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By clicking “I AGREE” [at the end of this document], you indicate that you understand and intend these terms and conditions to be the legal equivalent of a signed, written contract and equally binding, and that you accept such terms and conditions as a condition of viewing any and all Moody’s inform​ation that becomes accessible to you [after clicking “I AGREE”] (the “Information”).   References herein to “Moody’s” include Moody’s Corporation, Inc. and each of its subsidiaries and affiliates.

 

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2.            You acknowledge and agree that Moody’s credit ratings: (i) are current opinions of the future relative creditworthiness of securities and address no other risk; and (ii) are not statements of current or historical fact or recommendations to purchase, hold or sell particular securities.  Moody’s credit ratings and publications are not intended for retail investors, and it would be reckless and inappropriate for retail investors to use Moody’s credit ratings and publications when making an investment decision.  No warranty, express or implied, as the accuracy, timeliness, completeness, merchantability or fitness for any particular purpose of any Moody’s credit rating is given or made by Moody’s in any form whatsoever.          

 

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Announcement:

Moody's Affirms GS Mortgage Securities Corporation II, Series 2005-ROCK

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)

RATINGS RATIONALE

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.

DEAL PERFORMANCE

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 at securitization.

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.

New York
Jay Rosen
Vice President - Senior Analyst
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
Michael M. Gerdes
Senior Vice President
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's Investors Service
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's Affirms GS Mortgage Securities Corporation II, Series 2005-ROCK
No Related Data.
© 2020 Moody's Corporation, Moody's Investors Service, Inc., Moody's Analytics, Inc. and/or their licensors and affiliates (collectively, "MOODY'S"). All rights reserved.

CREDIT RATINGS ISSUED BY MOODY'S INVESTORS SERVICE, INC. AND/OR ITS CREDIT RATINGS AFFILIATES ARE MOODY'S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODY'S (COLLECTIVELY, "PUBLICATIONS") MAY INCLUDE SUCH  CURRENT OPINIONS. MOODY'S INVESTORS SERVICE DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE MOODY'S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY'S INVESTORS SERVICE CREDIT RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS, NON-CREDIT ASSESSMENTS ("ASSESSMENTS"), AND  OTHER OPINIONS INCLUDED IN MOODY'S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY'S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY'S ANALYTICS, INC. AND/OR ITS AFFILIATES. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND  PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND  PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY'S ISSUES ITS CREDIT RATINGS, ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES  ITS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.

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