Fitch Affirms COMM 2013-THL Commercial Mortgage Pass-Through Certs Series 2013-THL

CHICAGO--(BUSINESS WIRE)-- Fitch Ratings has affirmed nine classes of COMM 2013-THL Mortgage Trust commercial mortgage pass through certificates, series 2013-THL. A detailed list of rating actions follows at the end of this press release.

KEY RATING DRIVERS

The affirmations are based on stable performance of the underlying collateral pool since issuance. The servicer-reported portfolio net cash flow (NCF) has increased 2.1% as of YE 2014 compared with the issuer underwritten NCF. As of YE 2014, the hotel portfolio's trailing 12 month (TTM) occupancy and revenue per available room (RevPAR) was 70.3% and $74.57, respectively. The issuer's underwritten RevPAR was $71.98.

The portfolio exhibits significant geographic diversity across secondary markets in 32 states. The largest state exposure is California with 23 hotels. The majority of the portfolio is limited service or extended stay properties, with the largest flags consisting of Fairfield Inn, Residence Inn, Hampton Inn and Courtyard.

RATING SENSITIVITIES

The Rating Outlook for all classes remains Stable. No rating actions are expected unless there are material changes to the portfolio occupancy and cash flow. Additional information on rating sensitivity is available in the report 'COMM 2013-THL Mortgage Trust' (July 26, 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:

--$75.8 million class A-1 at 'AAAsf'; Outlook Stable;

--$280.3 million class A-2 at 'AAAsf'; Outlook Stable;

--Interest-only class X-CP at 'BBB-sf'; Outlook Stable;

--Interest-only class X-EXT at 'BBB-sf'; Outlook Stable;

--$108.1 million class B at 'AAsf'; Outlook Stable;

--$79 million class C at 'A-sf'; Outlook Stable;

--$78.4 million class D at 'BBB-sf; Outlook Stable;

--$122.5 million class E at 'BB-sf'; Outlook Stable;

--$29 million class F at 'Bsf'; Outlook Stable.

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-THL Mortgage Trust - Appendix' (July 26, 2013).

Additional information is available at www.fitchratings.com.

Applicable Criteria

Criteria for Analyzing Large Loans in U.S. Commercial Mortgage Transactions (pub. 20 Mar 2015)

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

Global Structured Finance Rating Criteria (pub. 31 Mar 2015)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=864268

Additional Disclosures

Solicitation Status

https://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=985893

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/20150604006283/en/

Fitch Ratings
Primary Analyst
Jeffrey Diliberto
Director
+1-312-368-3268
Fitch Ratings, Inc.
70 West Madison Street
Chicago, IL 60602
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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