Fitch Affirms COMM 2013-300P

NEW YORK--()--Fitch Ratings has affirmed all rated classes of COMM 2013-300P Mortgage Trust (COMM 2013-300P). A detailed list of rating actions follows at the end of this release.

KEY RATING DRIVERS

The affirmation of COMM 2013-300P is based on the stable performance of the underlying trust asset since issuance. The loan is interest-only for the entire 10-year term.

300 Park Avenue is a 25-story, 771,634 square foot building located along a full blockfront of Park Avenue between 49th and 50th streets in Manhattan, within the Grand Central/Plaza District submarket. The three largest tenants are Colgate-Palmolive (65.3%, 'AA-'/Stable Outlook by Fitch), Greenhill & Company (13.6%) and GoldenTree (5.3%), with lease expirations in 2023, 2020 and 2018, respectively. As of March 2014, the property's occupancy has remained unchanged since issuance in July 2013 at 91.6%.

The loan has limited structural features; there is no structure in place to mitigate the Colgate-Palmolive lease expiration, which is within two months of the loan maturity. However, Colgate-Palmolive has demonstrated a commitment to the subject property through long-term occupancy of 60 years, a 2008 early lease renewal for 15 years and recent ongoing investments in their space. Additionally, Colgate-Palmolive's lease contains two renewal options (one 10-year and one five-year) each upon at least 24 months prior notice.

RATINGS SENSITIVITIES

The Rating Outlook for all classes remains Stable. No rating actions are expected unless there are material changes to the property occupancy and cash flow. Additional information on rating sensitivity is available in the report 'COMM 2013-300P Mortgage Trust (Aug. 13, 2013), available at www.fitchratings.com.

Fitch affirms the following classes as indicated:

--$222,000,000 class A1 at 'AAAsf'; Outlook Stable;

--$75,000,000 class A1P at 'AAAsf'; Outlook Stable;

--$297,000,000 class X-A* at 'AAAsf'; Outlook Stable;

--$61,000,000 class B at 'AA-sf'; Outlook Stable;

--$42,000,000 class C at 'A-sf'; Outlook Stable;

--$57,000,000 class D at 'BBB-sf'; Outlook Stable;

--$28,000,000 class E at 'BB+sf'; Outlook Stable.

* notional and interest-only.

Additional information is available at 'www.fitchratings.com'.

Applicable Criteria and Related Research:

--'Global Structured Finance Rating Criteria' (Aug. 4, 2014);

--'Criteria for Analyzing Large Loans in U.S. Commercial Mortgage Transactions (Sept. 20, 2013).

Applicable Criteria and Related Research:

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

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=718468

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=754389

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=852495

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
Sean Gibbs, +1-212-908-0311
Associate Director
Fitch Ratings, Inc.
33 Whitehall St
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

Sharing

Contacts

Fitch Ratings
Primary Analyst
Sean Gibbs, +1-212-908-0311
Associate Director
Fitch Ratings, Inc.
33 Whitehall St
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