DBRS Upgrades Four Classes and Confirms Four Classes of GS Mortgage Securities Trust 2010-C1

DBRS Limited (DBRS) has today upgraded the ratings of four classes of GS Mortgage Securities Trust 2010-C1, as follows:

-- Class C to AA (high) (sf) from AA (sf)
-- Class D to A (low) (sf) from BBB (high) (sf)
-- Class E to BB (high) (sf) from BB (sf)
-- Class F to B (high) (sf) from B (sf)

Additionally, DBRS has confirmed the ratings on the remaining classes in the transaction with the exception of the first loss bond, Class G. All trends are Stable.

The rating upgrades are a result of continued strong performance of the transaction. The collateral for this transaction originally consisted of 23 fixed-rate loans secured by 48 commercial properties. According to the July 2015 remittance, the transaction has experienced collateral reduction 19.5% as a result of scheduled loan amortization and the repayment of four loans. The transaction also benefits from the full defeasance of two loans, representing 14.7% of the current pool balance. Not including the defeased loans, the transaction has a weighted-average debt service coverage ratio (DSCR) and weighted-average exit debt yield of 2.0x and 17.4%, respectively, according to YE2014 reporting. There are currently no loans in special servicing and no loans on the servicer’s watchlist.

At issuance, DBRS shadow-rated nine loans investment grade, representing 56.6% of the current pool balance. Shadow-rated loans in the transaction include 660 Madison Avenue, Burnsville Center, Valley View, Cole Retail Portfolio, Parkway Place, Aardex Ground Lease, Winn Dixie – Hammond, Winn Dixie – Montgomery and Winn Dixie – Opa Locka. 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 largest loans in the pool and loans on the servicer’s watchlist. The July 2015 Monthly CMBS 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.

The related regulatory disclosures pursuant to the National Instrument 25-101 Designated Rating Organizations are hereby incorporated by reference and can be found by clicking on the link to the right under Related Research or by contacting us at info@dbrs.com.

The applicable methodologies are North American CMBS Rating Methodology (June 2015) and CMBS North American Surveillance (January 2015), which can be found on our website under Methodologies.

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

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