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

DBRS Limited (DBRS) confirmed the ratings on the Commercial Mortgage Pass-Through Certificates, Series 2013-G1 issued by GS Mortgage Securities Trust 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 overall stable performance of the transaction. The collateral consists of three fixed-rate loans secured by two outlet malls (Great Lakes Crossing Outlets and Katy Mills) and one regional mall (Deptford Mall). The three properties are located in established suburban markets outside of Detroit, Michigan; Houston, Texas; and Philadelphia, Pennsylvania, respectively. As at the January 2018 remittance, all loans are reporting year-to-date figures for 2017, with a weighted-average (WA) debt service coverage ratio (DSCR) and WA debt yield of 3.00 times (x) and 14.6%, respectively, which is relatively in line with the YE2016 WA DSCR and WA debt yield of 2.98x and 14.6%, respectively. The three loans report an aggregate outstanding principal balance of $528.3 million as at the January 2018 remittance, representing a collateral reduction of 7.1% from issuance as a result of scheduled loan amortization on the Great Lakes Crossing Outlets and Deptford Mall loans, as the Katy Mills loan is interest-only (IO) for the entire term.

At issuance, DBRS shadow-rated all three loans as investment grade. With this review, DBRS 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.

Class X-A is an IO certificate that references a single rated tranche or multiple rated tranches. The IO rating mirrors the lowest-rated reference tranche adjusted upward by one notch if senior in the waterfall.
All ratings will be subject to ongoing surveillance, which could result in ratings being upgraded, downgraded, placed under review, confirmed or discontinued by DBRS.

As part of this review, DBRS has provided updated analysis and in-depth commentary for each of the three underlying loans in the DBRS Viewpoint platform for this transaction.
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Notes:
All figures are in U.S. dollars unless otherwise noted.

The principal methodology is CMBS North American Surveillance, which can be found on dbrs.com under Methodologies. For a list of the Structured Finance related methodologies that may be used during the rating process, please see the DBRS Global Structured Finance Related Methodologies document on www.dbrs.com. Please note that not every related methodology listed under a principal Structured Finance asset class methodology may be used to rate or monitor an individual structured finance or debt obligation.

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 under Related Documents or by contacting us at info@dbrs.com.

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

The rated entity or its related entities did participate in the rating process for this rating action. DBRS had access to the accounts and other relevant internal documents of the rated entity or its related entities in connection with this rating action.

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