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Fitch Affirms WFRBS Commercial Mortgage Trust 2013-C11 (WFRBS 2013-C11) Certificates

January 31, 2014

CHICAGO --(BUSINESS WIRE)-- Fitch Ratings has affirmed 14 classes of WFRBS Commercial Mortgage Trust 2013-C11 certificates due to stable performance since issuance. A detailed list of rating actions follows at the end of this press release. KEY RATING DRIVERS The affirmations are based on the stable performance of the underlying collateral pool. As of the January distribution, the pool's aggregate principal balance has been paid down by 0.58% to $1.43 billion from $1.44 billion at issuance. 76% of the loans reported partial year 2013 financials. Based on the annualized 2013 NOIs, the pool's overall net operating income (NOI) has been stable with a -0.5% NOI decrease over the portfolio NOI at issuance. There are currently no assets in special servicing or Fitch loans of concern designated within the pool. RATINGS SENSITIVITY The Rating Outlook for all classes remains Stable. Due to the recent issuance of the transaction and stable performance, Fitch does not foresee positive or negative ratings migration until a material economic or asset level event changes the transaction's portfolio-level metrics. Additional information on rating sensitivity is available in the report 'WFRBS Commercial Mortgage Trust 2013-C11' ( Feb. 27, 2013 ), available at ' www.fitchratings.com' . The largest loan of the pool is secured by Republic Plaza (10.85% of the pool), a 1,302,107 square foot (sf) office building located in the central business district (CBD) of Denver, CO. The loan is sponsored by a wholly owned subsidiary of Brookfield Office Properties, Inc. The two largest tenants of the buildings, Encana (34.8% of the net rentable area) and DCP Midstream (11.8%), are rated investment grade and generate 48% of the subject's gross rent. The building is considered one of the premier assets in Denver's CBD due to its LEED EB Gold certification and distinction as the market's tallest office building. The second largest loan is collateralized by a 1,285,834-sf super regional mall located in Concord, NC . The property is located one mile from Charlotte Motor Speedway and approximately 10 miles northeast of downtown Charlotte, NC . The sponsor of the property is Simon Property Group, which purchased the development in 2007. The mall is the top outlet format in the state of North Carolina and sales are second only to Southpark Mall (also owned by Simon) that is located 23 miles southwest of the subject. The property is performing in line with underwritten expectations and Fitch does not foresee any adverse impacts from eventual completion of Charlotte Premium outlet mall located 27 miles to the southwest. The third largest loan is collateralized by a portfolio of 18 manufactured housing communities comprising of 3,302 home pads located in the states of Colorado , Wyoming, Illinois , and Arkansas . The sponsor of the loan is RHP Properties and Northstar Realty Finance. RHP is the nation's second largest private owner-operator of manufactured housing communities and Northstar is an institutional investor with $7 billion of assets under management. The portfolio continues to exhibit strong fundamentals with gross receipts growing by more than 2% over issuance. Fitch affirms the following classes: -- $56.7 million class A-1 at 'AAAsf'; Outlook Stable; -- $278.5 million class A-2 at 'AAAsf'; Outlook Stable; -- $46.8 million class A-3 at 'AAAsf'; Outlook Stable; -- $100.0 million class A-4 at 'AAAsf'; Outlook Stable; -- $417.8 million class A-5 at 'AAAsf'; Outlook Stable; -- $97.3 million class A-SB at 'AAAsf'; Outlook Stable; -- $134.7 million class A-S at 'AAAsf'; Outlook Stable; -- $1.1 billion class X-A at 'AAAsf'; Outlook Stable; -- $152.6 million class X-B at 'A-sf'; Outlook Stable; -- $93.4 million class B at 'AA-sf'; Outlook Stable; -- $59.2 million class C at 'A-sf'; Outlook Stable; -- $46.7 million class D at 'BBB-sf'; Outlook Stable; -- $32.2 million class E at 'BBsf'; Outlook Stable; -- $25.1 million class F at 'Bsf'; Outlook Stable. Fitch does not rate the class G certificate. Additional information is available at ' www.fitchratings.com '. Applicable Criteria and Related Research : --'Global Structured Finance Rating Criteria' ( May 24, 2013 ); --'U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria' ( Dec. 11, 2013 ). A comparison of the transaction's Representations, Warranties, and Enforcement (RW&E) mechanisms to those of typical RW&Es for the asset class is available in the following reports: --'WFRBS Commercial Mortgage Trust 2013-C11' ( Feb. 27 2013). --'WFRBS Commercial Mortgage Trust 2013-C11 -- Appendix' ( Feb. 27 2012). Applicable Criteria and Related Research : Global Structured Finance Rating Criteria http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=708661 U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=724961 WFRBS Commercial Mortgage Trust 2013-C11 http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=701027 WFRBS Commercial Mortgage Trust 2013-C11 -- Appendix http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=701633 Additional Disclosure Solicitation Status http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=818891 ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS . IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE ' WWW.FITCHRATINGS.COM '. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE. Fitch Ratings Primary Analyst Jay Bullie Associate Director +1-312-368-2079 Fitch Ratings, Inc. 70 W. Madison Street Chicago, IL 60602 or Committee Chairperson Mary MacNeill Managing Director +1-212-908-0785 or Media Relations: Sandro Scenga , +1-212-908-0278 ( New York ) sandro.scenga@fitchratings.com Source: Fitch Ratings


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