OREANDA-NEWS. S&P Global Ratings today assigned its 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 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.