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22 Apr 2011
Approximately $1.7 Billion of Structured Securities Affected
New York, April 22, 2011 -- Moody's Investors Service affirmed the ratings of ten pooled classes of
GS Mortgage Securities Corporation II, Trust Pass-Through
Certificates Series 2005-ROCK as follows:
Cl. A, Affirmed at Aaa (sf); previously on Jun 1,
2005 Definitive Rating Assigned Aaa (sf)
Cl. A-FL, Affirmed at Aaa (sf); previously on
Jun 1, 2005 Definitive Rating Assigned Aaa (sf)
Cl. B, Affirmed at Aa1 (sf); previously on Jun 1,
2005 Definitive Rating Assigned Aa1 (sf)
Cl. C-1, Affirmed at A1 (sf); previously on Mar
4, 2009 Downgraded to A1 (sf)
Cl. E, Affirmed at A3 (sf); previously on Mar 4,
2009 Downgraded to A3 (sf)
Cl. F, Affirmed at Baa1 (sf); previously on Mar 4,
2009 Downgraded to Baa1 (sf)
Cl. G, Affirmed at Baa2 (sf); previously on Mar 4,
2009 Downgraded to Baa2 (sf)
Cl. H, Affirmed at Baa3 (sf); previously on Mar 4,
2009 Downgraded to Baa3 (sf)
Cl. J, Affirmed at Ba1 (sf); previously on Mar 4,
2009 Downgraded to Ba1 (sf)
Cl. X-1, Affirmed at Aaa (sf); previously on
Jun 1, 2005 Definitive Rating Assigned Aaa (sf)
The affirmations are due to the stable performance of the real estate
collateral and key parameters, including Moody's loan to value (LTV)
ratio and Moody's stressed debt service coverage ratio (DSCR) remaining
within acceptable ranges.
Moody's analysis reflects a forward-looking view of the likely
range of collateral performance over the medium term. From time
to time, Moody's may, if warranted change these expectations.
Performance that falls outside an acceptable range of the key parameters
may indicate that the collateral's credit quality is stronger or weaker
than Moody's had anticipated during the previous review. Even so,
deviation from the expected range will not necessarily result in a rating
action. There may be mitigating or offsetting factors to an improvement
or decline in collateral performance, such as increased subordination
levels due to amortization and loan payoffs or a decline in subordination
due to realized losses.
Primary sources of assumption uncertainty are the current sluggish macroeconomic
environment and varying performance in the commercial real estate property
markets. However, Moody's expects to see increasing or stabilizing
property values, higher transaction volumes, a slowing in
the pace of loan delinquencies and greater liquidity for commercial real
estate in 2011. The hotel and multifamily sectors are continuing
to show signs of recovery, while recovery in the office and retail
sectors will be tied to recovery of the broader economy. The availability
of debt capital continues to improve with terms returning toward market
norms. Moody's central global macroeconomic scenario reflects an
overall sluggish recovery through 2012, amidst ongoing individual,
corporate and governmental deleveraging, persistent unemployment,
and government budget considerations.
The principal methodology used in this rating was "Moody's Approach to
Rating Large Loan/Single Borrower Transactions" published in July 2000.
Moody's review incorporated the use of the excel-based Large Loan
Model v 8.0. The large loan model derives credit enhancement
levels based on an aggregation of adjusted loan level proceeds derived
from Moody's loan level LTV ratios. Major adjustments to determining
proceeds include leverage, loan structure, property type,
and sponsorship. These aggregated proceeds are then further adjusted
for any pooling benefits associated with loan level diversity, other
concentrations and correlations.
Moody's ratings are determined by a committee process that considers both
quantitative and qualitative factors. Therefore, the rating
outcome may differ from the model output.
The rating action is a result of Moody's on-going surveillance
of commercial mortgage backed securities (CMBS) transactions. Moody's
monitors transactions on a monthly basis through two sets of quantitative
tools -- MOST® (Moody's Surveillance Trends) and CMM
(Commercial Mortgage Metrics) on Trepp -- and on a periodic
basis through a comprehensive review. Moody's prior full review
is summarized in a press release dated June 17, 2010. Please
see the ratings tab on the issuer / entity page on moodys.com for
the last rating action and the ratings history.
Moody's Investors Service did not receive or take into account a third
party due diligence report on the underlying assets or financial instruments
related to the monitoring of this transaction in the past six months.
The $1,685.0 million Rockefeller Center loan is secured
by a $1,210.0 million first lien mortgage on the borrower's
fee and leasehold interests in the property; the additional $475.0
million in debt is secured by a pledge of 100% of the equity interest
in the borrower held by RCPI Mezz, LLC. The sponsor of the
loan is Tishman Speyer Crown Equities. The fixed-rate interest-only
loan has a 20-year term maturing in May 2025.
Rockefeller Center is a 12-building office, retail and entertainment
complex, located in midtown Manhattan, New York City.
The landmark development consists of 6.7 million square feet of
net rentable area (NRA) with approximately 5.0 million square feet
of office space, approximately one-million square feet of
retail and storage space, Radio City Music Hall with a seating capacity
of 6,000, and Christie's Auction House. As of
December 2010, the office space was 93% leased and the retail
and storage space was 95% leased. Including Radio City Music
Hall, Rockefeller Center was 94% leased, the same as
The ten largest office tenants lease approximately 35% of total
NRA and contribute approximately 38% of total rent. The
largest office tenant is Deloitte, LLP with approximately 430,000
square feet. Deloitte, LLP signed an 18-year lease
in January 2011 at 30 Rockefeller Plaza for approximately 430,000
square feet. Rent commenced on 25% of the space in January
with rent to commence on the balance of the space in 2015. During
February 2011 lease renewals and expansions were signed with Lazard Freres
& Co. LLC and the law firm Baker & Hostetler, LLP.
Lazard Freres, the second largest office tenant, signed a
23-year lease for an additional 60,000 square feet at 30
Rockefeller Plaza bringing its total square footage at Rockefeller Center
to 430,000 square feet. Baker & Hostetler, LLP
signed a 15-year renewal and expansion for a total leased area
of 117,633 square feet.
Significant retail tenants include Banana Republic (47,725 square
feet, lease expiration in 2016), Facconable USA (21,600
square feet, lease expiration in 2018) and Kenneth Cole (17,362
square feet, lease expiration in 2015). The lease on the
548,250 square foot Radio City Music Hall expires in 2023.
Moody's loan to value ("LTV" ) ratio is 78%, the same as
last review. Moody's stressed debt service coverage ratio ("DSCR")
is 1.18X, the same as last review.
Vice President - Senior Analyst
Structured Finance Group
Moody's Investors Service
Michael M. Gerdes
Senior Vice President
Structured Finance Group
Moody's Investors Service
Moody's Investors Service
Moody's Affirms GS Mortgage Securities Corporation II, Series 2005-ROCK
250 Greenwich Street
New York, NY 10007
No Related Data.
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