DBRS Confirms Ratings of GS Mortgage Securities Trust, Series 2011-GC3

DBRS has today confirmed the ratings of GS Mortgage Securities Trust, Series 2011-GC3 as follows:

-- 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 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 X at AAA (sf)

All trends are stable. DBRS does not rate the first lost piece, Class G.

The collateral consists of 57 fixed-rate loans secured by 111 commercial properties. As of the March 2012 remittance report, the pool has a balance of $1,385,215,585, representing a collateral reduction of approximately 1.1% since issuance in March 2011. Overall, the loans in the pool have reported stable performance since issuance. The transaction also benefits from loans structured with significant amortization, as 12.3% of the pool amortizes down by maturity.

At issuance, DBRS shadow-rated two loans, representing 5.8% of the current pool balance, investment grade. DBRS today confirmed that the performance of the loans remains consistent with investment-grade loan characteristics.

As of the March 2012 remittance report, there are five loans on the servicer’s watchlist, representing 2.69% of the pool. There are no delinquent or specially serviced loans.

The DBRS analysis included an in-depth review of the top fifteen loans, the shadow-rated loans and the loans on the servicer’s watchlist, which represents approximately 72% of the current pool balance.

DBRS will publish a full report shortly that will provide additional analytical detail on this rating action. If you are interested in receiving this report, contact us at info@dbrs.com.

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

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

The applicable methodologies are CMBS Rating Methodology and CMBS North American Surveillance Methodology, which can be found on our website under Methodologies.