NEW YORK--(BUSINESS WIRE)--Fitch Ratings has upgraded one and affirmed nine classes of Gramercy Real Estate CDO 2005-1, Ltd./LLC (Gramercy 2005-1). Fitch's performance expectation incorporates prospective views regarding commercial real estate market value and cash flow declines. A detailed list of rating actions follows at the end of this release. KEY RATING DRIVERS The actions reflect the substantial delevering of the capital structure that has occurred since the last rating action. Fitch's b
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