Fitch Affirms COMM 2013-CCRE11

NEW YORK--(BUSINESS WIRE)-- 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 and a top 10 loan (3.2%) is defeased. The pool's aggregate principal balance has been reduced by 1.3% to $1.26 billion from $1.25 billion at issuance. There are seven loans on the servicer watchlist, but only two small loans (0.2% of the pool) are considered Fitch Loans of Concern. The Loans of Concern are multifamily properties in Brooklyn, NY, with reported debt service coverage ratios less than 1.1x. Limited near-term pay-down is anticipated and six loans (36.7% of pool) have partial IO loan terms due to expire between now and 2019.

The largest loan in the pool (11.5%) is secured by Miracle Mile Shops, a 448,835 square foot (sf) retail mall in Las Vegas, NV. The property is centrally located off of the Las Vegas strip at the base of the Planet Hollywood Resort & Casino. The mall, built in 2000 as Desert Passage, underwent a $130 million renovation and in 2007 was renamed Miracle Mile Shops. The property has a diverse tenant mix with approximately 140 national and locally based tenants. Performance has remained stable since issuance; as of year-end (YE) 2015, the subject was 94% occupied with a 1.45x DSCR. The loan has a partial IO term due to expire in 2018.

The second largest loan in the pool (8.9%) is secured by a portfolio of three industrial buildings encompassing 2,853,175 sf and a 40.0-acre (1,742,400 sf) land parcel. The three industrial properties are located in Pennsylvania, Ohio, and Indiana, and the land parcel is located in northern New Jersey adjacent to the New York/New Jersey port. The portfolio has near-term rollover between now and 2018; however, the loan was structured with an up-front rollover reserve and annual ongoing rollover reserves. As of YE 2015 the portfolio was 94% occupied with a 1.73x DSCR. The loan has a partial IO term due to expire in 2016.

RATING SENSITIVITIES

The Stable Outlooks reflect stable performance of the pool and defeasance of a top 10 loan. 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.

USE OF THIRD-PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G-10

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

Fitch has affirmed the following classes:

--$26 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;

--$986,900,271* 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.

Additional information is available at www.fitchratings.com.

Applicable Criteria

Counterparty Criteria for Structured Finance and Covered Bonds (pub. 18 Jul 2016)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=884963

Criteria for Rating Caps and Limitations in Global Structured Finance Transactions (pub. 16 Jun 2016)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=882401

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

COMM 2013-CCRE11: Appendix

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=719577

Additional Disclosures

Dodd-Frank Rating Information Disclosure Form

https://www.fitchratings.com/creditdesk/press_releases/content/ridf_frame.cfm?pr_id=1010283

Solicitation Status

https://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=1010283

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/20160811006150/en/

Fitch Ratings
Primary Analyst
Martin Nunnally
Associate Director
+1-212-908-0871
Fitch Ratings, Inc.
33 Whitehall Street
New York, NY 10004
or
Committee Chairperson
R. Brook Sutherland
Senior Director
+1-312-606-2346
or
Media Relations
Sandro Scenga
+1-212-908-0278
New York
[email protected]

Source: Fitch Ratings

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