TEXT-S&P Assigns GS Mort Sec Corp. Trust 2012-TMSQ Certs Prelim Rtg
GS Mortgage Securities Corp. Trust 2012-TMSQ's issuance is a CMBS securitization backed by a $208.0 million commercial mortgage loan secured by the fee interest in One Times Square, a retail and signage building located in the Times Square area of Manhattan, New York City.
We assigned our preliminary ratings to the Class A, X-A, X-B, B, C, and D notes.
The preliminary ratings reflect our view of the transaction's leverage, debt-service coverage, and sponsor, among other factors.
NEW YORK (Standard & Poor's) Dec. 5, 2012--Standard & Poor's Ratings Services today assigned its preliminary ratings to GS Mortgage Securities Corp. Trust 2012-TMSQ's commercial mortgage pass-through certificates (see list).
The note issuance is a CMBS securitization backed by a $208.0 million commercial mortgage loan secured by the fee interest in One Times Square, a retail and signage building located in the Times Square area of Manhattan, New York City. The preliminary ratings are based on information as of Dec. 5, 2012. Subsequent information may result in the assignment of final ratings that differ from the preliminary ratings.
The preliminary ratings reflect our view of the collateral's historical and projected performance, the sponsor's and manager's experience, the trustee-provided liquidity, the loan's terms, and the transaction's structure. We determined that the loan has a beginning and ending loan-to-value (LTV) ratio of 67.5% based on Standard & Poor's value.
STANDARD & POOR'S 17G-7 DISCLOSURE REPORT
SEC Rule 17g-7 requires an NRSRO, for any report accompanying a credit rating relating to an asset-backed security as defined in the Rule, to include a description of the representations, warranties and enforcement mechanisms available to investors and a description of how they differ from the representations, warranties and enforcement mechanisms in issuances of similar securities.
The Standard & Poor's 17g-7 Disclosure Report included in this credit rating report is available at "".
RELATED CRITERIA AND RESEARCH
-- "Presale: GS Mortgage Securities Corp. Trust 2012-TMSQ," Dec. 5, 2012.
-- "Application Of CMBS Global Property Evaluation Methodology In U.S. And Canadian Transactions," Sept. 5, 2012
-- "CMBS Global Property Evaluation Methodology," Sept. 5, 2012
-- "Rating Methodology And Assumptions For U.S. And Canadian CMBS," Sept. 5, 2012
-- "U.S. And Canadian CMBS Diversity Adjustment Factor Matrices," Sept. 5, 2012
-- "Criteria Methodology Applied To Fees, Expenses, And Indemnifications," July 12, 2012
-- "Methodology And Assumptions: Assigning Ratings To Bonds In The U.S. Based On Escrowed Collateral," May 31, 2012
-- "Counterparty Risk Framework Methodology And Assumptions," May 31, 2012
-- "U.S. Government Support In Structured Finance And Public Finance Ratings," Sept. 19, 2011
-- "Principles Of Credit Ratings," Feb. 16, 2011
-- "Global Methodology For Rating Interest-Only Securities," April 15, 2010
-- "Understanding Standard & Poor's Rating Definitions," June 3, 2009
-- "U.S. CMBS Legal And Structured Finance Criteria: Pool Transactions," May 1, 2003
-- "U.S. CMBS Legal And Structured Finance Criteria: Property-Specific And Large Loan Transactions," May 1, 2003
-- "U.S. CMBS Legal And Structured Finance Criteria: Appendix I: Insurance Criteria For U.S. CMBS Transactions," May 1, 2003
-- "CMBS Quarterly Insights: CMBS Inflection Point Reached In 2012, Credit Pendulum Swings Forward In 2013," Nov. 16, 2012
-- "U.S. Commercial Real Estate Trends Are Improving And CMBS Performance Is Stabilizing," Nov. 5, 2012
-- "Standard & Poor's North American CMBS Monthly Snapshot - October 2012," Nov. 29, 2012
PRELIMINARY RATINGS ASSIGNED
GS Mortgage Securities Corp. Trust 2012-TMSQ
Class Rating Amount ($)
A AAA (sf) 138,692,000
X-A AAA (sf) 138,692,000*
X-B AA- (sf) 30,417,000*
B AA- (sf) 30,417,000
C A- (sf) 23,519,000
D BBB (sf) 15,372,000