Fitch Downgrades CGCMT 2007-C6; Assigns LS Ratings

CHICAGO--(Business Wire)--
Fitch Ratings downgrades and removes from Rating Watch Negative 17 classes and
assigns Rating Outlooks to all rated classes of Citigroup Commercial Mortgage
Trust 2007-C6, commercial mortgage pass-through certificates. A detailed list of
rating actions follows at the end of this press release.

The downgrades are the result of loss expectations and reflect Fitch's
prospective views regarding commercial real estate market value and cash flow
declines. Fitch forecasts potential losses of 9.8% for this transaction, should
market conditions not recover. Today's rating actions are based on losses of 7%,
including 100% of the losses associated with term defaults and any losses
associated with maturities within the next five years. Given the significant
term to maturity, Fitch's actions only account for 25% of the losses associated
with maturities beyond five years. The bonds with Negative Outlooks indicate
classes that may be downgraded in the future should full potential losses be
realized.

Fitch analyzed the transaction and calculated expected losses by assuming cash
flows on each of the properties decline 15% from year-end (YE) 2007 and property
values decline 35% from issuance. These loss estimates were reviewed in more
detail for loans representing 52.3% of the pool and, in certain cases, revised
based on additional information and/or property characteristics. Approximately
71% of the recognized losses were from loans reviewed in detail.

Approximately 23.6% of the mortgages mature within the next five years as
follows: 2.2% in 2011, 5.2% in 2012 and 1.8% in 2013. In 2017, 81.8% of the pool
is scheduled to mature.

Fitch identified 42 Loans of Concern (16.4%) within the pool, 15 of which (6.6%)
are specially serviced. Of the specially serviced loans, three (4.1% of the
pool) are current. Four of the Fitch Loans of Concern (7.8%) are within the
transaction's top 15 loans, and two (3.9%) are specially serviced.

Losses were assumed on 12 of the loans within the top 15. Two of the loans
(3.2%) are assumed to default during the term. Loss severities associated with
these loans range from approximately 5% to 23%. The largest contributors to loss
are as follows: CGM Americold Portfolio (3.1%), Moreno Valley Mall (1.8%), and
Crossroads Marketplace (1.3%).

The CGM Americold Portfolio is secured by 15 temperature-controlled storage
facilities across ten states, comprising 103 million gross cubic feet of storage
capacity (approx. 4.2 million sf). The portfolio includes six public facilites,
four distibution centers, and five production facilites. The loan is
interest-only until maturity in 2014. The most recent servicer-reported
financial statements indicate a NOI DSCR of 1.96 times (x). The borrower does
not provide the master servicer with a rent roll, so occupancy was not
available. Americold is a privately held REIT jointly owned by Vornado Trust
(48%), Crescent Real Estate Equities (32%) and The Yucaipa Companies (20%).
Americold is the dominant provider of temperature-controlled warehousing and
transportation management services to the U.S. food industry, at more than twice
the size of its nearest competitor. Fitch analysis resulted in a higher
probability of default at maturity due to anticipated value declines.

The Moreno Valley Mall loan is secured by a regional mall in Moreno Valley, CA
in the Inland Empire of California. The property totals 1,078,378 sf with
472,844 sf of collateral. The property is anchored by Macy's, JCPenney, and
Sears. Major tenants include The Limited and Harkins Theater. As of September
2009, the property was 77.4% occupied, down from 91.5% at issuance. The decline
in occupancy is due to the loss of several tenants, including Gottschalks which
occupied 150,000 sf. In-line occupancy was 85.8% for the same period. The mall
is sponsored and operated by General Growth Properties (GGP) which filed Chapter
11 bankruptcy on April 16, 2009. The loan has a maturity date of 2011 and is
currently in special servicing.

The Crossroads Marketplace loan is secured by a 263,757 sf retail center in
Chino Hills, CA. Constructed in phases between 2000 and 2003, the property
consists of 12 buildings and ground leased space and represents a portion of a
larger 500,000 sf power center in Chino Hills, CA. The loan is interest-only for
the entire loan term. The largest tenants are Sports Chalet, Inc. (15.9% of
NRA), Best Buy Stores LP (11.8% of NRA), and Stein Mart, Inc. (11.8% of NRA).
Near term lease expirations include 0.6% in 2010, 14.7% in 2011, 1.3% in 2012,
and 11.8% in 2013.

Occupancy at the property dropped to 89% as of June 30, 2009 after tenants
vacated, including Off Broadway Shoes (9.1% of NRA). Fitch analysis of the loan
resulted in a higher probability of default during the loan term due to
declining occupancy at the property and Fitch expected declines as a result of
current retail market conditions.

Fitch downgrades, removes from Rating Watch Negative, and assigns Loss Severity
(LS) ratings and Outlooks to the following classes as indicated:

--$248.3 million class A-J to 'BBB/LS3' from 'AAA'; Outlook Negative;

--$150 million class A-JFL from to 'BBB/LS3' from 'AAA'; Outlook Negative;

--$23.8 million class B to 'BBB-/LS5' from 'AA+'; Outlook Negative;

--$71.3 million class C to 'BB/LS5' from "AA'; Outlook Negative;

--$35.7 million class D to 'BB/LS5' from 'AA-'; Outlook Negative;

--$29.7 million class E to 'BB/LS5' 'A+'; Outlook Negative;

--$35.7 million class F to "B/LS5' from 'A'; Outlook Negative;

--$47.6 million class G to 'B-/LS5' from 'A-'; Outlook Negative;

--$53.5 million class H to 'B-/LS5' from 'BBB+'; Outlook Negative;

--$65.4 million class J to 'B-/LS5' from 'BBB'; Outlook Negative;

--$53.5 million class K to 'B-/LS5' from 'BBB-'; Outlook Negative;

--$11.9 million class L to 'B-/LS5' from 'BB+'; Outlook Negative;

--$11.9 million class M to 'B-/LS5' from 'BB'; Outlook Negative;

--$17.8 million class N to 'B-/LS5' from 'BB-'; Outlook Negative;

--$11.9 million class O to 'B-/LS5' from 'B+'; Outlook Negative;

--$5.9 million class P to 'B-/LS5' from 'B'; Outlook Negative.

Fitch also affirms the following classes and assigns LS ratings and Outlooks as
indicated:

--$138.4 million class at A-1 'AAA'/LS1; Outlook Stable;

--$259 million class A-2 at 'AAA/LS1'; Outlook Stable;

--$387 million class A-3 at 'AAA/LS1'; Outlook Stable;

--$126.3 million class A-3B at 'AAA/LS1'; Outlook Stable;

--$140 million class A-SB at 'AAA'/LS1; Outlook Stable;

--$1.573 billion class A-4 'AAA'/LS1; Outlook Stable;

--$200 million class A-4FL at 'AAA/LS1'; Outlook Stable;

--$488.1 million class A-1A at 'AAA/LS1'; Outlook Stable;

--$425.6 million class A-M at 'AAA/LS3'; Outlook Stable;

--$50 million class A-MFL at 'AAA/LS3'; Outlook Stable;

--Interest-only class X at 'AAA'; Outlook Stable.

--$5.9 million class Q at 'B-/LS5'; Outlook Negative.

Fitch does not rate the $71 million class S.

Additional information on Fitch's amended criteria for analyzing recent vintage
U.S. CMBS is available in the July 8, 2009 report, 'Surveillance Methodology for
Recent Vintage U.S. CMBS' is available at 'www.fitchratings.com' under the
following headers:

Structured Finance then CMBS then Criteria Reports

Fitch will release a report titled 'CGCMT 2007-C6' that will contain a graph of
revised loss expectations for the transaction at 'www.fitchratings.com' under
the following headers:

Structured Finance then CMBS then Special Reports

Additional information is available at 'www.fitchratings.com'.

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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
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Fitch Ratings, New York
Jonathan Teichmann, 212-908-0862
Adam Fox, 212-908-0869
or
Media Relations:
Sandro Scenga, 212-908-0278
Email: sandro.scenga@fitchratings.com

Copyright Business Wire 2009