DBRS Confirms the Ratings of GS Mortgage Securities Trust, 2010-C1

DBRS has today confirmed the ratings of the Commercial Mortgage Pass-Through Certificates Series 2010-C1 issued by 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 trends on Class C and Class D have been changed to Positive from Stable. The trends on the remaining classes are Stable. DBRS does not rate the first loss piece, Class G.

The trend changes and rating confirmations are a result of the continued stable performance of the transaction since issuance. The collateral for this transaction consists of 23 fixed-rate loans secured by 48 commercial properties. According to YE2013 reporting, the pool has a healthy weighted-average debt service coverage ratio (DSCR) of 1.83 times and a weighted-average debt yield of 16.53%. Since issuance, the transaction has experienced collateral reduction 11.8% as a result of scheduled loan amortization and the prepayment of one loan. The pool also benefits from full defeasance of one loan, representing 2.0% of the current pool balance. In the next 12 months, three loans representing 6.8% of the current pool balance, are scheduled to mature. Not including the fully defeased loan, these loans have a weighted-average exit debt yield of 17.0%.

The pool is highly concentrated, with the five largest loans representing 49.9% of the current pool balance and the ten largest loans representing 75.8% of the current pool balance. Additionally, loans secured by retail properties, represent 79.3% of the current pool balance.

At issuance, DBRS shadow-rated ten loans as investment grade, representing 55.1% of the current balance. DBRS has today confirmed that the performance of these loans remain consistent with investment-grade loan characteristics.

DBRS continues to monitor this transaction in its Monthly CMBS Surveillance Report, with additional information on the DBRS viewpoint for this transaction, including details on the remaining loans in the pool. The August 2014 Monthly Surveillance Report for this transaction will be published shortly. If you are interested in receiving this report, contact us at info@dbrs.com.

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

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

The applicable methodologies are CMBS Rating Methodology (January 2012) and CMBS North American Surveillance Methodology (November 2012), which can be found on our website under Methodologies.

For more information on this credit or on this industry, visit www.dbrs.com or contact us at info@dbrs.com.