OREANDA-NEWS. S&P Global Ratings today assigned its preliminary ratings to COMM 2016-GCT Mortgage Trust's $264.0 million commercial mortgage pass-through certificates series 2016-GCT (see list).

The certificate issuance is a commercial mortgage-backed securities transaction backed by a $264.0 million loan, which is part of a $319.0 million whole mortgage loan, secured by the fee interest in a 50-story office and retail building, known as the Gas Company Tower, and the associated 1,186-space World Trade Center parking garage in Los Angeles.

The preliminary ratings are based on information as of July 21, 2016. Subsequent information may result in the assignment of final ratings that differ from the preliminary ratings.

The preliminary ratings reflect our view of the collateral's historic and projected performance, the sponsor's and managers' experience, the trustee-provided liquidity, the loan's terms, and the transaction's structure. We determined that the loan has a beginning and ending loan-to-value ratio of 92.9%, based on S&P Global Ratings' value.