DBRS Confirms All Classes of GS Mortgage Securities Trust 2013-G1

DBRS Limited (DBRS) has today confirmed the ratings on the Commercial Mortgage Pass-Through Certificates, Series 2013-G1 issued by GS Mortgage Securities Trust, Series 2013-G1 as follows:

-- Class A-1 at AAA (sf)
-- Class A-2 at AAA (sf)
-- Class X-A at AAA (sf)
-- Class B at AA (sf)
-- Class C at A (sf)
-- Class D at BBB (low) (sf)
-- Class DM at BB (sf)

All trends are Stable.

The rating confirmations reflect the stable overall performance of the transaction. The collateral consists of three fixed-rate loans secured by two outlet malls and one regional mall; Great Lakes Crossing Outlets, Katy Mills and Deptford Mall, respectively, located in established suburban markets outside of Detroit, Houston and Philadelphia, respectively. As of the January 2017 remittance, all loans are reporting 2016 partial-year financials with a weighted-average (WA) debt service coverage ratio (DSCR) and WA debt yield of 2.94 times (x) and 14.2%, respectively, an increase from the YE2015 WA DSCR and WA debt yield of 2.80x and 12.9%, respectively. The three loans report an aggregate outstanding principal balance of $537.4 million as of the January 2017 remittance, representing a collateral reduction of 5.6% since issuance because of scheduled loan amortization.

At issuance, DBRS shadow-rated all three loans as investment-grade. DBRS has today confirmed that the performance of these loans remains consistent with investment-grade loan characteristics. Overall, the collateralized properties are well established in their respective markets and have satisfactory in-line sales performance, high-quality sponsorship and low-leverage financing.
DBRS has provided updated loan-level commentary and analysis for all loans in the pool, in the DBRS CMBS IReports platform. To view these and future loan-level updates provided as part of DBRS’s ongoing surveillance for this transaction, please log in to DBRS CMBS IReports at www.ireports.dbrs.com.

The ratings assigned to Class C materially deviate from the higher rating implied by the quantitative model. DBRS considers a material deviation to be a rating differential of three or more notches between the assigned rating and the rating implied by the quantitative model that is a substantial component of a rating methodology; in this case, the assigned rating reflect the uncertainty of loan-level event risk.

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.

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

The applicable methodologies are North American CMBS Rating Methodology (January 2017) and CMBS North American Surveillance (December 2016), which can be found on our website under Methodologies.