GS CMBS Class Downgraded

Class K-PR of GS Mortgage Securities Corp. II commercial mortgage pass-through certificates, series 2005-VII, has been downgraded from Ba1 to B1 by Moody's Investors Service.Class K-PR is supported solely by the Pittsburgh Renaissance Hotel Loan, which is secured by a 300-room full-service hotel in downtown Pittsburgh. "Based on operating results for calendar year 2005 and the borrower's budget for 2006, the hotel is performing below Moody's expectations," the rating agency said. Although revenue per available room has not declined significantly since securitization, food and beverage revenue is less than projected and expenses are higher, Moody's said.