Fitch Affirms WFRBS 2013-C13

NEW YORK--()--Fitch Ratings has affirmed 13 classes of WFRBS Commercial Mortgage Trust commercial mortgage pass-through certificates series 2013-C13. A detailed list of rating actions follows at the end of this press release.

KEY RATING DRIVERS

Fitch's affirmations are based on the stable performance of the underlying collateral pool. There have been no delinquent or specially serviced loans since issuance. Fitch reviewed the most recently available quarterly financial performance of the pool as well as updated rent rolls for the top 15 loans, which represent 53.3% of the transaction.

As of the April 2014 distribution date, the pool's aggregate principal balance has been reduced by 0.9% to $868.9 million from $876.7 million at issuance.

The largest loan in the pool (10%) is secured by two office buildings located in San Francisco, CA. As of Dec. 31, 2013, average occupancy and debt service coverage ratio (DSCR) were a reported 96.8% and 1.71x respectively. Amazon is the largest tenant, occupying approximately 40% of NRA.

The second largest loan in the pool (9.8%) is secured by an 188,646-sf, 42-story office tower located in Charlotte, NC. The property now serves as the East Coast headquarters of Wells Fargo Bank (69.5% of NRA; lease expires Dec. 31, 2021). As of June 2013, occupancy and DSCR were a reported 97.6% and 1.87x respectively.

RATING SENSITIVITY

The Rating Outlooks remain Stable for all classes. 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-C13' (May 29, 2013), available at www.fitchratings.com.

Fitch affirms the following classes:

--$48.3 million class A-1 at 'AAAsf', Outlook Stable;

--$79.5 million class A-2 at 'AAAsf', Outlook Stable;

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

--$206.5 million class A-4 at 'AAAsf', Outlook Stable;

--$71.5 million class A-SB at 'AAAsf', Outlook Stable;

--$91 million class A-S at 'AAAsf', Outlook Stable;

--$51.5 million class B at 'AA-sf', Outlook Stable;

--$29.6 million class C at 'A-sf', Outlook Stable;

--$696.8 million interest only class X-A at 'AAAsf'; Outlook Stable;

--$81.1 million interest only class X-B at 'A-sf'; Outlook Stable;

--$32.9 million class D at 'BBB-sf', Outlook Stable;

--$15.3 million class E at 'BBsf', Outlook Stable;

--$16.4 million class F at 'Bsf', Outlook Stable.

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

--'WFRBS Commercial Mortgage Trust 2013-C13 -- Appendix' (May 29, 2013).

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 24, 2013);

--'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=708661

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

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.

Contacts

Fitch Ratings
Primary Analyst:
Tiffany Pierce, +1-212-908-9107
Associate Director
Fitch Ratings, Inc.
One State Street Plaza
New York, NY 10004
or
Committee Chairperson:
Mary MacNeill, +1-212-908-0785
Managing Director
or
Media Relations:
Sandro Scenga, New York, +1 212-908-0278
sandro.scenga@fitchratings.com

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Contacts

Fitch Ratings
Primary Analyst:
Tiffany Pierce, +1-212-908-9107
Associate Director
Fitch Ratings, Inc.
One State Street Plaza
New York, NY 10004
or
Committee Chairperson:
Mary MacNeill, +1-212-908-0785
Managing Director
or
Media Relations:
Sandro Scenga, New York, +1 212-908-0278
sandro.scenga@fitchratings.com