2008-08-13 23:34:03 -

- Fitch Ratings affirms GS Mortgage Securities Corporation II (GSMSC), series 2007-GG10 as follows:

--$72.8 million class A-1 at 'AAA';

--$725.3 million class A-2 at 'AAA';

--$246.6 million class A-3 at 'AAA';

--$72.0 million class A-AB at 'AAA';

--$3,661.0 million class A-4 at 'AAA';

--$514.0 million class A-1A at 'AAA';

--$756.3 million class

A-M at 'AAA';

--$519.9 million class A-J at 'AAA';

--Interest-only class X at 'AAA';

--$75.6 million class B at 'AA+';

--$94.5 million class C at 'AA';

--$56.7 million class D at 'AA-';

--$56.7 million class E at 'A+';

--$75.6 million class F at 'A';

--$75.6 million class G at 'A-';

--$104.0 million class H at 'BBB+';

--$94.5 million class J at 'BBB';

--$75.6 million class K at 'BBB-';

--$37.8 million class L at 'BB+';

--$18.9 million class M at 'BB'.

--$28.4 million class N at 'BB-';

--$18.9 million class O at 'B+';

--$18.9 million class P at 'B';

--$18.9 million class Q at 'B-'.

Fitch does not rate the $141.8 million class S.

The rating affirmations reflect minimal paydown since issuance. As of the August 2008 distribution date, the transaction has paid down by 0.03% to $7.561 billion from $7.563 billion at issuance.

In total, 38 loans are considered Fitch loans of concern (28.7%), including two specially serviced loans. The largest specially serviced loan (0.64%) is secured by a portfolio of 11 cross-collateralized, cross-defaulted limited and full service hotels totaling 2,187 rooms and located across seven states throughout the Midwest, East, and Southeast. The loan is current, but it was transferred to special servicing in April 2008 due to imminent monetary default. The borrower has been delinquent with its franchisors and has not provided adequate financial statements or business plans.

The second largest specially serviced loan (0.57%) is a multifamily property located in Georgia. The loan was transferred to special servicing on July 2, 2008 due to monetary default.

The third, ninth and 10th largest loans (10.5%) are considered Fitch loans of concern due to low YE07 DSCRs. The third largest loan is an office property (6.2%) located in Los Angeles, CA. As of year-end 2007 (YE07), the debt service coverage ratio (DSCR) was 0.74 times (x) compared to a banker underwritten DSCR at issuance of 1.20x. At issuance, the loan was structured with a $3.0 million debt service reserve, which has already been depleted. There are no significant lease expirations in the near term, however, the loan does not mature until 2017 and the property benefits from strong and experienced sponsorship in Maguire Properties, Inc. The ninth largest loan (2.2%) is an office building also located in Los Angeles, CA. As of YE07, the DSCR was 0.45x compared to a DSCR of 1.23x at issuance. At issuance, this loan was structured with a $4.5 million debt service reserve, of which $1.9 million remains. Finally, the 10th largest loan (2.1%) is a multifamily property located in Boston, MA. As of YE07, the DSCR was 0.96x compared to a DSCR at issuance of 1.15x. At issuance, a debt service reserve of $2.9 million was funded and currently, $2.7 million remains. The low DSCRs are primarily the result of tenants paying below-market rents.

The Shorenstein Portland Portfolio (9.2%) is the largest loan in the transaction. It is secured by 46 office buildings with a total of 3.8 million square feet (sf). The buildings are located throughout the greater Portland area. The loan has exhibited improved performance since issuance. The loan's DSCR and occupancy at issuance were 1.34x and 94.1%. As of YE07, the servicer-reported DSCR has increased to 1.37x and occupancy was 86.6%. The loan matures on April 6, 2017.

Although Fitch is closely monitoring its loans of concerns, affirmations are warranted at this time due to minimal near-term maturity risk as none of the loans mature prior to 2011 and 85.6% of the pool matures in 2017. In addition, at issuance the loans banker underwritten NCF's were generally based on projected or pro forma property cashflows and expected to improve due to rental growth in future years or upon stabilization. In most cases, the loans were structured with reserves to cover potential debt service shortfalls during the loan terms.

Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, 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.

Fitch Ratings, New York
Sue Ann Butera, +1-212-908-0713
Adam Fox, +1-212-908-0869
Media Relations: Sandro Scenga, +1-212-908-0278