News Column

Fitch Affirms 13 Classes of WFRBS 2013-C15

July 23, 2014

NEW YORK--(BUSINESS WIRE)-- Fitch Ratings has affirmed 13 classes of WFRBS Commercial Mortgage Trust (WFRBS) commercial mortgage pass-through certificates series 2013-C15. 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. The pool has experienced no realized losses to date. Fitch has designated one loan (1.8%) as a Fitch Loan of Concern; this loan transferred to the special servicer in March of 2014 due to monetary default.

As of the July 2014 distribution date, the pool's aggregate principal balance has been reduced by 0.7% to $1.1 billion. No loans are defeased. Interest shortfalls are currently affecting the non- rated class G.

The largest loan of the pool (10.0%) is secured by interest in a 1.1 million square foot (sf) regional mall located in Augusta, GA. The mall's anchors include Dillard's, Macy's, JC Penney and Sears, all of which are excluded from the collateral. As of year-end (YE) 2013, the servicer-reported collateral occupancy and debt service coverage ratio (DSCR) was 92.9% and 2.29x, respectively.

The second largest loan (9.4%) is secured by two properties located in Long Beach, CA and Columbus, OH. Both properties are 100% leased to Molina Healthcare (lease expires April 2038). Consolidated DSCR was a reported 2.34x as of YE 2013.

The specially serviced loan is secured by a 612-unit cooperative residential building located in Astoria, NY. The asset was transferred to special servicing in March 2014 due to monetary default and remains delinquent. Per the special servicer, legal counsel has been engaged. In addition there is on-going litigation in federal court claiming fraud and breach of fiduciary duty, among other allegations, on the part of the board of directors of the cooperative. The loan is being dual tracked for payoff or foreclosure. In its analysis of the transaction, Fitch considered the loan's low leverage and will continue to monitor the status.

RATING 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-C15' (Aug. 23, 2013), available at 'www.fitchratings.com'.

Fitch affirms the following classes as indicated:

--$52.6 million class A-1 at 'AAAsf', Outlook Stable;

--$48.1 million class A-2 at 'AAAsf', Outlook Stable;

--$260 million class A-3 at 'AAAsf', Outlook Stable;

--$301.8 million class A-4 at 'AAAsf', Outlook Stable;

--$104.8 million class A-SB at 'AAAsf', Outlook Stable;

--$80.3 million class A-S*at 'AAAsf', Outlook Stable;

--$846.8 million class X-A** at 'AAAsf', Outlook Stable;

--$74.7 million class B* at 'AA-sf', Outlook Stable;

--$42.9 million class C* at 'A-sf', Outlook Stable;

--$62.3 million class D at 'BBB-sf', Outlook Stable;

--$22.1 million class E at 'BBsf', Outlook Stable;

--$11.1 million class F at 'Bsf', Outlook Stable.

--$197.9 million class PEX* at 'A-sf', Outlook Stable.

* The class A-S, class B and class C certificates may be exchanged for class PEX certificates, and class PEX certificates may be exchanged for the class A-S, class B and class C certificates.

** Notional amount and interest only.

Fitch does not rate the class G certificates.

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).

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:

---'WFRBS Commercial Mortgage Trust 2013-C15' (Aug. 23, 2013).

Applicable Criteria and Related Research:

WFRBS Commercial Mortgage Trust 2013-C11 -- Appendix

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=701633

WFRBS Commercial Mortgage Trust 2013-C11

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=701027

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=841180

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

Tiffany Pierce, +1 212-908-9107

Associate Director

Fitch Ratings, Inc.

33 Whitehall Street

New York, NY 10004

or

Committee Chairperson

Karen Trebach, +1 212-908-0215

Senior Director

or

Media Relations, New York

Sandro Scenga, +1 212-908-0278

sandro.scenga@fitchratings.com

Source: Fitch Ratings


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