DBRS Confirms the 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)

All trends are Stable.

The collateral for this transaction consists of 23 loans secured by 48 commercial properties. The transaction closed in August 2010, and since issuance, the pool has seen a collateral reduction of 3.27%. Because of the few loans in the pool, it is concentrated, with the first five and ten loans comprising 50.20% and 76.42% of the pool, respectively, and the majority of loans are secured by retail properties (79.00%). Year-end 2011 net cash flow (NCF) figures were available for all 23 loans and performance has remained stable since issuance. The weighted-average debt service coverage ratio (DSCR) for the pool is 1.84 times (x) and the transaction has a weighted-average debt yield of 14.09%, both based on YE2011 financial figures. Based on a comparison with DBRS underwritten NCF from issuance, financial performance of the loans in the transaction is in line with expectations.

As of the August 2012 remittance report, there were no loans on the servicer’s watchlist and there are no delinquent or specially serviced loans.

DBRS shadow-rates 11 loans investment grade in this pool, representing 57.94% of the current balance.

For further information on the DBRS viewpoint for this pool, including commentary on the largest loans, please see the August 2012 Monthly Surveillance Report for this transaction, which will be published shortly on the DBRS website at www.dbrs.com.

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 (January 2012) and CMBS North American Surveillance Methodology (May 2011), which can be found on our website under Methodologies.

This rating is endorsed by DBRS Ratings Limited for use in the European Union.