Fitch Affirms 13 Classes of WFRBS 2013-C15

NEW YORK--(BUSINESS WIRE)-- 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 based on the stable performance of the underlying collateral pool. The pool has experienced no realized losses to date. Fitch has designated two (8.7%) Fitch Loans of Concern due to upcoming tenant rollover risk. No loans are in special servicing. Since the last rating action, one loan repaid in full, after transferring to special servicing in March 2014 due to monetary default.

As of the June 2015 distribution date, the pool's aggregate principal balance has been reduced by 3.3% to $1.1 billion. No loans are defeased and there are no interest shortfalls.

The largest loan in the pool (10.3%) 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 March 31, 2015, the servicer-reported collateral occupancy and debt service coverage ratio (DSCR) were 93.9% and 3.50x, respectively. In-line comparable sales were relatively flat at $444 psf as of year-end (YE) 2014 compared to the prior year.

The second largest loan in the pool (9.7%) 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) who subleases the space to a can liner manufacturing company. The servicer reported consolidated DSCR was a reported 2.15x as of year-end 2013.

The largest Fitch loan of concern (7.9% of the pool), is secured by an interest in a 1.2 million sf regional mall located 10 miles southwest of the Charlotte CBD. As of March 31, 2015, the servicer-reported collateral occupancy and DSCR were 86.1% and 2.41x, respectively. However, 56% of the net rentable area is scheduled to roll during 2016 primarily due to the lease expirations of the two collateral anchors, JC Penney and Sears. Fitch will monitor the renewal activity at the property. In-line comparable sales were relatively flat at $393 psf as of (YE) 2014 compared to the prior year.

RATING SENSITIVITIES

The Rating Outlook for all classes remains 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 portfolio-level metrics.

DUE DILIGENCE USAGE

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

Fitch has affirmed the following classes:

--$23.3 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;

--$846.8 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.

* 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.

Fitch does not rate the class G certificates.

Additional information is available at www.fitchratings.com.

Applicable Criteria

Global Structured Finance Rating Criteria (pub. 06 Jul 2015)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=867952

U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria (pub. 10 Dec 2014)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=812608

Additional Disclosures

Dodd-Frank Rating Information Disclosure Form

https://www.fitchratings.com/creditdesk/press_releases/content/ridf_frame.cfm?pr_id=988067

Solicitation Status

https://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=988067

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.

View source version on businesswire.com: http://www.businesswire.com/news/home/20150716006530/en/

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
Mary MacNeill
Managing Director
+1-212-908-0785
or
Media Relations:
Sandro Scenga, +1 212-908-0278
[email protected]

Source: Fitch Ratings

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