fixed-Rate Multiborrower CMBS Surveillance and U.S. Re-REMIC Criteria (pub. 13 Nov 2015)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=873395

Additional Disclosures

Dodd-Frank Rating Information Disclosure Form

https://www.fitchratings.com/creditdesk/press_releases/content/ridf_frame.cfm?pr_id=1002101

Solicitation Status

https://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=1002101

Endorsement Policy

https://www.fitchratings.com/jsp/creditdesk/PolicyRegulation.faces?context=2&detail=31

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.

View source version on businesswire.com: http://www.businesswire.com/news/home/20160406006580/en/

Fitch Ratings
Primary Analyst
Jay Bullie, CFA
Associate Director
+1-312-368-2079
Fitch Ratings, 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
[email protected]

Source: Fitch Ratings

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