DBRS Confirms Ratings of GS Mortgage Securities Trust 2010-C1

DBRS has today confirmed the ratings of GS Mortgage Securities Trust, 2010-C1 as follows:

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

The collateral consists of 23 fixed-rate loans secured by 48 commercial properties. As of the August 2011 remittance report, the pool has a balance of $775,978,349, representing a collateral reduction of approximately 1.6% since issuance in August 2010. Overall, the loans in the pool have reported stable performance since issuance.

The DBRS analysis included an in depth review of the top ten loans and the shadow rated loans, which represents approximately 85% of the current pool balance. These loans, based on the DBRS underwritten net cash flow, have a weighted average term debt yield of approximately 13.1%, based on the August 2011 loan balance, indicating lower leverage financing. The transaction also benefits from loans structured with significant amortization as 19.2% of the pool amortizes down by maturity.

At issuance, DBRS shadow-rated eleven loans, representing 58.2% of the current pool balance, investment grade. DBRS today confirmed that the performance of the loans remains consistent with investment-grade loan characteristics. The investment-grade shadow-rated loans are indicative of the long-term stability of the underlying assets’ cash flow and the low leverage of the loans secured by those assets.

As of the August 2011 remittance report, there are no loans on the servicer’s watchlist and there are no delinquent or specially serviced loans.

DBRS continues to monitor this transaction in our Monthly CMBS Surveillance Report, to assess any material changes at the bond level or the collateral level that may impact our ratings. The Monthly CMBS Surveillance Report also highlights any material updates in the loans on the servicer’s watchlist or any specially serviced loans.

Note:
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 and CMBS North American Surveillance Methodology, which can be found on our website under Methodologies.