DBRS Finalizes Provisional Ratings on JPMCC Re-REMIC Trust 2016-GG10

DBRS, Inc. (DBRS) has today finalized its provisional ratings on the following classes of Commercial Mortgage Certificate-Backed Certificates, Series 2016-GG10 (the Certificates) issued by JPMCC Re-REMIC Trust 2016-GG10 (JPMCC 2016-GG10). The trends are Stable.

-- Class AM-A at BBB (low) (sf)
-- Class AM-B at BB (low) (sf)

Classes AM-A and AM-B were privately placed.

This transaction is a resecuritization, collateralized by the beneficial interests in one commercial mortgage-backed pass-through certificate (CMBS) from an underlying transaction that was securitized in 2007. The JPMCC 2016-GG10 resecuritization consists of a senior/subordinate pass-through sequential-pay structure.

The underlying CMBS transaction is GSMSC 2007-GG10. Although DBRS does not publicly rate the underlying transaction, a detailed level of analysis was performed by using the CREFC IRP files from the latest remittance period.

DBRS analyzed the underlying certificate based on the performance of the underlying loans and the transaction structure. DBRS modeled the transaction independently and, in its review, focused on the larger assets, the specially serviced loans, the modified loans and the loans on the servicer’s watchlist, in an effort to most appropriately model the pivotal loans within the transaction that carry a higher likelihood of default.

The ratings are dependent on the performance of the underlying transaction.

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

The applicable methodology is North American CMBS Rating Methodology, which can be found on our website under Methodologies.

With regard to due diligence services, DBRS requested the Form ABS Due Diligence-15E (Form-15E), but it will not be provided by the issuer. DBRS relied primarily upon CREFC IRP files to perform its analysis, and not due diligences services provided by the issuer.

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