TEXT-S&P rates GS Mortgage Securities Trust 2013-GC10
OVERVIEW -- GS Mortgage Securities Trust 2013-GC10's issuance is a CMBS securitization backed by 61 commercial mortgage loans with an aggregate principal balance of $859.4 million, secured by the fee or leasehold interest in 93 properties across 27 states. -- We assigned our preliminary ratings to the class A-1, A-2, A-3, A-4, A-5, A-AB, X-A, A-S, X-B, B, C, D, E, and F notes. -- The preliminary ratings reflect our view of the transaction's credit support, the collateral pool's diversity, and the trustee-provided liquidity, among other factors. NEW YORK (Standard & Poor's) Jan. 18, 2013--Standard & Poor's Ratings Services today assigned its preliminary ratings to GS Mortgage Securities Trust 2013-GC10's $859.4 million commercial mortgage pass-through certificates series 2013-GC10 (see list). The note issuance is a commercial mortgage-backed securities transaction backed by 61 commercial mortgage loans with an aggregate principal balance of $859.4 million, secured by the fee or leasehold interest in 93 properties across 27 states. The preliminary ratings are based on information as of Jan. 18, 2013. Subsequent information may result in the assignment of final ratings that differ from the preliminary ratings. The preliminary ratings reflect the credit support provided by the transaction structure, our view of the underlying collateral's economics, the trustee-provided liquidity, the collateral pool's relative diversity, and our overall qualitative assessment of the transaction. Standard & Poor's determined that the collateral pool has, on a weighted average basis, debt service coverage of 1.59x and beginning and ending loan-to-value ratios of 84.0% and 70.0%, respectively, based on Standard & Poor's values. 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 Related Criteria -- Counterparty Risk Framework Methodology And Assumptions, Nov. 29, 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 -- 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 -- 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 Related Research -- Presale: GS Mortgage Securities Trust 2013-GC10, Jan. 18, 2013 -- U.S. And Canadian CMBS Diversity Adjustment Factor Matrices, Sept. 5, 2012 -- Global Structured Finance Scenario And Sensitivity Analysis: The Effects Of The Top Five Macroeconomic Factors, Nov. 4, 2011 PRELIMINARY RATINGS ASSIGNED GS Mortgage Securities Trust 2013-GC10 Class Rating Amount A-1 AAA (sf) 53,438,000 A-2 AAA (sf) 35,275,000 A-3 AAA (sf) 21,000,000 A-4 AAA (sf) 110,000,000 A-5 AAA (sf) 300,475,000 A-AB AAA (sf) 81,379,000 X-A AAA (sf) 656,352,000(ii) A-S AAA (sf) 54,785,000 X-B(i) A- (sf) 103,126,000(ii) B(i) AA- (sf) 63,380,000 C(i) A- (sf) 39,746,000 D(i) BBB- (sf) 34,376,000 E(i) BB (sf) 22,558,000 F(i) B+ (sf) 16,114,000 G(i) NR 26,855,941 R(i) NR N/A (i)Non-offered certificates. (ii)Notional balance. NR--Not rated. N/A--Not applicable.