Standard & Poor's has announced, in connection with its advanced notice of proposed criteria change, that it will not be assigning ratings to CMBS transactions that are using its U.S. conduit/fusion criteria.

In this light, the rating agency informed Goldman Sachs and Citigroup Global Markets on July 27 that they would not be able to deliver final ratings for the GS Mortgage Securities Trust 2011-GC4 transaction, for which ratings are a condition to the closing and settlement of the GC4 transaction that was scheduled to price July 28. S&P had previously informed Goldman and Citi that it was prepared to rate the GC4 transaction.

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