Fitch Affirms WFRBS 2014-C23

NEW YORK--(BUSINESS WIRE)-- Fitch Ratings has affirmed 16 classes of WFRBS Commercial Mortgage Trust 2014-C23 (WFRBS 2014-C23) commercial mortgage pass-through certificates. A detailed list of rating actions follows at the end of this press release.

KEY RATING DRIVERS

The affirmations of the WFRBS 2014-C23 certificates are based on the stable performance of the underlying collateral pool. The pool's aggregate principal balance has been paid down 0.56% to $935 million from $940 million. As of this review, no loans have defeased. No loans have been transferred to the special servicer and only one loan is on the master servicer's watchlist. Fitch has not designated any loans as Fitch Loans of Concern.

The largest loan of the pool (12.47%) is secured by Bank of America Plaza, a 1.4 million square foot (sf), LEED Gold Certified office building located in the Bunker Hill area of downtown Los Angeles, CA. Occupancy at the subject has remained stable at 89% since issuance. The servicer reported a debt service coverage ratio (DSCR) based off of year-end (YE) 2014 financials of 2.27x.

The second largest loan (8.02%) is secured by Crossing at Corona, an 834,075 sf power center located five miles south of Corona, CA. The property is part of a larger project and is shadow anchored by Target. Tenants at the collateral property include Kohl's, Edward's Theatres, and Toys/Babies "R" Us. YE 2014 occupancy increased to 96.68% from 93.90% at issuance. YE 2014 DSCR also increased to 1.96x from 1.39x based off the servicer provided financials.

The third largest loan (8.02%) is secured by the Columbus Square Portfolio, which contains five retail and community facility units and an underground parking garage, totalling 494,244 sf and located on Manhattan's Upper West Side. Largest tenants include Quick Park, Whole Foods, Mandell Nursery, and TJ Maxx. Occupancy amongst the properties is 100%, as of YE 2014. YE 2014 DSCR increased to 1.51x from 1.17x at issuance.

RATING SENSITIVITIES

Rating Outlooks on classes A-1 through F remain Stable due to the relatively stable performance of the pool since issuance. No rating changes are expected unless there is material performance deterioration or loans become specially serviced. Additional information on key rating drivers and rating sensitivities are further described in the new issue report WFRBS Commercial Mortgage Trust 2014-C23 (Sept. 30, 2014), 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:

--$38.1 million class A-1 at 'AAAsf'; Outlook Stable;

--$33.2 million class A-2 at 'AAAsf'; Outlook Stable;

--$8.5 million class A-3 at 'AAAsf'; Outlook Stable;

--$245 million class A-4 at 'AAAsf'; Outlook Stable;

--$257.8 million class A-5 at 'AAAsf'; Outlook Stable;

--$70.8 million class A-SB at 'AAAsf'; Outlook Stable;

--$56.5 million class A-S at 'AAAsf'; Outlook Stable;

--$44.7 million class B at 'AA-sf'; Outlook Stable;

--$35.3 million class C at 'A-sf'; Outlook Stable;

--$136.4 million class PEX at 'A-sf'; Outlook Stable;

--$76.4 million class D at 'BBB-sf'; Outlook Stable;

--$11.8 million class E at 'BBsf'; Outlook Stable;

--$17.6 million class F at 'Bsf'; Outlook Stable;

--$709.7 million* class X-A at 'AAAsf'; Outlook Stable;

--$11.7 million* class X-C at 'BBsf'; Outlook Stable;

--$17.6 million* class X-D at 'Bsf'; Outlook Stable.

Class A-S, B, and C certificates may be exchanged for class PEX certificates.

*Notional Amount and interest only.

Fitch does not rate class G, X-B, X-E, X-Y 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

Related Research

WFRBS Commercial Mortgage Trust 2014-C23 - Appendix

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=775848

Additional Disclosures

Dodd-Frank Rating Information Disclosure Form

https://www.fitchratings.com/creditdesk/press_releases/content/ridf_frame.cfm?pr_id=990933

Solicitation Status

https://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=990933

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/20150917006142/en/

Fitch Ratings
Primary Analyst
Darren Liss
Director
+1-212-908-0753
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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