Fitch Affirms COMM 2013- SFS

NEW YORK--()--Fitch Ratings has affirmed six classes of COMM 2013-SFS Mortgage Trust. A detailed list of rating actions follows at the end of this press release.

KEY RATING DRIVERS

The affirmations reflect the stable performance and strong occupancy of the underlying collateral. The collateral consists of the Scottsdale Fashion Square, a 1.4 million square foot (sf) super-regional mall located in Scottsdale, AZ. The property is anchored by Macy's, Nordstrom, Neiman Marcus, Barneys New York, and Dillard's (non-owned). The collateral is approximately 96% occupied by over 200 tenants. The property is currently undergoing a renovation, which should add approximately 135,000 sf to the mall. The additional space is fully leased to Dicks Sporting Goods and Harkins theater.

Fitch reviewed the most recent available financial performance of the collateral as of Sept. 30 2014; the servicer-reported Debt Service Coverage Ratio (DSCR) was 2.06x. As of the March 2015 distribution date, the loan's balance declined 3.98% to $504 million from $525 million at issuance due to scheduled amortization.

RATING SENSITIVITY

The Rating Outlook for all classes remains Stable. No rating actions are anticipated unless there are material changes in the property's performance or cash flow. Fitch will continue to monitor the mall's performance to ensure that revenues and expenses considered at the time of Fitch's initial ratings remain in line over the loans' terms.

Fitch affirms the following classes:

--$102.6 million class A-1 at 'AAAsf'; Outlook Stable;

--$244.9 million class A-2 at 'AAAsf'; Outlook Stable;

--Interest only class X-A at 'AAAsf'; Outlook Stable;

--$67.3 million class B at 'AAsf'; Outlook Stable;

--$49.6 million class C at 'Asf'; Outlook Stable;

--$39.7 million class D at 'BBB+sf'; Outlook Stable.

Additional information on Fitch's criteria for analyzing large loans in U.S. CMBS transactions is available in the March 20, 2015 report, 'Criteria for Analyzing Large Loans in U.S. Commercial Mortgage Transactions', which is available at 'www.fitchratings.com' under the following headers:

Structured Finance >> CMBS >> Criteria Reports

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

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:

--'COMM 2013-SFS-Appendix' (April 22, 2013).

Applicable Criteria and Related Research:

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

--'Criteria for Analyzing Large Loans in U.S. Commercial Mortgage Transaction' (March 20, 2015);

--'COMM 2013-SFS' (April 22, 2013).

Applicable Criteria and Related Research:

Global Structured Finance Rating Criteria

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

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

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=862818

COMM 2013-SFS

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=705676

COMM 2013-SFS -- Appendix

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=706693

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=981969

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Contacts

Fitch Ratings
Primary Analyst
Tiffany Pierce
Associate Director
+1-212-908-9107
Fitch Ratings, Inc.
33 Whitehall Street
New York, NY 10004
or
Committee Chairperson
Christopher Bushart
Senior Director
+1-212-908-0606
or
Media Relations:
Sandro Scenga, +1-212-908-0278
sandro.scenga@fitchratings.com

Contacts

Fitch Ratings
Primary Analyst
Tiffany Pierce
Associate Director
+1-212-908-9107
Fitch Ratings, Inc.
33 Whitehall Street
New York, NY 10004
or
Committee Chairperson
Christopher Bushart
Senior Director
+1-212-908-0606
or
Media Relations:
Sandro Scenga, +1-212-908-0278
sandro.scenga@fitchratings.com