DBRS Morningstar Downgrades Four Classes, Discontinues and Withdraws Three Classes of GE Commercial Mortgage Corporation, Series 2005-C1

DBRS, Inc. (DBRS Morningstar) downgraded its rating on the Commercial Mortgage Pass-Through Certificates, Series 2005-C1, Class D issued by GE Commercial Mortgage Corporation, Series 2005-C1 to D (sf) from C (sf).

In addition, DBRS Morningstar downgraded its ratings on Classes E, F, and G to D (sf) from C (sf). Following the downgrades, DBRS Morningstar also discontinued and withdrew its ratings on Classes E, F, and G as a result of realized losses that affected all remaining classes in the transaction, including Class D, according to the January 2020 remittance. The realized losses incurred to Classes E, F, and G reduced the principal balances to zero.

This effectively concludes DBRS Morningstar’s surveillance of the transaction as DBRS Morningstar will discontinue the ratings assigned to the outstanding classes in 30 business days.

All ratings are subject to surveillance, which could result in ratings being upgraded, downgraded, placed under review, confirmed, or discontinued by DBRS Morningstar.

DBRS Morningstar notes that this press release was amended on January 3, 2024, to reflect the downgrade of Classes E, F, and G.

Notes:
The principal methodology is North American CMBS Surveillance Methodology, which can be found on www.dbrs.com under Methodologies & Criteria. For a list of the structured-finance-related methodologies that may be used during the rating process, please see the DBRS Morningstar Global Structured Finance Related Methodologies document, which can be found on www.dbrs.com in the Commentary tab under Regulatory Affairs. Please note that not every related methodology listed under a principal structured finance asset class methodology may be used to rate or monitor an individual structured finance or debt obligation.

The rated entity or its related entities did participate in the rating process for this rating action. DBRS Morningstar had access to the accounts and other relevant internal documents of the rated entity or its related entities in connection with this rating action.

Please note a sensitivity analysis is not performed for CMBS bonds rated CCC or lower. The DBRS Morningstar long-term rating scale definition indicates that ratings of CCC or lower are assigned when the bond is highly likely to default or default is imminent, thereby prevailing over a sensitivity analysis.

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