DBRS Upgrades Two Classes of BAMLL Re-REMIC Trust 2013-FRR1

DBRS Limited (DBRS) upgraded two classes of BAMLL Re-REMIC Trust 2013-FRR1 as follows:

-- Class A-2 to AA (sf) from A (sf)
-- Class A-1 to A (high) (sf) from BBB (high) (sf)

All trends are Stable.

The transaction is a resecuritization collateralized by the beneficial interests in two commercial mortgage-backed pass-through certificates from two underlying transactions: FREMF 2010-K7 Mortgage Trust (FREMF 2010-K7) and FREMF 2011-K11 Mortgage Trust, Series 2011-K11 (FREMF 2011-K11). The ratings are dependent on the performance of the underlying transactions.

The rating upgrade to Class A-2 reflects the increased credit support to the underlying FREMF 2010-K7 transaction (not rated by DBRS), which, as at the January 2018 remittance, has experienced a collateral reduction of 25.6% since issuance and benefits from defeasance collateral totalling 40.1% of the current pool balance. Based on the most recent financial reporting, the transaction reported a weighted-average (WA) debt service coverage ratio of 1.94 times and a WA debt yield of 15.2%.

The upgrade to Class A-1 reflects the increased performance of the underlying DBRS-rated FREMF 2011-K11 transaction, for which additional information is available in the February 26, 2018, press release for that transaction and in the DBRS Viewpoint platform, as noted in the aforementioned press release.

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

The principal methodology is CMBS North American Surveillance, which can be found on dbrs.com under Methodologies. For a list of the Structured Finance related methodologies that may be used during the rating process, please see the DBRS Global Structured Finance Related Methodologies document on www.dbrs.com. Please note that not every related methodology listed under a principal Structured Finance asset class methodology may be used to rate or monitor an individual structured finance or debt obligation.

The related regulatory disclosures pursuant to the National Instrument 25-101 Designated Rating Organizations are hereby incorporated by reference and can be found by clicking on the link under Related Documents or by contacting us at info@dbrs.com.

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

The rated entity or its related entities did participate in the rating process for this rating action. DBRS had access to the accounts and other relevant internal documents of the rated entity or its related entities in connection with this rating action.

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