Fitch to Rate UBS-Barclays Commercial Mtge Trust 2013-C5 Commercial Mtge P-T Ctfs; Presale Issued

NEW YORK--(BUSINESS WIRE)--Link to Fitch Ratings' Report: UBS-Barclays Commercial Mortgage Trust 2013-C5

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=701121

Fitch Ratings has issued a presale report on UBS-Barclays Commercial Mortgage Trust 2013-C5 (UBS-BB 2013-C5).

Fitch expects to rate the transaction and assign Rating Outlooks as follows:

--$82,500,000 class A-1 'AAAsf'; Outlook Stable;

--$17,000,000 class A-2 'AAAsf'; Outlook Stable;

--$200,000,000 class A-3 'AAAsf'; Outlook Stable;

--$629,529,000 class A-4 'AAAsf'; Outlook Stable;

--$110,500,000 class A-AB 'AAAsf'; Outlook Stable;

--$120,660,000(a) class A-S 'AAAsf'; Outlook Stable;

--$1,160,189,000(a)(b) class XA 'AAAsf'; Outlook Stable;

--$154,073,000(a)(b) class XB 'A-sf'; Outlook Stable;

--$96,528,000(a) class B 'AA-sf'; Outlook Stable;

--$274,733,000(a) class EC 'A-sf'; Outlook Stable;

--$57,545,000(a) class C 'A-sf'; Outlook Stable;

--$70,540,000(a) class D 'BBB-sf'; Outlook Stable;

--$27,844,000(a) class E 'BBsf'; Outlook Stable;

--$27,845,000(a) class F 'Bsf'; Outlook Stable.

(a)Privately placed pursuant to Rule 144A.

(b)Notional amount and interest only.

The expected ratings are based on information provided by the issuer as of Feb. 8, 2013. Fitch does not expect to rate the $44,551,823 class G.

The certificates represent the beneficial ownership in the trust, primary assets of which are 81 loans secured by 122 commercial properties having an aggregate principal balance of approximately $1.5 billion as of the cutoff date. The loans were contributed to the trust by UBS Real Estate Securities, Inc., Barclays Bank PLC, General Electric Capital Corp., KeyBank N.A., Archetype Mortgage Funding I LLC, RAIT Partnership, LP, and The Bancorp Bank.

Fitch reviewed a comprehensive sample of the transaction's collateral, including site inspections on 77.9% of the properties and cash flow analysis on 85.2% of the collateral pool by balance.

The transaction has a Fitch stressed debt service coverage ratio (DSCR) of 1.45x, a Fitch stressed loan-to-value (LTV) of 95.8%, and a Fitch debt yield of 9.75%. Fitch's aggregate net cash flow represents a variance of 7.6% to issuer cash flows.

The Master Servicer and Special Servicer will be Midland Loan Services, Inc., rated 'CMS1' 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' (Aug. 12, 2011);

--'Criteria for Analyzing Large Loans in U.S. Commercial Mortgage Transactions' (Sep. 26, 2011);

--'Global Structured Finance Rating Criteria' (Aug. 4, 2011);

--'Criteria for Special-Purpose Vehicles in Structured Finance Transactions' (June 13, 2011);

--'U.S. Commercial Mortgage Servicer Rating Criteria' (Feb. 18, 2011);

--'U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria' (Dec. 18, 2012);

--'Counterparty Criteria for Structured Finance Transactions' (March 14, 2011).

Applicable Criteria and Related Research:

Criteria for Analyzing Multiborrower U.S. Commercial Mortgage Transactions

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=685995

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

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=696969

Counterparty Criteria for Structured Finance Transactions

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=678938

U.S. Commercial Mortgage Servicer Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=584005

Criteria for Special-Purpose Vehicles in Structured Finance Transactions

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=680591

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=679923

Criteria for Analyzing Large Loans in U.S. Commercial Mortgage Transactions

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=688831

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