TEXT-S&P rates GS Mortgage Securities Trust 2013-GC10

Fri Jan 18, 2013 1:09pm EST

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.
FILED UNDER:
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