Fitch Ratings has upgraded four classes and affirmed 12 of GS Mortgage Securities Corporation II commercial mortgage pass-through certificates series 2006-GG6 (GSMSC 2006-GG6). A detailed list of rating actions follows at the end of this press release.

KEY RATING DRIVERS

The upgrades to classes A-J through D reflect significantly increased credit enhancement from the full payoff of approximately 100 loans since the last rating action in September 2015; classes A-1, A-1A and A-M were paid in full for a total of $1.2 billion, class A-J has been reduced by approximately 70%. The pool is very concentrated with only 22 assets remaining. Fitch has designated 16 (53.8%) Fitch Loans of Concern, which includes seven specially serviced assets (19.6%) as of the January 2016 remittance report, and four loans (23.9%) that have recently matured but have not yet transferred to special servicing. All performing loans are scheduled to mature by March 2016.

Fitch modeled losses of 25.5% of the remaining pool; expected losses on the original pool balance total 9.3%, including $288.4 million (7.4% of the original pool balance) in realized losses to date.

As of the January 2016 distribution date, the pool's aggregate principal balance has been reduced by 92.5% to $292.5 million from $3.9 billion at issuance. The servicer reported an additional $35.1 million loan also repaid after the distribution date. Interest shortfalls are currently affecting classes F through S.

The largest contributor to expected losses is a 123,461 square foot (sf) office building located in Coral Springs, FL (5.5% of the pool). The asset has been real estate owned since January 2013 and as of the April 2015 rent roll is only 36.8% occupied. The property is currently being marketed for sale.

The second largest contributor to expected losses is secured by an 84,724 sf office property located in Santa Monica, CA (11.2% of the pool). Occupancy has been trending down at 77.3% per the September 2015 rent roll, compared to 81.8% at year-end 2014 and 92.2% at year-end 2013. The servicer reported debt service coverage ratio (DSCR) remained below 1.0x over the same period. According to REIS, as of the third quarter of 2015, the overall Santa Monica office market reported a 9.4% vacancy rate. While Fitch modeled losses reflect the property's poor recent performance, actual losses appear unlikely given the market location and reported upcoming sale of the property. While the loan matured in January 2016 without repayment, the borrower requested a forbearance period in order to complete a sale of the property.

The third largest contributor to expected losses is a specially serviced loan secured by an 115,558 sf office building located in Bridgewater, NJ (4.7% of the pool). The loan transferred to special servicing in November 2014 due to imminent default as its sole tenant vacated the property upon its October 2014 lease expiration. A tenant partially sub-leases a portion of the space. The servicer is pursuing a foreclosure action.

RATING SENSITIVITIES

The upgrades reflect the significant de-levering of the transaction as loans paid off at or near their scheduled loan maturities. The Stable Rating Outlook on classes A-J through C reflect the increasing credit enhancement and expected continued pay down to the classes. Should loans continue to pay down with limited losses, further upgrades to classes C through E may be possible; however, upgrades may be limited due to pool's maturity concentration and high percentage of loans of concern. Downgrades are possible to the distressed classes should additional losses be realized. Fitch will continue to monitor the changing collateral given the large upcoming maturities in the near future.

DUE DILIGENCE USAGE

No third-party due diligence was provided or reviewed in relation to this rating action.

Fitch has upgraded the following classes:

--$93.3 million class A-J to 'AAAsf' from 'BBBsf', Outlook to Stable from Positive;

--$19.5 million class B to 'AAAsf' from 'BBsf', Outlook Stable;

--$48.8 million class C to 'BBBsf' from 'CCCsf, Assign Stable Outlook;

--$39 million class D to 'CCCsf' from 'CCsf', RE 100%.

Fitch has affirmed the following classes:

--$29.3 million class E at 'CCsf', RE 20%;

--$43.9 million class F at 'Csf', RE 0%;

--$18.8 million class G at 'Dsf', RE 0%;

--$0 class H at 'Dsf', RE 0%;

--$0 class J at 'Dsf', RE 0%;

--$0 class K at 'Dsf', RE 0%;

--$0 class L at 'Dsf', RE 0%;

--$0 class M at 'Dsf', RE 0%;

--$0 class N at 'Dsf', RE 0%;

--$0 class O at 'Dsf', RE 0%;

--$0 class P at 'Dsf', RE 0%;

--$0 class Q at 'Dsf', RE 0%.

Classes A-1, A-2, A-3, A-AB, A-4, A-1A, and A-M have paid in full. Fitch does not rate the class S certificates. Fitch previously withdrew the ratings on the interest-only class X-P and X-C certificates.

Additional information is available at www.fitchratings.com.

Applicable Criteria

Global Structured Finance Rating Criteria (pub. 06 Jul 2015)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=867952

U.S. and Canadian Fixed-Rate Multiborrower CMBS Surveillance and U.S. Re-REMIC Criteria (pub. 13 Nov 2015)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=873395

Additional Disclosures

Dodd-Frank Rating Information Disclosure Form

https://www.fitchratings.com/creditdesk/press_releases/content/ridf_frame.cfm?pr_id=998677

Solicitation Status

https://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=998677

Endorsement Policy

https://www.fitchratings.com/jsp/creditdesk/PolicyRegulation.faces?context=2&detail=31

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