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GS Mortgage Securities Trust 2011-GC3 -- Moody's upgrades four and affirms three classes of GSMS 2011-GC3

The ratings on two remaining 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 0.2% of the current pooled balance, compared to 1.7% at Moody's last review. Moody's base expected loss plus realized losses is now 0.1% of the original pooled balance, compared to 0.9% at the last review.