Fitch to Rate GS Mortgage Securities Trust 2012-GC6 Commercial Mtge Pass-Thru Ctfs; Presale Issued

NEW YORK--(BUSINESS WIRE)--Fitch Ratings has issued a presale report on Goldman Sachs Mortgage Company's GS Mortgage Securities Trust 2012-GC6.

Fitch expects to rate the transaction and assign Outlooks as follows:

--$65,525,000 class A-1 'AAAsf'; Outlook Stable;

--$82,190,000 class A-2 'AAAsf'; Outlook Stable;

--$570,467,000 class A-3 'AAAsf'; Outlook Stable;

--$89,850,000 class A-AB 'AAAsf'; Outlook Stable;

--$927,794,000*a class X-A 'AAAsf'; Outlook Stable;

--$119,762,000a class A-S 'AAAsf'; Outlook Stable;

--$63,489,000a class B 'AA-sf'; Outlook Stable;

--$44,730,000a class C 'A-sf'; Outlook Stable;

--$49,059,000a class D 'BBB-sf'; Outlook Stable;

--$21,644,000a class E 'BBsf'; Outlook Stable;

--$11,543,000a class F 'Bsf'; Outlook Stable.

* Notional amount and interest only.

a Privately placed pursuant to Rule 144A.

The expected ratings are based on information provided by the issuer as of Jan. 12, 2012. Fitch does not expect to rate the $226,538,646 interest-only class X-B or the $36,073,646 class G.

The certificates represent the beneficial ownership in the trust, primary assets of which are 80 loans secured by 127 commercial properties having an aggregate principal balance of approximately $1.15 billion as of the cutoff date. The loans were contributed to the trust by Goldman Sachs Mortgage Company, Citigroup Global Markets Realty Corp., and Archetype Mortgage Funding I LLC.

Fitch reviewed a comprehensive sample of the transaction's collateral, including site inspections on 71.5% of the properties by balance, cash flow analysis of 85.4% of the pool and asset summary reviews of 85.4% of the pool.

The transaction has a Fitch stressed debt service coverage ratio (DSCR) of 1.22 times (x), a Fitch stressed loan-to value (LTV) of 96.4%, and a Fitch debt yield of 10.2%. Fitch's aggregate net cash flow represents a variance of 8.3% to issuer cash flows.

The Master Servicer and Special Servicer will be KeyCorp Real Estate Capital Markets, Inc. and CWCapital Asset Management LLC, rated 'CMS1' and 'CSS1-', respectively, by Fitch.

The presale report is available at 'www.fitchratings.com.'

Additional information is available at 'www.fitchratings.com'. The ratings above were solicited by, or on behalf of, the issuer, and therefore, Fitch has been compensated for the provision of the ratings.

Applicable Criteria and Related Research:

--'Criteria for Analyzing Multiborrower U.S. Commercial Mortgage Transactions' (Aug. 12, 2011);

--'Criteria for Analyzing Large Loans in U.S. Commercial Mortgage Transactions' (Sept. 26, 2011);

--'Global Structured Finance Rating Criteria' (Aug. 4, 2011);

--'Criteria for Special-Purpose Vehicles in Structured Finance Transactions' (June 13, 2011);

--'U.S. Commercial Mortgage Servicer Rating Criteria' (Feb. 18, 2011);

--'Surveillance Methodology for U.S. Fixed-Rate CMBS Transactions' (Nov. 16, 2011);

--'Counterparty Criteria for Structured Finance Transactions' (March 14, 2011).

Applicable Criteria and Related Research: GS Mortgage Securities Trust 2012-GC6 (US CMBS)

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=666330

Criteria for Analyzing Multiborrower U.S. Commercial Mortgage Transactions

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=647671

Criteria for Analyzing Large Loans in U.S. Commercial Mortgage Transactions

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=651703

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=646569

Criteria for Special-Purpose Vehicles in Structured Finance Transactions

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=635249

U.S. Commercial Mortgage Servicer Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=584005

Surveillance Methodology for U.S. Fixed-Rate CMBS Transactions

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=662869

Counterparty Criteria for Structured Finance Transactions

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=605425

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