New York, November 16, 2012 -- Moody's Investors Service downgraded the ratings of five classes, affirmed nine classes and confirmed five classes of GE Capital Commercial Mortgage Corporation Commercial Mortgage Pass-Through Certificates, Series 2007-C1 as follows:

Cl. A-2, Affirmed at Aaa (sf); previously on Mar 9, 2011 Confirmed at Aaa (sf)

Cl. A-3, Affirmed at Aaa (sf); previously on Mar 9, 2011 Confirmed at Aaa (sf)

Cl. A-AB, Affirmed at Aaa (sf); previously on Mar 9, 2011 Confirmed at Aaa (sf)

Cl. A-4, Downgraded to A1 (sf); previously on Aug 23, 2012 Aa3 (sf) Placed Under Review for Possible Downgrade

Cl. A-1A, Downgraded to A1 (sf); previously on Aug 23, 2012 Aa3 (sf) Placed Under Review for Possible Downgrade

Cl. A-M, Downgraded to Ba1 (sf); previously on Aug 23, 2012 Baa1 (sf) Placed Under Review for Possible Downgrade

Cl. A-MFL, Downgraded to Ba1 (sf); previously on Aug 23, 2012 Baa1 (sf) Placed Under Review for Possible Downgrade

Cl. A-J, Confirmed at Caa1 (sf); previously on Aug 23, 2012 Caa1 (sf) Placed Under Review for Possible Downgrade

Cl. A-JFL, Confirmed at Caa1 (sf); previously on Aug 23, 2012 Caa1 (sf) Placed Under Review for Possible Downgrade

Cl. B, Confirmed at Caa2 (sf); previously on Aug 23, 2012 Caa2 (sf) Placed Under Review for Possible Downgrade

Cl. C, Confirmed at Caa3 (sf); previously on Aug 23, 2012 Caa3 (sf) Placed Under Review for Possible Downgrade

Cl. D, Affirmed at C (sf); previously on Aug 23, 2012 Downgraded to C (sf)

Cl. E, Affirmed at C (sf); previously on Aug 23, 2012 Downgraded to C (sf)

Cl. F, Affirmed at C (sf); previously on Dec 2, 2010 Downgraded to C (sf)

Cl. G, Affirmed at C (sf); previously on Dec 2, 2010 Downgraded to C (sf)

Cl. H, Affirmed at C (sf); previously on Dec 2, 2010 Downgraded to C (sf)

Cl. J, Affirmed at C (sf); previously on Dec 2, 2010 Downgraded to C (sf)

Cl. X-C, Confirmed at B1 (sf); previously on Aug 23, 2012 B1 (sf) Placed Under Review for Possible Downgrade

Cl. X-P, Downgraded to A1 (sf); previously on Aug 23, 2012 Aa3 (sf) Placed Under Review for Possible Downgrade

RATINGS RATIONALE

On August 23, 2012 Moody's placed ten classes on review for possible downgrade in order to further evaluate the ongoing risk of future interest shortfalls and the timing and severity of losses from the largest specially serviced loan in the pool, the Skyline Portfolio Loan. While there is still a significant amount of uncertainty concerning the loan at this point in time is does not look like the expected resolution strategy will lead to a large spike in recurring interest shortfalls. This action concludes our review.

The downgrades are due to higher than expected realized and anticipated losses from specially serviced and troubled loans. The affirmations and confirmations of the principal classes are due to sufficient credit enhancement levels for the current ratings. Based on our current base expected loss, the credit enhancement levels for the affirmed classes and confirmed are sufficient to maintain their ratings.

The downgrades of the interest only Class XP is due to the decline in credit quality of its referenced classes.

The rating of the interest only Class XC is consistent with the credit performance of its referenced classes and thus is confirmed.

Moody's rating action reflects a base expected loss of 14.5% of the current balance compared to 14.3% at last review. Due to an increase in realized losses, base expected loss plus realized losses increased from 14.8% of the outstanding balance at last review to 15.6% at this review. Moody's provides a current list of base expected losses for conduit and fusion CMBS transactions on moodys.com at http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF215255. Depending on the timing of loan payoffs and the severity and timing of losses from specially serviced loans, the credit enhancement level for investment grade classes could decline below the current levels. If future performance materially declines, the expected level of credit enhancement and the priority in the cash flow waterfall may be insufficient for the current ratings of these classes.

Moody's analysis reflects a forward-looking view of the likely range of collateral performance over the medium term. From time to time, Moody's may, if warranted, change these expectations. Performance that falls outside an acceptable range of the key parameters may indicate that the collateral's credit quality is stronger or weaker than Moody's had anticipated during the current review. Even so, deviation from the expected range will not necessarily result in a rating action. There may be mitigating or offsetting factors to an improvement or decline in collateral performance, such as increased subordination levels due to amortization and loan payoffs or a decline in subordination due to realized losses.

Primary sources of assumption uncertainty are the extent of growth in the current macroeconomic environment and commercial real estate property markets. Commercial real estate property values are continuing to move in a positive direction along with a rise in investment activity and stabilization in core property type performance. Limited new construction and moderate job growth have aided this improvement. However, a consistent upward trend will not be evident until the volume of investment activity steadily increases for a significant period, non-performing properties are cleared from the pipeline, and fears of a Euro area recession are abated.

The hotel sector is performing strongly with eight straight quarters of growth and the multifamily sector continues to show increases in demand with a growing renter base and declining home ownership. Slow recovery in the office sector continues with minimal additions to supply. However, office demand is closely tied to employment, where growth remains slow and employers are considering decreases in the leased space per employee. Also, primary urban markets are outperforming secondary suburban markets. Performance in the retail sector continues to be mixed with retail rents declining for the past four years, weak demand for new space and lackluster sales driven by discounting and promotions. However, rising wages and reduced unemployment, along with increased consumer confidence, is helping to spur consumer spending resulting in increased sales. Across all property sectors, the availability of debt capital continues to improve with robust securitization activity of commercial real estate loans supported by a monetary policy of low interest rates.

Moody's central global macroeconomic scenario maintains its forecast of relatively robust growth in the US and an expectation of a mild recession in the euro area for 2012. Downside risks remain significant, and elevated downside risks and their materialization could pose a serious threat to the outlook. Major downside risks include: a deeper than expected recession in the euro area; the potential for a hard landing in major emerging markets; an oil supply shock; and material fiscal tightening in the US given recent political gridlock. Healthy but below-trend growth in GDP is expected through the rest of this year and next with risks trending to the downside.

The methodologies used in this rating were "Moody's Approach to Rating U.S. CMBS Conduit Transactions" published in September 2000, and "Moody's Approach to Rating Structured Finance Interest-Only Securities" published in February 2012. Please see the Credit Policy page on www.moodys.com for a copy of these methodologies.

Moody's review incorporated the use of the excel-based CMBS Conduit Model v 2.61 which is used for both conduit and fusion transactions. Conduit model results at the Aa2 (sf) level are driven by property type, Moody's actual and stressed DSCR, and Moody's property quality grade (which reflects the capitalization rate used by Moody's to estimate Moody's value). Conduit model results at the B2 (sf) level are driven by a pay down analysis based on the individual loan level Moody's LTV ratio. Moody's Herfindahl score (Herf), a measure of loan level diversity, is a primary determinant of pool level diversity and has a greater impact on senior certificates. Other concentrations and correlations may be considered in our analysis. Based on the model pooled credit enhancement levels at Aa2 (sf) and B2 (sf), the remaining conduit classes are either interpolated between these two data points or determined based on a multiple or ratio of either of these two data points. For fusion deals, the credit enhancement for loans with investment-grade credit assessments is melded with the conduit model credit enhancement into an overall model result. Fusion loan credit enhancement is based on the underlying credit assessment of the loan which corresponds to a range of credit enhancement levels. Actual fusion credit enhancement levels are selected based on loan level diversity, pool leverage and other concentrations and correlations within the pool. Negative pooling, or adding credit enhancement at the underlying rating level, is incorporated for loans with similar credit assessments in the same transaction.

Moody's review also incorporated the CMBS IO calculator ver1.1 which uses the following inputs to calculate the proposed IO rating based on the published methodology: original and current bond ratings and credit estimates; original and current bond balances grossed up for losses for all bonds the IO(s) reference(s) within the transaction; and IO type corresponding to an IO type as defined in the published methodology. The calculator then returns a calculated IO rating based on both a target and mid-point. For example, a target rating basis for a Baa3 (sf) rating is a 610 rating factor. The midpoint rating basis for a Baa3 (sf) rating is 775 (i.e. the simple average of a Baa3 (sf) rating factor of 610 and a Ba1 (sf) rating factor of 940). If the calculated IO rating factor is 700, the CMBS IO calculator ver1.1 would provide both a Baa3 (sf) and Ba1 (sf) IO indication for consideration by the rating committee.

Moody's uses a variation of Herf to measure diversity of loan size, where a higher number represents greater diversity. Loan concentration has an important bearing on potential rating volatility, including risk of multiple notch downgrades under adverse circumstances. The credit neutral Herf score is 40. The pool has a Herf of 32 compared to 35 at last review.

Moody's ratings are determined by a committee process that considers both quantitative and qualitative factors. Therefore, the rating outcome may differ from the model output.

The rating action is a result of Moody's on-going surveillance of commercial mortgage backed securities (CMBS) transactions. Moody's monitors transactions on a monthly basis through a review utilizing MOST® (Moody's Surveillance Trends) Reports and a proprietary program that highlights significant credit changes that have occurred in the last month as well as cumulative changes since the last full transaction review. On a periodic basis, Moody's also performs a full transaction review that involves a rating committee and a press release. Moody's prior transaction review is summarized in a press release dated September 15, 2011. Please see the ratings tab on the issuer / entity page on moodys.com for the last rating action and the ratings history.

DEAL PERFORMANCE

As of the November 13, 2012 distribution date, the transaction's aggregate certificate balance has decreased by 26% to $2.99 billion from $3.95 billion at securitization. The Certificates are collateralized by 161 mortgage loans ranging in size from less than 1% to 8% of the pool. The pool does not include any defeased loans or loans with credit assessments.

Twenty-seven loans, representing 25% of the pool, are on the master servicer's watchlist. The watchlist includes loans which meet certain portfolio review guidelines established as part of the CRE Finance Council (CREFC) monthly reporting package. As part of our ongoing monitoring of a transaction, Moody's reviews the watchlist to assess which loans have material issues that could impact performance.

Twenty-nine loans have been liquidated from the pool since securitization, resulting in an aggregate $185.3 million loss (27% loss severity on average). Currently 28 loans, representing 21% of the pool, are in special servicing. The largest specially serviced loan is the Skyline Portfolio Loan ($203.4 million -- 6.8% of the pool), which represents a 30% pari passu interest in a $678.0 million first mortgage loan with the other pieces securitized in JPMCC 2007-LDP10 and BACM 2007-1. The loan is secured by eight cross-collateralized and cross-defaulted office properties totaling 2.6 million square feet (SF) which are located outside of Washington, DC in Falls Church, Virginia. At securitization, over 55% of the net rentable area (NRA) was leased by the General Services Administration (GSA). The GSA has been vacating its space as leases expire. The portfolio was 62% leased as of November 2012. The portfolio was appraised at $296.6 million as of July 2012 compared to $872 million at securitization. The special servicer is in discussions with the borrower regarding a possible loan modification. The loan sponsor is Vornado Realty Trust (Senior Unsecured Rating Baa2, Stable Outlook). The servicer has recognized a $126 million appraisal reduction for this loan.

The second largest specially serviced loans in the Galleria Officentre Loan ($85.6 million--2.9% of the pool). The loan is secured by four class A office buildings located in Southfield, Michigan. The loan transferred to special servicing in August 2011 due to imminent default as the result of cash flow problems. The loan matured in April 2012 and the borrower was unable to pay off the loan at maturity. The servicer has received a preliminary restructuring proposal and it is under review. As of January 2012, the property was 66% occupied.

The remaining specially serviced properties are secured by a mix of property types. Moody's estimates an aggregate $310.2 million loss for the specially serviced loans (50% expected loss on average).

Moody's has assumed a high default probability for 15 poorly performing loans representing 8% of the pool and has estimated an aggregate $84.6 million loss (36% expected loss based on a 62% probability default) from these troubled loans.

Moody's was provided with full year 2011 and partial year 2012 operating results for 97% and 78% of the performing pool respectively. Excluding specially serviced and troubled loans, Moody's weighted average LTV is 118% compared to 115% at last full review. Moody's net cash flow reflects a weighted average haircut of 8.4% to the most recently available net operating income. Moody's value reflects a weighted average capitalization rate of 9.1%.

Excluding specially serviced and troubled loans, Moody's actual and stressed DSCRs are 1.65X and 1.03X, respectively, compared to 1.42X and 0.88X at last review. Moody's actual DSCR is based on Moody's net cash flow (NCF) and the loan's actual debt service. Moody's stressed DSCR is based on Moody's NCF and a 9.25% stressed rate applied to the loan balance.

The top three performing loans represent 22% of the pool. The largest loan is the 666 Fifth Avenue A-note Loan Pool Loan ($225.4 million --7.5% of the pool), which represents a 20.5% pari-passu interest in a $1.21 billion first mortgage loan (original loan prior to loan modification). The loan is secured by a 1.5 million SF Class A office building located in Midtown Manhattan, New York. The property was 77% leased as of December 2011 compared to 86% at year-end 2009 and 98% at securitization. The loan transferred to special servicing in March 2010 due to imminent monetary default. The borrower requested a loan modification after the borrower exhausted its $100 million reserve. In December 2011, the borrower and special servicer successfully executed a modification. Terms of the modification include a bifurcation of the original loan into a $1.15 billion A-Note and $115 million B-Note, interest reduction on the A-Note, $110 million equity infusion that is senior in payment priority to the B-Note, and an extension of the maturity date by two years. Based on the new structure, the interest rate reduction has created interest shortfalls in the amount of $629,000 per month in 2012 and will create approximately $441,000 in interest shortfalls per month in 2013. The loan returned to the master servicer in March 2012 and is performing under the modified terms. Moody's LTV and stressed DSCR for the modified A note are 137% and 0.67X, respectively compared to 167% and 0.52X at last review.

The second largest loan is the Wolfchase Galleria Loan ($225 million -- 7.5% of the pool), which is secured by the borrower's interest in a 1.3 million SF enclosed regional mall located in Memphis, Tennessee. The loan sponsor is Simon Property Group, Inc. The mall is anchored by Macy's, Dillard's, Sears and J.C. Penney, none of which are part of the loan collateral. The property was 98% leased as of December 2011, up from 90% at last review. Moody's LTV and stressed DSCR are 135% and 0.66X, respectively, compared to 139% and 0.64X at last review.

The third largest loan is the JP Morgan Portfolio Loan ($198.5 million -- 6.6% of the pool), which is secured by a 732,922 SF office building and a 1,900 space parking garage located in Phoenix, Arizona and a 429,000 SF office building located in Houston, Texas. The loan sponsor is Vornado Realty Trust who has a payment guaranty on the loan through March 2015. The loan is current and the properties are 100% leased to JP Morgan through March 31, 2021. The loan is interest-only throughout the term. Moody's LTV and stressed DSCR are 130% and 0.73X, respectively, compared to 125% and 0.76X at last review.

REGULATORY DISCLOSURES

The Global Scale Credit Ratings on this press release that are issued by one of Moody's affiliates outside the EU are endorsed by Moody's Investors Service Ltd., One Canada Square, Canary Wharf, London E 14 5FA, UK, in accordance with Art.4 paragraph 3 of the Regulation (EC) No 1060/2009 on Credit Rating Agencies. Further information on the EU endorsement status and on the Moody's office that has issued a particular Credit Rating is available on www.moodys.com.

For ratings issued on a program, series or category/class of debt, this announcement provides relevant regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides relevant regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides relevant regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

Information sources used to prepare the rating are the following: parties involved in the ratings, parties not involved in the ratings, public information, confidential and proprietary Moody's Investors Service information, and confidential and proprietary Moody's Analytics information.

Moody's received and took into account a third-party assessment on the due diligence performed regarding the underlying assets or financial instruments in this transaction and the assessment had a neutral impact on the rating.

Moody's considers the quality of information available on the rated entity, obligation or credit satisfactory for the purposes of issuing a rating.

Moody's adopts all necessary measures so that the information it uses in assigning a rating is of sufficient quality and from sources Moody's considers to be reliable including, when appropriate, independent third-party sources. However, Moody's is not an auditor and cannot in every instance independently verify or validate information received in the rating process.

Please see the ratings disclosure page on www.moodys.com for general disclosure on potential conflicts of interests.

Please see the ratings disclosure page on www.moodys.com for information on (A) MCO's major shareholders (above 5%) and for (B) further information regarding certain affiliations that may exist between directors of MCO and rated entities as well as (C) the names of entities that hold ratings from MIS that have also publicly reported to the SEC an ownership interest in MCO of more than 5%. A member of the board of directors of this rated entity may also be a member of the board of directors of a shareholder of Moody's Corporation; however, Moody's has not independently verified this matter.

Please see Moody's Rating Symbols and Definitions on the Rating Process page on www.moodys.com for further information on the meaning of each rating category and the definition of default and recovery.

Please see ratings tab on the issuer/entity page on www.moodys.com for the last rating action and the rating history.

The date on which some ratings were first released goes back to a time before Moody's ratings were fully digitized and accurate data may not be available. Consequently, Moody's provides a date that it believes is the most reliable and accurate based on the information that is available to it. Please see the ratings disclosure page on our website www.moodys.com for further information.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Lacey M Morgan Associate Analyst Structured Finance Group Moody'sInvestors Service, Inc.250 Greenwich StreetNew York, NY 10007 U.S.A. JOURNALISTS: 212-553-0376 SUBSCRIBERS: 212-553-1653Sandra Ruffin VP - Senior Credit Officer Structured Finance Group JOURNALISTS: 212-553-0376 SUBSCRIBERS: 212-553-1653 Releasing Office: Moody's Investors Service, Inc.250 Greenwich StreetNew York, NY 10007 U.S.A. JOURNALISTS: 212-553-0376 SUBSCRIBERS: 212-553-1653(C) 2012 Moody's Investors Service, Inc. and/or its licensors and affiliates (collectively, "MOODY'S"). All rights reserved.

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