DBRS Morningstar Upgrades Four Classes of GS Mortgage Securities Corporation Trust 2012-TMSQ

DBRS Limited (DBRS Morningstar) upgraded the ratings on four classes of Commercial Mortgage Pass-Through Certificates, Series 2012-TMSQ issued by GS Mortgage Securities Corporation Trust 2012-TMSQ as follows:

-- Class X-B to AAA (sf) from AA (high) (sf)
-- Class B to AAA (sf) from AA (sf)
-- Class C to AAA (sf) from A (sf)
-- Class D to AAA (sf) from BBB (sf)

In addition, DBRS Morningstar confirmed the ratings on the remaining classes as follows:

-- Class A at AAA (sf)
-- Class X-A at AAA (sf)

DBRS Morningstar has changed the trends on Classes C and D to Stable from Negative. All other trends are Stable.

The underlying loan was fully defeased in April 2022 and the loan is now collateralized by U.S. Government securities. As such, these rating actions are based on DBRS Morningstar’s AAA rating for the United States of America, which was most recently confirmed on April 12, 2022. According to the May 2022 remittance report, the loan reported a balance of $208 million and is scheduled to mature in December 2022.

ENVIRONMENTAL, SOCIAL, GOVERNANCE CONSIDERATIONS
There were no Environmental, Social, or Governance factor(s) that had a significant or relevant effect on the credit analysis.

A description of how DBRS Morningstar considers ESG factors within the DBRS Morningstar analytical framework can be found in the DBRS Morningstar Criteria: Approach to Environmental, Social, and Governance Risk Factors in Credit Ratings at https://www.dbrsmorningstar.com/research/396929.

Classes X-A and X-B are interest-only (IO) certificates that reference a single rated tranche or multiple rated tranches. The IO rating mirrors the lowest-rated applicable reference obligation tranche adjusted upward by one notch if senior in the waterfall.

All ratings are subject to surveillance, which could result in ratings being upgraded, downgraded, placed under review, confirmed, or discontinued by DBRS Morningstar.

DBRS Morningstar provides updated analysis and in-depth commentary in the DBRS Viewpoint platform for this transaction.

The DBRS Viewpoint platform provides additional information on this transaction and underlying loans including DBRS Morningstar metrics, commentary, servicer-reported cash flows, and other performance-related data. For complimentary access to this content, please register for the DBRS Viewpoint platform at www.viewpoint.dbrsmorningstar.com.

Notes:
All figures are in U.S. dollars unless otherwise noted.

The principal methodology is North American CMBS Surveillance Methodology (March 4, 2022), which can be found on dbrsmorningstar.com under Methodologies & Criteria. For a list of the structured-finance-related methodologies that may be used during the rating process, please see the DBRS Morningstar Global Structured Finance Related Methodologies document, which can be found on dbrsmorningstar.com in the Commentary tab under Regulatory Affairs. Please note that not every related methodology listed under a principal structured finance asset class methodology may be used to rate or monitor an individual structured finance or debt obligation.

The DBRS Morningstar Sovereign group releases baseline macroeconomic scenarios for rated sovereigns. DBRS Morningstar analysis considered impacts consistent with the baseline scenarios as set forth in the following report: https://www.dbrsmorningstar.com/research/384482.

The related regulatory disclosures pursuant to the National Instrument 25-101 Designated Rating Organizations are hereby incorporated by reference and can be found by clicking on the link under Related Documents or by contacting us at info@dbrsmorningstar.com.

The rated entity or its related entities did participate in the rating process for this rating action. DBRS Morningstar had access to the accounts and other relevant internal documents of the rated entity or its related entities in connection with this rating action.

DBRS Morningstar notes that it did not run a risk sensitivity analysis for this transaction as the collateral has been fully defeased.

For more information on this credit or on this industry, visit www.dbrsmorningstar.com or contact us at info@dbrsmorningstar.com.

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