Fitch Affirms GCCFC 2004-FL2 & Removes Class N-SO from Rtg Watch Negative

NEW YORK--(Business Wire)--
Fitch Ratings has affirmed the following classes of GCCFC 2004-FL2
commercial mortgage and removed class N-SO from Rating Watch Negative:

--$17.9 million class B at 'AAA';

--$26.4 million class C at 'AAA';

--$22.7 million class D at 'AAA';

--$12.4 million class E at 'AAA';

--$22.8 million class F at 'AAA';

--$19.5 million class G at 'AAA';

--$14.5 million class H at 'AA';

--$23.1 million class J at 'A-';

--$10.3 million class K at 'BBB+';

--$15.7 million class L at 'BBB-';

--$8 million class N-SO at 'BBB-'.

Classes A-1, A-2, H-ROSW, L-ROSW, N-ROSW, N-LH, N-MV, K-NO, M-NO,
N-NO, N-WV and interest-only class X-1 have paid in full.

There are two loans remaining in the transaction: Southfield Town
Center (85.4%) and Aviation Mall (14.6%).

Based on year-end (YE) 2007 financial and occupancy information,
the Fitch stressed net cash flow (NCF) at the Southfield asset has
increased by 5.4% since issuance, creating a debt service coverage
ratio for the pooled portion of the trust asset of 1.59 times (x)
versus 1.51x at issuance. Occupancy at YE 2007 was 82.3% as compared
to 73% at issuance and 77.8% at YE 2006. The market vacancy in the
collateral's sub-market at the end of fourth-quarter 2007 was 23.3%.

While occupancy and market rents in the suburban Southfield office
market are continuing to perform poorly, Fitch's analysis indicates
that risks to class N-SO are mitigated by the additional debt on the
Southfield property that is held outside the trust, all of which is
subordinate to the trusts pooled and non-pooled assets. The current
debt on the trust portion of the loan in this transaction is $76.71
per square foot (sf), with additional debt of $44.16/sf held outside
the trust.

The Southfield loan is in its second of three one-year extension
options, with a final maturity date of July 2009. The rate cap on the
loan is 6.25%.

The Aviation Mall, a regional retail center near Glen Falls, NY,
was 100% occupied as of YE 2007, and continues to maintain an
investment grade shadow rating. The loan is in the first of two
one-year extension options. It too has a final maturity date of July
2009. The rate cap on this loan is 7%.

As of the March 2008 distribution date, 79% of the transaction had
paid off. The balance of the transaction is now $193.3 million,
including the $8 million Southfield rake class, reduced from $921.7
million at issuance.

Fitch's rating definitions and the terms of use of such ratings
are available on the agency's public site, 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 Ratings
Mary O'Rourke, +1-212-908-0711
Britt Johnson, +1-312-606-2341 (Chicago)
Media Relations:
Sandro Scenga, +1-212-908-0278 (New York)

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