Fitch Takes Various Rating Actions on GECMC 2003-C2

--$8 million class BLVD-5 to 'BB+' from 'BBB-'; Outlook Negative.

Fitch has also placed the following classes on Rating Watch Negative:

--$1.9 million class BLVD-1 'A'; Watch Negative;

--$2.5 million class BLVD-2 'A-'; Watch Negative;

--$4.5 million class BLVD-3 'BBB+'; Watch Negative;

--$3.5 million class BLVD-4 'BBB'; Watch Negative.

In addition, Fitch has affirmed and assigned Outlooks to the following classes:

--$46.6 million class A-2 at 'AAA'; Outlook Stable;

--$54.3 million class A-3 at 'AAA'; Outlook Stable;

--$406.1 million class A-4 at 'AAA'; Outlook Stable;

--$176.1 million class A-1A at 'AAA'; Outlook Stable;

--Interest-only class X-1 at 'AAA'; Outlook Stable;

--Interest-only class X-2 at 'AAA'; Outlook Stable;

--$35.5 million class B at 'AAA'; Outlook Stable;

--$14.8 million class C at 'AAA'; Outlook Stable;

--$26.6 million class D at 'AAA'; Outlook Stable;

--$14.8 million class E at 'AAA'; Outlook Stable;

--$14.8 million class F at 'AAA'; Outlook Stable;

--$14.8 million class G at 'AA'; Outlook Stable;

--$14.8 million class H at 'A'; Outlook Stable;

--$19.2 million class J at 'BBB'; Outlook Stable;

--$7.4 million class K at 'BB+'; Outlook Stable;

--$8.9 million class L at 'BB'; Outlook Stable;

--$4.4 million class M at 'B+'; Outlook Negative;

--$7.4 million class N at 'B'; Outlook Negative;

--$3 million class O at 'B-'; Outlook Negative.

Fitch does not rate $15.6 million class P certificates and class A-1 has paid in full.

The downgrade of class BLVD-5 and the Watch Negative placements reflect the transfer of the Boulevard Mall to special servicing. Classes BLVD-1 through 5 represent the subordinate note rake classes for the Boulevard Mall. In total there are currently three specially serviced loans (8.2%). The Rating Outlooks reflect the likely direction of any rating changes over the next one or two years.

The largest specially serviced loan is Boulevard Mall (7%). The loan is sponsored by GGP and was transferred in April 2009 after GGP filed for bankruptcy and included the property in the filing. At a minimum, CMBS trusts which include GGP loans will incur additional servicing fees. The pooled A-note for Boulevard Mall, which previously had an investment-grade shadow rating, is no longer considered investment grade. Class BLVD-5 is currently experiencing interest shortfalls as a result of the transfer of Boulevard Mall to special servicing. Fitch expects the class to continue to incur shortfalls that will likely not be recovered.

The second largest specially serviced loan (0.6%) transferred on April 13, 2009 due to monetary default. The loan is secured by a 43,584 square foot (sf) retail property located in Olympia, WA. The most recent reported occupancy was 80% as of May 31, 2009, compared to 96% at issuance. The borrower is requesting a draw on reserves as part of a plan to reinstate the loan.

The last specially serviced loan (0.5%) transferred on Nov. 13, 2008 due to monetary default. The loan is secured by a 40,301 sf industrial property located in Roswell, GA. As of March 3, 2009, the occupancy had dropped to 48% from 84%, and the reported DSCR had declined to 0.63 times (x).

As of the June 2009 distribution date, the pool's aggregate certificate balance has decreased 24.9% to $905 million from $1.205 billion at issuance. In addition, 26 loans (29.48%) have defeased.

The transaction has limited near-term maturity risk: 0% maturing in 2009, 3.88% in 2010 and 0.44% in 2011.

Fitch expects to resolve the Watch Negative status of the Boulevard Mall rakes when more information becomes available about fees associated with the bankruptcy.

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
Jonathan Teichmann, 212-908-0862, New York
Britt Alison Johnson, 312-606-2341, Chicago
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