Fitch Ratings has upgraded one class and affirmed one class of GE Capital Commercial Mortgage Corp.'s (GECCMC) commercial mortgage pass-through certificates, series 2002-3. A detailed list of rating actions follows at the end of this press release.

KEY RATING DRIVERS

The upgrade is due to increased credit enhancement and the stable performance of the four remaining loans. The largest loan (91% of the pool's current balance) continues to perform with modified terms and the three other remaining loans are all fully amortizing. Further upgrades were not warranted given the pool's concentration.

As of the December 2015 distribution date, the pool's aggregate principal balance has been reduced by 97.6% to $28.3 million from $1.17 billion at issuance. To date, the trust has experienced $2 million (0.2% of the original balance) in realized losses. No loans are defeased and no loans are currently with the special servicer. Interest shortfalls are currently affecting class P.

The largest loan in the pool is secured by Carroll's Creek Landing Apartments, a 288 unit multifamily complex in Arlington, WA. The complex is located approximately 14 miles away from Naval Station Everett in Everett, WA, and has an agreement in-place that provides preferred housing to the base's service men and women. As a result, occupancy fluctuates often due to troop deployment. According to the August 2015 rent roll, occupancy was 98%. The servicer reported net operating income (NOI) debt service coverage ratio (DSCR) showed an increase year over year, to 1.63x as of year-end (YE) 2014 from 1.56x at YE 2013. The loan was modified in 2011, which included a reduction to the interest rate and a maturity date extension. The borrower has requested to revert back to interest-only until the loan matures in November 2017. It remains a Fitch Loan of Concern as the borrower may face challenges in refinancing the loan given the inconsistent performance.

RATING SENSITIVITIES

The Rating Outlook on both classes N and O remains Stable, as rating changes are not expected for the remaining life of the pool. Although the remaining rated classes have high credit enhancement, there is significant concentration risk with only four loans remaining and the potential for deterioration in performance at the property that secures the largest loan.

DUE DILIGENCE USAGE

No third party due diligence was provided or reviewed in relation to this rating action.

Fitch upgrades the following class as indicated:

--$5.9 million class O to 'BBB-sf' from 'BBsf'; Outlook Stable.

Fitch affirms the following class as indicated:

--$6.9 million class N at 'Asf'; Outlook Stable.

The class A-1, A-2, B, C, D, E, F, G, H, J, K, L, M and X-2 certificates have paid in full. Fitch does not rate the class P certificates. Fitch previously withdrew the rating on the interest-only class X-1 certificates.

Additional information is available at www.fitchratings.com.

Applicable Criteria

Global Structured Finance Rating Criteria (pub. 06 Jul 2015)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=867952

U.S. and Canadian Fixed-Rate Multiborrower CMBS Surveillance and U.S. Re-REMIC Criteria (pub. 13 Nov 2015)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=873395

Additional Disclosures

Dodd-Frank Rating Information Disclosure Form

https://www.fitchratings.com/creditdesk/press_releases/content/ridf_frame.cfm?pr_id=997587

Solicitation Status

https://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=997587

Endorsement Policy

https://www.fitchratings.com/jsp/creditdesk/PolicyRegulation.faces?context=2&detail=31

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