-- 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
The Standard & Poor's 17g-7 Disclosure Report included in this credit rating
report is available at "RELATED CRITERIA AND RESEARCH
-- 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.
-- 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
-- Presale: GS Mortgage Securities Trust 2013-GC10, Jan. 18, 2013
-- U.S. And Canadian CMBS Diversity Adjustment Factor Matrices, Sept. 5,
-- 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