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Moody's affirms ten classes of GSMS 2011-GC5

The ratings on the P&I classes were affirmed because the transaction's key metrics, including Moody's loan-to-value (LTV) ratio, Moody's stressed debt service coverage ratio (DSCR) and the transaction's Herfindahl Index (Herf), are within acceptable ranges. Moody's rating action reflects a base expected loss of 1.9% of the current pooled balance, compared to 3.2% at Moody's last review. Moody's base expected loss plus realized losses is now 2.0% of the original pooled balance, compared to 2.5% at the last review.