News Column

Fitch Affirms GS Mortgage Securities Trust 2013-GC13

June 18, 2014

NEW YORK--(BUSINESS WIRE)-- Fitch Ratings has affirmed 15 classes of GS Mortgage Securities Trust 2013-GC13 commercial mortgage pass-through certificates, series 2013-GC13. A detailed list of rating actions follows at the end of this press release.

KEY RATING DRIVERS

The affirmations are based on stable performance of the underlying collateral pool since issuance. As of the June 2014 distribution date, the pool's aggregate principal balance has been reduced by 0.7% to $1.324 billion from $1.334 billion at issuance. There have been no delinquent or specially serviced loans since issuance, and there are no loans on the master servcier's watchlist.

The largest loan in the pool (11.3%) is the 11 West 42nd Street loan; a 943,701 square foot (sf), 32-story office tower located in midtown New York, NY. The property was originally built in 1927 and renovated in 1978. Major tenants include CIT Group, Inc. (16% net rentable area [NRA], expires October 2021), NYU (11.9% NRA, expires September 2021), Estee Lauder Companies Inc. (11.9% NRA, expires March 2025) and WellPoint Holding Corp (11.2%, expires December 2015). Occupancy has improved to 100% with net operating income (NOI) debt service coverage ratio (DSCR) at 2.36x as of December 2013.

The second largest loan in the pool (11.1%) is the Mall St. Matthews loan; a 1,020,376 sf regional mall located in Louisville, KY. Anchors Dillard's (expires December 2045) and Dillard's Men's & Home (expires December 2045) are not part of the collateral while JCPenney (expires August 2017) and Forever 21 (expires February 2026) are. Total collateral is 670,376 sf. The property was originally built in 1962 but most recently renovated in 2013. Occupancy was 95.9% as of December 2013, which is in-line with performance at issuance. NOI DSCR was 2.10x as of December 2013.

The third largest loan in the pool (7.9%) is the Crossroads Center loan; an 895,488 sf regional mall located in St. Cloud, Minnesota. The property is anchored by Target (not part of the collateral), JCPenney, Sears, Macy's and Scheels. The property was originally built in 1964 and most recently renovated in 2004. Occupancy was 96.3% as of December 2013, which is in-line with performance at issuance. NOI DSCR was 2.10x as of December 2013.

RATING SENSITIVITY

Rating Outlooks remain 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 overall portfolio-level metrics. Additional information on rating sensitivity is available in the report 'GS Mortgage Securities Trust 2013-GC13' (Jan. 17, 2014), available at www.fitchratings.com.

Fitch affirms the following classes:

--$57.3 million class A-1 at 'AAAsf', Outlook Stable;

--$72.7 million class A-2 at 'AAAsf', Outlook Stable;

--$149.7 million class A-3 at 'AAAsf', Outlook Stable;

--$135 million class A-4 at 'AAAsf', Outlook Stable;

--$420.3 million class A-5 at 'AAAsf', Outlook Stable;

--$89.2 million class A-AB at 'AAAsf', Outlook Stable;

--$98.4 million** class A-S at 'AAAsf', Outlook Stable;

--$88.4 million** class B at 'AA-sf', Outlook Stable;

--$50 million** class C at 'Asf', Outlook Stable;

--$236.8 million** class PEZ at 'Asf', Outlook Stable;

--$76.7 million class D at 'BBB-sf', Outlook Stable;

--$30 million class E at 'BBsf', Outlook Stable;

--$13.3 million class F at 'Bsf', Outlook Stable;

--$1.023 billion* class X-A 'AAAsf'; Outlook Stable;

--$30.01 million* class X-B 'BBsf'; Outlook Stable.

*Notional amount and interest only.

** Class A-S, class B, and class C certificates may be exchanged for class PEZ certificates, and class PEZ certificates may be exchanged for up to the full certificate principal amount of the class A-S, class B and class C certificates.

Fitch does not rate the interest-only class X-C or class G certificates.

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 report:

--'GS Mortgage Securities Trust 2013-GC13 -- Appendix' (Jan. 17, 2014).

Additional information on Fitch's criteria for analyzing U.S. CMBS transactions is available in the Dec. 11, 2013 report, 'U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria', which is available at 'www.fitchratings.com' under the following headers:

Structured Finance >> CMBS >> Criteria Reports

Additional information is available at 'www.fitchratings.com'.

Applicable Criteria and Related Research:

--'Global Structured Finance Rating Criteria' (May 20, 2014);

--'U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria' (Dec. 11, 2013).

Applicable Criteria and Related Research:

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=748821

U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=724961

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=835251

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

Martin Nunnally

Associate Director

+1-212-908-0871

Fitch Ratings, Inc.

33 Whitehall Street

New York, NY 10004

or

Committee Chairperson

Britt Johnson

Senior Director

+1-312-606-2341

or

Media Relations

Sandro Scenga, New York, +1-212-908-0278

sandro.scenga@fitchratings.com

Source: Fitch Ratings


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