N@N

NEW YORK--([ BUSINESS WIRE ])--Fitch Ratings has affirmed all classes of Goldman Sachs Commercial Mortgage Capital, L.P., series 2011-GC5 commercial mortgage pass-through certificates as follows:

--$73.6 million class A-1 at 'AAAsf'; Outlook Stable;

--$476.5 million class A-2 at 'AAAsf'; Outlook Stable;

--$86.4 million class A-3 at 'AAAsf'; Outlook Stable;

--$568.2 million class A-4 at 'AAAsf'; Outlook Stable;

--$1.385 billion class X-A at 'AAAsf'; Outlook Stable;

--$181 million class A-S at 'AAAsf'; Outlook Stable;

--$95.9 million class B at 'AA-sf'; Outlook Stable;

--$69.8 million class C at 'A-sf'; Outlook Stable;

--$74.1 million class D at 'BBB-sf'; Outlook Stable;

--$28.3 million class E at 'BBsf'; Outlook Stable;

--$23.9 million class F at 'Bsf'; Outlook Stable;

The affirmations are due to stable pool performance. There have been no delinquent or specially serviced loans since issuance. Fitch identified one (1.43%) Loan of Concern, which experienced a decline in property cash flows and a low debt service coverage ratio.

As of the September 2012 distribution date, the pool's certificate balance has paid down 0.96% to $1.728 billion from $1.745 billion.

The largest loan of the pool (11.36%) is secured by 478,028 square feet of in-line and major tenant retail space within a 1.1 million square foot (sf) regional mall in Tucson, AZ. The property is anchored by Sears, Dillard's, Macy's (non-collateral) and Century Theaters (collateral). As of second-quarter 2012, the occupancy and debt service coverage ratio (DSCR) was similar to that from issuance at 93% and 1.45x. The former Borders Books & Music (5.6%) space, vacant since year-end 2011, has been recently leased to Total Wine & More. The Total Wine & More lease commenced on Aug. 1, 2012 and is pursuant to a 15-year term.

Additional information on Fitch's criteria is available in the Dec. 21, 2011 report, 'Surveillance Methodology for U.S. Fixed-Rate CMBS Transactions', 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);

--CMBS Transactions' (Dec. 21, 2011).

Applicable Criteria and Related Research:

Surveillance Methodology for U.S. Fixed-Rate CMBS Transactions

[ http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=662869 ]

Global Structured Finance Rating Criteria

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

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: [ HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS ]. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE '[ WWW.FITCHRATINGS.COM ]'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE.