TEXT-S&P cuts 4 GE Commercial Mortgage 2003-C1 ratings

Feb 8 - OVERVIEW
-- We lowered our ratings on four classes from GE Commercial Mortgage
Corp.'s series 2003-C1, a U.S. CMBS transaction.
-- In addition, we affirmed our ratings on 11 other classes from the same
transaction.
-- The downgrades reflect reduced liquidity support available to the
affected classes.

Feb 8 - Standard & Poor's Ratings Services today lowered its ratings on
four classes of commercial mortgage pass-through certificates from GE Commercial
Mortgage Corp.'s series 2003-C1, a U.S. commercial mortgage-backed securities
(CMBS) transaction. In addition, we affirmed our ratings on 11 other classes
from the same transaction (see list).

Our rating actions follow our analysis of the credit characteristics of the
collateral remaining in the pool, as well as the deal structure and the
liquidity available to the trust. We downgraded the class K, L, M, and N
certificates to reflect reduced liquidity support available to these classes.
We also considered the near-term loan maturities and the potential for the
transaction to experience future interest shortfalls and reduced liquidity
support because we believe a portion of these loans may be transferred to the
special servicer if the respective borrowers are not able to refinance or
payoff these loans at maturity. Excluding the defeased loans ($197.9 million,
27.9%) and specially serviced assets ($29.2 million, 4.1%), 64.2% ($455.2
million) of the remaining loans mature in 2012 and 2013.

The affirmed ratings on the principal and interest certificates reflect
subordination and liquidity support levels that are consistent with the
outstanding ratings. We affirmed our 'AAA (sf)' rating on the class X-1
interest-only (IO) certificate based on our current criteria.

Using servicer-provided financial information, we calculated an adjusted debt
service coverage (DSC) of 1.37x and a loan-to-value (LTV) ratio of 85.2%. We
further stressed the loans' cash flows under our 'AAA' scenario to yield a
weighted average DSC of 1.17x and an LTV ratio of 106.2%. The implied defaults
and loss severity under the 'AAA' scenario were 31.4% and 30.5%, respectively.
All of the DSC and LTV calculations we noted above exclude the transaction's
five ($29.2 million, 4.1%) assets that are currently with the special servicer
and 23 ($197.9 million, 27.9%) defeased loans. We separately estimated losses
for the excluded specially serviced assets and included them in the 'AAA'
scenario implied default and loss severity figures.

CREDIT CONSIDERATIONS

As of the Jan. 10, 2012, trustee remittance report, four ($16.6 million, 2.3%)
assets in the pool were with the special servicer, LNR Partners LLC (LNR). The
master servicer informed us that one additional loan, the Commerce Park II
loan ($12.7 million, 1.8%), was transferred to LNR subsequent to the January
2012 trustee remittance report. The payment status of the specially serviced
assets as of the Jan. 10, 2012, trustee remittance report is as follows: one
($1.6 million, 0.2%) is real estate-owned (REO); one ($7.7 million, 1.1%) is
90-plus days delinquent; one ($5.4 million, 0.8%) is 60 days delinquent; and
two ($14.5 million, 2.0%) are in their grace periods. Appraisal reduction
amounts (ARAs) totaling $6.1 million are in effect for two of the specially
serviced assets. Details on the five specially serviced loans are as follows:

The Commerce Park II loan ($12.7 million, 1.8%), the ninth-largest loan
secured by real estate in the pool, is secured by 250,662 sq. ft. of
industrial properties in Irving, Texas. The master servicer indicated that the
loan was transferred to LNR on Jan. 12, 2012 (subsequent to the January 2012
trustee remittance report) due to imminent default. The master servicer placed
the loan on its watchlist due to a low reported DSC, which was 1.04x for the
nine months ending Sept. 30, 2011. The September 2011 rent roll shows the
property to be 77.0% occupied. LNR is currently evaluating a workout strategy
for this loan. We expect a moderate loss upon the eventual resolution of this
loan.

The Concourse Center loan ($7.7 million, 1.1%) has a total reported exposure
of $9.0 million. It is secured by a 468,726-sq.-ft. industrial property in
Cheektowaga, N.Y. The loan, which has a reported 90-day delinquent payment
status, was transferred to the special servicer on Nov. 2, 2009, for imminent
default. LNR indicated that a receiver was appointed in April 2011. Recent
financial reporting information is not available. An ARA of $4.5 million is in
effect against the loan. We expect a significant loss upon the resolution of
this loan.

The Shoppes at Audubon loan ($5.4 million, 0.8%) has a total reported exposure
of $5.5 million. It is secured by a 46,252-sq.-ft. retail property in Naples,
Fla. The loan was transferred to the special servicer on June 1, 2011, for
imminent default. The loan's payment status is reported as 60-days delinquent.
The special servicer and the borrower are currently in discussions regarding
the delinquent payments. The reported DSC on the loan was 0.84x as of Dec. 31,
2010, and the reported occupancy was 75.0% as of April 2011. An ARA of $1.6
million is in effect against the loan. We expect a moderate loss upon the
resolution of this loan.

The Paradise Village MHC loan ($1.8 million, 0.2%) has a total reported
exposure of $1.8 million. It is secured by an 81-pad manufacturing housing
community in Tucson, Ariz. The loan was transferred to the special servicer on
July 26, 2011, for collateral risk nonmonetary default. The reported DSC was
1.63x as of Dec. 31, 2010, and the reported occupancy was 83.0% as of June
2011. We expect a minimal loss upon the eventual resolution of this loan.

The Woodridge Health Center asset ($1.6 million, 0.2%) has a total reported
exposure of $3.1 million. The loan was transferred to LNR on May 11, 2010, and
the asset became REO on April 28, 2011. The 59,942-sq.-ft. office property in
Washington, D.C., is fully vacant. According to the special servicer, leasing
efforts are ongoing. We believe the master servicer, Bank of America N.A.
(BofA), will likely declare a nonrecoverability determination in the near term
due because it has already advanced a significant amount (approximately $1.5
million to date) for this asset. It is our opinion that a nonrecoverability
determination will likely cause liquidity interruptions due to higher interest
shortfalls. We expect a minimal loss upon the eventual resolution of this
asset.

TRANSACTION SUMMARY

As of the Jan. 10, 2012, trustee remittance report, the collateral pool had a
trust balance of $709.5 million, down from $1.19 billion at issuance. The pool
currently includes 101 loans and one REO asset, compared to 134 loans at
issuance. The master servicer provided financial information for 98.2% of the
pool (by balance), the majority of which reflected full-year 2010 or
partial-year 2011 data.

We calculated a weighted average DSC of 1.40x for the pool based on the
reported figures. Our adjusted DSC and LTV ratio were 1.37x and 85.2%,
respectively, which exclude the transaction's five ($29.2 million, 4.1%)
assets that are currently with the special servicer and 23 ($197.9 million,
27.9%) defeased loans. We separately estimated losses for the excluded
specially serviced assets. To date, the trust has experienced $16.9 million in
principal losses related to five assets. Twenty-one loans ($174.4 million,
24.6%), including four ($78.6 million, 11.1%) of the top 10 loans in the pool,
are on the master servicer's watchlist. Excluding the defeased loans and
specially serviced assets, 72 ($455.2 million, 64.2%) loans mature in 2012 and
2013.

SUMMARY OF TOP 10 LOANS

The top 10 loans secured by real estate have an aggregate outstanding trust
balance of $202.1 million (28.5%). Using servicer-reported numbers, we
calculated a weighted average DSC of 1.40x for nine of the top 10 loans. The
remaining top 10 loan ($12.7 million, 1.8%) is currently with the special
servicer and was discussed above. Our adjusted DSC and LTV ratio for nine of
the top 10 loans, excluding the specially serviced loan, were 1.30x and 83.8%,
respectively. Four ($78.6 million, 11.1%) of the top 10 loans, including the
Commerce Park II loan (discussed above), in the pool are on the master
servicer's watchlist, and are discussed below.

The Centennial Center I loan ($36.4 million, 5.1%), the second-largest loan in
the pool, is on the master servicer's watchlist due to a low reported DSC,
which was 1.03x as of Dec. 31, 2010. The loan is secured by a 355,457-sq.-ft.
retail power center in Las Vegas, Nev. Occupancy was 85.4% according to the
October 2011 rent roll. Circuit City occupied the property but vacated the
space after declaring bankruptcy. The space remained vacant as of the October
2011 rent roll.

The Charter Woods Apartments loan ($14.8 million, 2.1%), the seventh-largest
loan in the pool, is on the master servicer's watchlist due to a low reported
DSC, which was 1.02x for the nine months ended Sept. 30, 2011. The loan is
secured by a 307-unit multifamily property in Fairborn, Ohio, built in 1998.
Occupancy was 96.4%, according to the October 2011 rent roll.

The Chatham Retail loan ($14.7 million, 2.1%), the eighth-largest loan in the
pool, is on BofA's watchlist because some tenants have leases that roll within
the next six months. The loan is secured by a 34,451-sq.-ft. retail space in
New York City. The largest tenant, Banana Republic, which occupied 20,892 sq.
ft. (60.6% of the space), had a lease that expired on Jan. 31, 2012. According
to BofA, Banana Republic will vacate the space, but expects Pier 1 Imports
Inc. to lease a majority of the vacated space.

Standard & Poor's stressed the assets in the pool according to its current
criteria, and the analysis is consistent with the lowered and affirmed ratings.

STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

SEC Rule 17g-7 requires an NRSRO, for any report accompanying a credit rating
relating to an asset-backed security as defined in the Rule, to include a
description of the representations, warranties and enforcement mechanisms
available to investors and a description of how they differ from the
representations, warranties and enforcement mechanisms in issuances of similar
securities. The Rule applies to in-scope securities initially rated (including
preliminary ratings) on or after Sept. 26, 2011.

If applicable, the Standard & Poor's 17g-7 Disclosure Report included in this
credit rating report is available atRELATED CRITERIA AND RESEARCH

-- Global Structured Finance Scenario And Sensitivity Analysis: The
Effects Of The Top Five Macroeconomic Factors, published Nov. 4, 2011.
-- U.S. Government Support In Structured Finance And Public Finance
Ratings, published Sept. 19, 2011.
-- Updated Defeasance Criteria For U.S. CMBS Transactions, published Aug.
16, 2011.
-- U.S. CMBS Rating Methodology And Assumptions For Conduit/Fusion Pools,
published Nov. 3, 2010.
-- Methodology And Assumptions For Analyzing The Major Property Types In
U.S. CMBS Transactions, published June 14, 2010.
-- Global Methodology For Rating Interest-Only Securities, published
April 15, 2010.
-- U.S. CMBS 'AAA' Scenario Loss And Recovery Application, published July
21, 2009.
-- Standard & Poor's Defeasance Criteria For U.S. CMBS Transactions,
published April 4, 2003.

RATINGS LOWERED

GE Commercial Mortgage Corp.
Commercial mortgage pass-through certificates series 2003-C1
Rating
Class To From Credit enhancement (%)
K B+ (sf) BB+ (sf) 4.53
L B- (sf) BB- (sf) 3.48
M CCC+ (sf) B+ (sf) 3.06
N CCC- (sf) CCC+ (sf) 1.59

RATINGS AFFIRMED

GE Commercial Mortgage Corp.
Commercial mortgage pass-through certificates series 2003-C1
Class Rating Credit enhancement (%)
A-4 AAA (sf) 29.45
A-1A AAA (sf) 29.45
B AAA (sf) 23.59
C AAA (sf) 21.28
D AA+ (sf) 17.72
E AA (sf) 15.42
F A+ (sf) 13.95
G A (sf) 11.65
H BBB+ (sf) 9.34
J BBB- (sf) 5.78
X-1 AAA (sf) N/A
N/A--Not applicable.

Primary Credit Analyst: Dennis Sim, New York (1) 212-438-3574;
dennis_sim@standardandpoors.com
Secondary Contact: Barbara Hoeltz, New York (1) 212-438-3621;
barbara_hoeltz@standardandpoors.com