Fitch Affirms GS Mortgage Securities Trust 2015-GC32 Commercial Mortgage Pass-Through Certificates

NEW YORK--()--Fitch Ratings has affirmed 15 classes of GS Mortgage Securities Trust 2015-GC32 Commercial Mortgage Pass-Through Certificates. A detailed list of rating actions follows at the end of this press release.

KEY RATING DRIVERS

The affirmations are based on the stable performance of the underlying collateral pool. There have been no delinquent or specially serviced loans since issuance. The stable performance reflects no material changes to pool metrics since issuance, therefore the original rating analysis was considered in affirming the transaction.

The pool's aggregate principal balance has been reduced by 0.69% to $996 million from $1.0 billion at issuance. No loans have been designated as Fitch Loans of Concern.

The largest loan in the pool (9.9% of the pool) is secured by 32 cross-collateralized and cross defaulted properties consisting of 32 manufactured housing communities containing 4,965 pads. One of the communities is age-restricted, and the remaining 31 communities are all-ages. The assets are located across six states, with the largest concentration in Colorado. As of March 2015, the combined occupancy was 84%.

The second largest loan in the pool (7.4%) is secured by a 301,501 sf retail and office space across 15 separate buildings and is currently leased to a mix of 88 national and local retail and dining tenants. The property is anchored by Whole Foods and CVS. As of December 2015, occupancy increased to 95% from 93% at issuance.

The third largest loan in the pool (6.6%) is secured by a 595,412 sf power center located in ElPaso, TX. The property is centrally located to the area's three major activity hubs (Bridge of Americas, El Paso International Airport and Fort Bliss) and is a convenient shopping destination for tourists and residents of El Paso. The property was 92% occupied as of December 2015.

RATING SENSITIVITIES

The Outlook for all classes remains Stable. Fitch does not foresee positive or negative ratings migration until a material economic or asset level event changes the transaction's portfolio-level metrics.

DUE DILIGENCE USAGE

No third-party due diligence was provided or reviewed in relation to this rating action.

Fitch affirms the following classes:

--$74.5 million class A-1 at 'AAAsf'; Outlook Stable;

--$50.9 million class A-2 at 'AAAsf'; Outlook Stable;

--$180 million class A-3 at 'AAAsf'; Outlook Stable;

--$331.9 million class A-4 at 'AAAsf'; Outlook Stable;

--$85 million class A-AB at 'AAAsf'; Outlook Stable;

--$70.2 million class A-S at 'AAAsf'; Outlook Stable;

--$60.2 million class B at 'AA-sf'; Outlook Stable;

--$173 million class PEZ at 'A-sf'; Outlook Stable;

--$42.6 million class C at 'A-sf'; Outlook Stable;

--$51.4 million class D at 'BBB-sf'; Outlook Stable;

--$20.1 million class E at 'BBsf'; Outlook Stable;

--$10 million class F at 'Bsf'; Outlook Stable;

--$772.4 million* class X-A at 'AAAsf'; Outlook Stable;

--$60.2 million* class X-B at 'AA-sf'; Outlook Stable;

--$51.4 million* class X-D at 'BBB-sf'; Outlook Stable.

* Notional amount and interest only.

Class A-S, B and C certificates may be exchanged for class PEZ certificates, and class PEZ certificates may be exchanged for class A-S, B, and C certificates.

Class A-S, class B, and class C certificates may be exchanged for a related amount of class EC certificates, and class EC certificates may be exchanged for class A-S, class B, and class C certificates.

Class E and F are privately placed pursuant to Rule 144A.

Fitch does not rate classes G and H.

Additional information is available at www.fitchratings.com.

Applicable Criteria

Counterparty Criteria for Structured Finance and Covered Bonds (pub. 14 May 2014)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=744158

Criteria for Rating Caps and Limitations in Global Structured Finance Transactions (pub. 28 May 2014)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=748781

Global Structured Finance Rating Criteria (pub. 06 Jul 2015)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=867952

U.S. and Canadian Fixed-Rate Multiborrower CMBS Surveillance and U.S. Re-REMIC Criteria (pub. 13 Nov 2015)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=873395

Related Research

GS Mortgage Securities Trust 2015-GC32 -- Appendix

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=868517

Additional Disclosures

Dodd-Frank Rating Information Disclosure Form

https://www.fitchratings.com/creditdesk/press_releases/content/ridf_frame.cfm?pr_id=1005098

Solicitation Status

https://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=1005098

Endorsement Policy

https://www.fitchratings.com/jsp/creditdesk/PolicyRegulation.faces?context=2&detail=31

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Contacts

Fitch Ratings
Primary Analyst
Catherine Barbieri
Associate Director
+1-212-908-0638
Fitch Ratings, Inc.
33 Whitehall Street
New York, NY 10004
or
Committee Chairperson
Mary MacNeill
Managing Director
+1-212-908-0785
or
Media Relations:
Sandro Scenga, +1 212-908-0278
sandro.scenga@fitchratings.com

Contacts

Fitch Ratings
Primary Analyst
Catherine Barbieri
Associate Director
+1-212-908-0638
Fitch Ratings, Inc.
33 Whitehall Street
New York, NY 10004
or
Committee Chairperson
Mary MacNeill
Managing Director
+1-212-908-0785
or
Media Relations:
Sandro Scenga, +1 212-908-0278
sandro.scenga@fitchratings.com