OREANDA-NEWS. March 25, 2016. Fitch Ratings has affirmed 19 classes of WFRBS Commercial Mortgage Trust Pass-Through Certificates Series 2013 C14 due to stable performance since issuance. 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. As of the March distribution, the pool's aggregate principal balance has been paid down by 1.8% to \\$1.44 billion from \\$1.47 billion at issuance. Based on the full year and annualized 2015 reported net operating income (NOI) of the 98.6% of loans, the pool's overall NOI was 8.4% greater than at issuance.

There are currently two specially serviced loans (1.8%) and one additional Fitch Loan of Concern (0.25%). There are six loans on the servicer watchlist, five of which are encountering occupancy and upcoming lease expirations issues that represent minimal risk of property-level cashflow not covering debt service.

Concentrations in the pool include 30.5% full-term interest-only loans and 39.7% partial-term interest-only. The transaction is primarily composed of four real estate sectors encompassing retail (35.9%), office (27.8%), manufactured housing (17.0%), and lodging (12.6%). Given the headline risks to broader economy, Fitch is closely monitoring the performance of retail and hotel properties due to concerns about the health of the US consumer and widespread store consolidation within the retail industry. One loan (0.8%) located in Permian shale basin of central Texas, will be monitored due its dependence on the oil and gas industry.

The largest specially serviced loan, 540 Atlantic Avenue (1.0% of the pool), is a 68,932 square foot office building located Brooklyn, NY. The loan was transferred to the special servicer in December 2014 after underperforming since issuance due to a tenant not taking possession of a first floor restaurant space. The physical occupancy of the building reached an occupancy low of 61% with a debt service coverage ratio of .83x during early 2014. The sponsor secured two tenants during the second-half of 2014 which raised the economic occupancy to 78% as of December 2014. The sponsor has worked with the servicer to finalize an affiliated lease that would backfill the remaining vacant suite. Additionally, proposals are being reviewed by both parties to cure a number of technical defaults that exist at the property. Fitch will continue the monitor the loan as the special servicer secures more property-level information and resolves the remaining outstanding issues.

The second specially serviced loan, BSG Texas Hotel Portfolio (0.8%), is a portfolio of two properties located in Big Spring and Graham, TX. The loan transferred to the special servicer in early March for imminent monetary default. The larger lodging property consists of 73 units branded as a La Quinta Inn and Suites. The second property consists of 71 units branded as a Holiday Inn Express. The hotels are located in the Permian Basin shale region and performance has dipped with the contraction of the energy industry due to lower oil prices. The portfolio's servicer provided 2015 year-end debt-service cost ratio (DSCR) was 1.32x versus 1.83x at issuance and occupancy decreased to 64% as of Dec. 2015 from 78% at issuance.

The Fitch loan of concern is the Crystal Lake Plaza (0.26%), an anchored retail property located in Orlando, FL. The property was fully occupied as of December 2013 with a debt service coverage ratio of 1.75x. A tenant exercised a 2014 lease termination and vacated during the fourth quarter. The sponsor managed to secure a new tenant for the space in 2015 and occupancy rebounded to 100% with a DSCR of 1.19x as of Dec. 2015. Servicer commentary indicates that the sponsor is self-managing the property without lender consent. The servicer is trying to obtain information on the status of tenants and evaluate property performance. Fitch's analysis was based on a stressed full year 2015 NOI and cap rate.

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 affirms the following classes:

--\\$34.2 million Class A-1 at 'AAAsf'; Outlook Stable;
--\\$48.2 million Class A-2 at 'AAAsf'; Outlook Stable;
--\\$55.0 million Class A-3 at 'AAAsf'; Outlook Stable;
--\\$160.0 million Class A-4 at 'AAAsf'; Outlook Stable;
--\\$437.7 million Class A-5 at 'AAAsf'; Outlook Stable;
--\\$55.0 million#, a Class A-3FL at 'AAAsf'; Outlook Stable;
--\\$0.0a million Class A-3FX 'AAAsf'; Outlook Stable;
--\\$160.0 million#, a Class A-4FL at 'AAAsf'; Outlook Stable;
--\\$0.0a million Class A-4FX 'AAAsf'; Outlook Stable;
--\\$116.2 million Class A-SB at 'AAAsf'; Outlook Stable;
--\\$108.4b million Class A-S at 'AAAsf'; Outlook Stable;
--\\$1.1* billion Class X-A at 'AAAsf'; Outlook Stable;
--\\$102.9* million Class X-B at 'AA-sf'; Outlook Stable;
--\\$102.9b million Class B at 'AA-sf'; Outlook Stable;
--\\$53.3b million Class C at 'A-sf'; Outlook Stable;
--\\$264.5b million Class PEX at 'A-sf'; Outlook Stable;
--\\$77.2a million Class D at 'BBB-sf'; Outlook Stable;
--\\$25.7a million Class E at 'BBsf'; Outlook Stable;
--\\$16.5 million Class F at 'Bsf'; Outlook Stable.

Fitch does not rate class G or the interest-only class X-C.

# Floating rate.
* Notional amount and interest-only.
a Privately placed pursuant to Rule 144A .
b Class A-S, Class B and Class C certificates may be exchanged for Class PEX certificates; and Class PEX certificates may be exchanged for Class A-S, Class B and Class C certificates.