Fitch Upgrades 3 Classes of GE Capital Commercial Mortgage Corp. Series 2002-3

Business Wire, April 22, 2008

CHICAGO -- Fitch Ratings has upgraded GE Capital Commercial Mortgage Corp.'s (GECCM) commercial mortgage pass-through certificates, series 2002-3, as follows:

--$17.6 million class G to 'AA ' from 'AA';

--$11.7 million class H to 'AA-' from 'A ';

--$27.8 million class J to 'A-' from 'BBB ';

In addition, Fitch has affirmed the following classes:

--$219.6 million class A-1 at 'AAA';

--$553.8 million class A-2 at 'AAA';

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

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

--$46.8 million class B at 'AAA';

--$16.1 million class C at 'AAA';

--$26.3 million class D at 'AAA';

--$14.6 million class E at 'AAA';

--$10.2 million class F at 'AAA';

--$10.2 million class K at 'BBB';

--$8.8 million class L at 'BBB-;

--$10.2 million class M at 'BB';

--$8.8 million class N at 'B ';

--$5.9 million class O at 'B-'.

Fitch does not rate the $17.6 million class P certificates.

The rating upgrades are due to paydown and defeasance since the last Fitch rating action. Twenty-seven loans (24.9%) have defeased, including two of the top ten loans (5.5%). As of the April 2008 distribution date, the pool has paid down 14% to $1.01 billion from $1.17 billion at issuance. The weighted average coupon of the loans remaining in the pool is 6.48%. In addition, the weighted average DSCR is 1.60 times (x).

There have been no delinquent, specially serviced loans or losses since issuance.

Eight loans (9%) are considered Fitch Loans of Concern due to decreases in debt service coverage ratio, occupancy declines or other performance issues. This includes the fourth (2.8%) and tenth (1.9%) largest loans in the pool, which are cross-collateralized and cross-defaulted loans owned by the same borrower secured by three multifamily buildings located in downtown Denver, CO. Combined occupancy at these properties has declined from 95.4% at issuance to 91.5% at year-end (YE) 2007. The borrower has been offering concessions to maintain occupancy levels. As a result, the year end 2007 debt service coverage ration (DSCR) was 0.90x and 0.89x, respectively. These loans' higher likelihood of default was incorporated into Fitch's analysis and Fitch will continue to closely monitor the performance of these loans.

Fitch reviewed the performance of the deal's one shadow rated loan and underlying collateral. The asset, the Westfield Shoppingtown Portfolio (9%), is secured by two regional shopping malls consisting of 911,194 square feet of in-line space located in Santa Ana and Roseville, CA. Servicer reported net operating income (NOI) for year-end 2007 has increased 30.1% since issuance at these properties. In addition, the Roseville property is undergoing a $250 million renovation which is expected to be completed in the fall of 2008. The loan maintains an investment grade shadow rating.

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.