Fitch Affirms 13 Classes of WFRBS 2013-C15

NEW YORK--()--Fitch Ratings has affirmed 13 classes of WFRBS Commercial Mortgage Trust (WFRBS) commercial mortgage pass-through certificates series 2013-C15. A detailed list of rating actions follows at the end of this press release.

KEY RATING DRIVERS

The affirmations are the result of stable performance of the underlying pool since issuance. As of the June 2016 distribution date, the pool's aggregate principal balance has been reduced by 5.3% to $1.05 billion from $1.11 billion at issuance. The pool has experienced no realized losses to date. One loan (0.2%) is defeased, and one loan is specially serviced (0.4%). Interest shortfalls are currently affecting the non-rated class G.

The largest loan in the pool (10.5%) is secured by an interest in a 1.1 million square foot (sf) regional mall located in Augusta, GA. The mall's anchors include Dillard's, Macy's, JC Penney and Sears, all of which are excluded from the collateral. As of year-end (YE) 2015, the servicer-reported collateral occupancy and debt service coverage ratio (DSCR) were 94.2% and 3.77x, respectively. In-line comparable sales were $473 psf as of YE 2015 compared to $466 psf the prior year.

The second largest loan in the pool (9.9%) is secured by two office properties, one located in Long Beach, CA and the other in Columbus, OH. Both properties are 100% leased to Molina Healthcare (lease expires April 2038), which subleases all the space to a can liner manufacturing company. The servicer-reported consolidated DSCR was 2.41x as of YE 2015.

The specially serviced loan is secured by a 75-room limited service hotel located in Sidney, MT. The loan transferred to specially servicing March 2016 due to imminent default. The property's performance has been impacted by recent volatility in the oil and gas industry and new competition. As of YE 2015, the servicer-reported DSCR was below 1.0x compared to 2.10x the prior year.

RATING SENSITIVITIES

The Rating Outlook remains Stable for all classes. 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 Securities Trust 2013-C15' (Aug. 23, 2013), available at www.fitchratings.com.

DUE DILIGENCE USAGE

No third party due diligence was provided or reviewed in relation to this rating action.

Fitch has affirmed the following ratings:

--$1.6 million class A-1 at 'AAAsf', Outlook Stable;

--$48.1 million class A-2 at 'AAAsf', Outlook Stable;

--$260 million class A-3 at 'AAAsf', Outlook Stable;

--$301.8 million class A-4 at 'AAAsf', Outlook Stable;

--$104.8 million class A-SB at 'AAAsf', Outlook Stable;

--$80.3 million class A-S*at 'AAAsf', Outlook Stable;

--$796.6 million class X-A** at 'AAAsf', Outlook Stable;

--$74.7 million class B* at 'AA-sf', Outlook Stable;

--$42.9 million class C* at 'A-sf', Outlook Stable;

--$62.3 million class D at 'BBB-sf', Outlook Stable;

--$22.1 million class E at 'BBsf', Outlook Stable;

--$11.1 million class F at 'Bsf', Outlook Stable.

--$197.9 million class PEX* at 'A-sf', Outlook Stable.

Fitch does not rate the $38.7 million class G notes.

* The class A-S, class B and class C certificates may be exchanged for class PEX certificates, and class PEX certificates may be exchanged for the class A-S, class B and class C certificates.

** Notional amount and interest only.

Additional information is available at www.fitchratings.com.

Applicable Criteria

Counterparty Criteria for Structured Finance and Covered Bonds (pub. 14 May 2014)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=744158

Global Structured Finance Rating Criteria (pub. 27 Jun 2016)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=883130

U.S. and Canadian Fixed-Rate Multiborrower CMBS Surveillance and U.S. Re-REMIC Criteria (pub. 13 Nov 2015)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=873395

Related Research

WFRBS Commercial Mortgage Trust 2013-C15 -- Appendix

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=717211

Additional Disclosures

Dodd-Frank Rating Information Disclosure Form

https://www.fitchratings.com/creditdesk/press_releases/content/ridf_frame.cfm?pr_id=1008296

Solicitation Status

https://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=1008296

Endorsement Policy

https://www.fitchratings.com/jsp/creditdesk/PolicyRegulation.faces?context=2&detail=31

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.
33 Whitehall Street
New York, NY 10004
or
Committee Chairperson
Mary MacNeill, +1-212-908-0785
Managing Director
or
Media Relations, New York
Sandro Scenga, +1-212-908-0278
sandro.scenga@fitchratings.com

Contacts

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