Fitch Affirms COMM 2013-CCRE11

NEW YORK--()--Fitch Ratings has affirmed 13 classes of Deutsche Bank Securities, Inc.'s COMM 2013-CCRE11 commercial mortgage pass-through certificates, series 2013-CCRE11. A detailed list of rating actions follows at the end of this press release.

KEY RATING DRIVERS

The affirmations are based on the stable performance of the underlying collateral pool. The pool has had no delinquent or specially serviced loans since issuance. The pool's aggregate principal balance has been reduced by 0.3% to $1.265 billion from $1.27 billion at issuance. There are eight loans on the servicer watchlist due to low debt service coverage ratios; the year-end (YE) 2013 cash flow for these loans is not reflective of the underwritten figure at issuance due to rent concessions and/or leases in occupancy for less than a full year.

The largest watchlist loan (2.7% of the pool) is the Parkview Tower loan, a 220,910 square foot (sf), 10-story, suburban office tower located within the Valley Forge Casino Resort complex in King of Prussia, PA, approximately 20 miles northwest of the Philadelphia CBD. YE 2013 net operating income (NOI) and the resultant NOI debt service coverage ratio (DSCR) at 0.95x was lower than origination due to rental concessions and newly signed leases in 2013. Occupancy as of YE 2013 was 93%. Fitch anticipates that YE 2014 NOI will improve over YE 2013.

The 10th largest loan (3.3% of the pool), The Vintage Estate, is secured by a mixed-use property consisting of two luxury full-service hotels and a high-end retail property located in Yountville, CA within the Napa Valley region. The area was recently impacted by a 6.0 magnitude earthquake; however, the servicer has confirmed that the subject sustained only minor damage. Repairs will be covered under general repairs/maintenance.

RATING SENSITIVITIES

The Rating Outlooks on all classes remain Stable. 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 overall portfolio-level metrics. Additional information on rating sensitivity is available in the 'COMM 2013-CCRE11' (Sept. 26, 2013) presale report, available at www.fitchratings.com.

Fitch affirms the following classes as indicated:

--$38 million class A-1 at 'AAAsf', Outlook Stable;

--$90 million class A-2 at 'AAAsf', Outlook Stable;

--$70.3 million class A-SB at 'AAAsf', Outlook Stable;

--$275 million class A-3 at 'AAAsf', Outlook Stable;

--$411.3 million class A-4 at 'AAAsf', Outlook Stable;

--$998,815,786* class X-A 'AAAsf'; Outlook Stable;

--$186,130,000* class X-B 'BBB-sf'; Outlook Stable;

--$114.3 million class A-M at 'AAAsf', Outlook Stable;

--$76.2 million class B at 'AA-sf', Outlook Stable;

--$46 million class C at 'A-sf', Outlook Stable;

--$63.9 million class D at 'BBB-sf', Outlook Stable;

--$20.2 million class E at 'BBsf', Outlook Stable;

--$17.5 million class F at 'Bsf', Outlook Stable.

*Notional amount and interest only.

Fitch does not rate the class G or 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:

--'COMM 2013-CCRE11: Appendix' (Sept. 26, 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' (Aug. 4, 2014);

--'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=754389

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

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=869434

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
Sandro Scenga, +1-212-908-0278
Media Relations, New York
sandro.scenga@fitchratings.com
or
Primary Analyst:
Martin Nunnally, +1-212-908-0871
Associate Director
Fitch Ratings, Inc.
33 Whitehall Street Plaza
New York, NY 10004
or
Committee Chairperson:
Mary MacNeill, +1-212-908-0785
Managing Director

Contacts

Fitch Ratings
Sandro Scenga, +1-212-908-0278
Media Relations, New York
sandro.scenga@fitchratings.com
or
Primary Analyst:
Martin Nunnally, +1-212-908-0871
Associate Director
Fitch Ratings, Inc.
33 Whitehall Street Plaza
New York, NY 10004
or
Committee Chairperson:
Mary MacNeill, +1-212-908-0785
Managing Director