NEW YORK--(BUSINESS WIRE)--Link to Fitch Ratings' Report: WFRBS Commercial Mortgage Trust 2013-C11 (US ABS)
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=699518
Fitch Ratings has issued a presale report on WFRBS Commercial Mortgage Trust 2013-C11 commercial mortgage pass-through certificates.
Fitch expects to rate the transaction and assign Outlooks as follows:
--$65,123,000 class A-1 'AAAsf'; Outlook Stable;
--$278,494,000 class A-2 'AAAsf'; Outlook Stable;
--$46,800,000 class A-3 'AAAsf'; Outlook Stable;
--$517,757,000 class A-4 'AAAsf'; Outlook Stable;
--$97,254,000 class A-SB 'AAAsf'; Outlook Stable;
--$134,656,000 class A-S 'AAAsf'; Outlook Stable;
--$1,140,084,000 (*) class X-A 'AAAsf'; Outlook Stable;
--$152,609,000 (*) class X-B 'A-sf'; Outlook Stable;
--$93,361,000 class B 'AA-sf'; Outlook Stable;
--$59,248,000 class C 'A-sf'; Outlook Stable;
--$46,681,000 class D 'BBB-sf'; Outlook Stable;
--$32,317,000 class E 'BBsf'; Outlook Stable;
--$25,136,000 class F 'Bsf'; Outlook Stable.
(*)Notional amount and interest only.
The expected ratings are based on information provided by the issuer as of Jan. 19, 2013. Fitch does not expect to rate the $39,499,346 class G.
The certificates represent the beneficial ownership in the trust, primary assets of which are 82 loans secured by 153 commercial properties having an aggregate principal balance of approximately $1.44 billion as of the cutoff date. The loans were contributed to the trust by Wells Fargo Bank, National Association, The Royal Bank of Scotland, C-III Commercial Mortgage LLC, Liberty Island Group I LLC, and Basis Real Estate Capital II, LLC.
Fitch reviewed a comprehensive sample of the transaction's collateral, including site inspections on 76.2% of the properties by balance, and performed cash flow analysis and asset summary reviews on 86.5% of the pool.
The transaction has a Fitch stressed debt service coverage ratio (DSCR) of 1.37x, a Fitch stressed loan-to-value (LTV) of 98.3%, and a Fitch debt yield of 9.6%. Fitch's aggregate net cash flow represents a variance of 6.9% to issuer cash flows.
The Master Servicer and Special Servicer will be Wells Fargo Bank, N.A., and Midland Loan Services, a division of PNC Bank, N.A. rated 'CMS2' and 'CSS1', respectively, by Fitch.
The presale report is available at 'www.fitchratings.com'.
Additional information is available at 'www.fitchratings.com'. The ratings above were solicited by, or on behalf of, the issuer, and therefore, Fitch has been compensated for the provision of the ratings.
Applicable Criteria and Related Research:
--Criteria for Analyzing Multiborrower U.S. Commercial Mortgage Transactions (August 2012);
--Global Structured Finance Rating Criteria (June 2012);
--Criteria for Special-Purpose Vehicles in Structured Finance Transactions (May 2012);
--U.S. Commercial Mortgage Servicer Rating Criteria (February 2011);
--U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria (December 2012);
--Counterparty Criteria for Structured Finance Transactions (May 2012).
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