DBRS Confirms Ratings of Citigroup Commercial Mortgage Trust 2013-GC15

DBRS has today confirmed the ratings of the Commercial Mortgage Pass-Through Certificates, Series 2013-GC15 issued by Citigroup Commercial Mortgage Trust 2013-GC15, as follows:

-- Class A-1 at AAA (sf)
-- Class A-2 at AAA (sf)
-- Class A-3 at AAA (sf)
-- Class A-4 at AAA (sf)
-- Class A-AB at AAA (sf)
-- Class A-S at AAA (sf)
-- Class B at AA (high) (sf)
-- Class C at A (sf)
-- Class PEZ at A (sf)
-- Class D at BBB (low) (sf)
-- Class E at BB (sf)
-- Class F at B (high) (sf)
-- Class X-A at AAA (sf)
-- Class X-C at AAA (sf)

All the trends are Stable. DBRS does not rate the first loss piece, Class G. The Class A-S, Class B and Class C certificates may be exchanged for the Class PEZ certificates (and vice versa).

The rating confirmations reflect the pool’s performance, which has remained in line with expectations since the deal closed in September 2013. The transaction consists of 92 loans, with the pool experiencing collateral reduction of 0.86% since issuance as a result of scheduled loan amortization. The transaction benefits from loans secured by properties located within urban markets representing 25.7% of the current pool balance, and is diverse in regards to loan size as the largest ten loans represent only 38.3% of the current pool balance. As of the September 2014 remittance report, the weighted-average (WA) debt service coverage ratio (DSCR) and the WA debt yield for the pool are 1.35 times and 8.6%, respectively. The WA DSCR and WA debt yield, which are based on the YE2013 reported figures, represent a slight decline from issuance; however, this is due to the fact that the YE2013 financials do not represent a full year of servicer reporting for a majority of the loans in the pool. Loans secured by hotels represent 14.8% of the pool, including two of the largest ten loans. However, the WA DBRS Exit Debt Yield for these loans is higher than the overall pool, at 14.1%. There are four loans on the servicer’s watchlist, representing approximately 3.5% of the current pool balance and none that are specially serviced.

DBRS continues to monitor this transaction in its Monthly CMBS Surveillance Report, with additional information on the DBRS viewpoint for this transaction. The September 2014 monthly surveillance report for this transaction will be published shortly. If you are interested in receiving this report, contact us at info@dbrs.com

Notes:
All figures are in U.S. dollars unless otherwise noted.

This rating is endorsed by DBRS Ratings Limited for use in the European Union.

The applicable methodologies are CMBS Rating Methodology (January 2012) and CMBS North American Surveillance Methodology (November 2012), which can be found on our website under Methodologies.