Fitch Affirms GSMS 2012-GC6

Fitch Ratings has affirmed 11 classes of Goldman Sachs Commercial Mortgage Capital, L.P. (GSMS) commercial mortgage pass-through certificates series 2012-GC6 due to stable performance since issuance. A detailed list of rating actions follows at the end of this press release.

SENSITIVITY/RATING DRIVERS

Performance has remained stable. There have been no delinquent or specially serviced loans since issuance. As of the January 2013 distribution date, the pool's aggregate principal balance has been reduced by 1% to $1.14 billion from $1.15 billion at issuance.

The largest loan of the pool (10.79%) is secured by 404,865 square feet (sf) of an 876,848-sf regional mall located in Reno, NV. The property is anchored by Macy's North, Macy's South, Sears, and JC Penney. Macy's South is the only anchor included in the collateral. As of September 2012, the performance was in-line with issuance.

The second largest loan (8.75%) is secured by 10 manufactured housing communities (MHCs) and two recreational vehicle (RV) communities located across six states. As of September 2012, the servicer reported occupancy is 61%. However, Fitch's review of the available rent rolls indicates that the occupancy percentage is actually closer to 91%. Thus, both the occupancy and debt service coverage ratio (DSCR) remain in-line with figures from issuance.

The fourth largest loan (5.15%), secured by a 1,337-unit, 45-building garden-style apartment complex located in Griffith, IN, is on the servicer watchlist due to damage sustained in a recent fire. As of January 2013, 23 units remain down due to damage from the blaze, and the estimated completion date for the repairs is March 31, 2013. The loan remains current and with the master servicer.

Fitch affirms the following classes as indicated:

--$54.1 million class A-1 at 'AAAsf', Outlook Stable;

--$82.2 million class A-2 at 'AAAsf', Outlook Stable;

--$570.5 million class A-3 at 'AAAsf', Outlook Stable;

--$89.9 million class A-AB at 'AAAsf', Outlook Stable;

--$119.8 million class A-S at 'AAAsf', Outlook Stable;

--$916.4 million class X-A at 'AAAsf', Outlook Stable;

--$63.5 million class B at 'AA-sf', Outlook Stable;

--$44.7 million class C at 'A-sf', Outlook Stable;

--$49.1 million class D at 'BBB-sf', Outlook Stable;

--$21.6 million class E at 'BBsf', Outlook Stable;

--$11.5 million class F at 'Bsf', Outlook Stable.

Fitch does not rate the class G and class X-B certificates.

Additional information on Fitch's criteria for analyzing U.S. CMBS transactions is available in the Dec. 18, 2012 report, 'U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria', which is available at 'www.fitchratings.com' under the following headers:

Structured Finance >> CMBS >> Criteria Reports

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:

--'Global Structured Finance Rating Criteria' (June 6, 2012);

--'U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria' (Dec. 18, 2012).

Applicable Criteria and Related Research:

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=679923

U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=696969

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Contacts:

Fitch Ratings
Primary Analyst:
Alex Benz, +1-212-908-0854
Training Analyst
Fitch Ratings, Inc.
One State Street Plaza
New York, NY 10004
or
Committee Chairperson:
Mary MacNeill, +1-212-908-0785
Managing Director
or
Media Relations:
Sandro Scenga, New York, +1 212-908-0278
sandro.scenga@fitchratings.com
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