DBRS Finalizes Ratings to GSMS 2011-GC3

DBRS has today assigned final ratings to the following classes of GS Mortgage Securities Trust, Series 2011-GC3. The trends are Stable.

-- Class A-1 at AAA (sf)
-- Class A-2 at AAA (sf)
-- Class A-3 at AAA (sf)
-- Class A-4 at AAA (sf)
-- Class X at AAA (sf)
-- Class B at AA (high) (sf)
-- Class C at A (high) (sf)
-- Class D at BBB (sf)
-- Class E at BB (sf)
-- Class F at B (sf)
-- Class G at NR (sf)

The collateral consists of 57 fixed-rate loans secured by 111 multifamily, mobile home parks and commercial properties. The portfolio has a balance of $1,400,625,368. The pool benefits from low leverage financing with a DBRS weighted- average Term DSCR and debt yield of 1.57x and 10.6%, respectively, based on the trust amount. The pool also benefits from strong amortization as 12.3 % of the pool amortizes down by maturity.

DBRS shadow-rates two loans, representing 5.8% of the pool, investment grade. The investment-grade shadow-rated loans indicate the long-term stability of the underlying assets.

Notes:
All figures are in U.S. dollars unless otherwise noted.

All classes are privately placed pursuant to Rule 144A.

The applicable methodology is CMBS Rating Methodology, which can be found on our website under Methodologies.