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
The largest loan of the pool (10.0%) is secured by interest in a 1.1 million square foot (sf) regional mall located in
The second largest loan (9.4%) is secured by two properties located in
The specially serviced loan is secured by a 612-unit cooperative residential building located in
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' (
Fitch affirms the following classes as indicated:
* 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
Structured Finance >> CMBS >> Criteria Reports
Additional information is available at 'www.fitchratings.com'.
--'Global Structured Finance Rating Criteria' (
--'U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria' (
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' (
Global Structured Finance Rating Criteria
U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria
Tiffany Pierce, +1 212-908-9107
Karen Trebach, +1 212-908-0215
Source: Fitch Ratings
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