DBRS Upgrades One; Changes Trends on Two Classes of BAMLL Re-REMIC Trust 2013-FRR1

DBRS, Inc. (DBRS) upgraded one class of BAMLL Re-REMIC Trust 2013-FRR1 as follows:

-- Class A-1 upgraded to AA (sf) from A (high) (sf)

DBRS also confirmed Class A-2 at AA (sf). Additionally, the trends for both classes have been changed to Positive from 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 and FREMF 2011-K11. The ratings are dependent on the performance of the underlying transactions.

The Class A-1 upgrade and trend change reflects the increased performance of the underlying DBRS-rated FREMF 2011-K11 transaction, for which additional information is available in the February 13, 2019, press release for that transaction and in the DBRS Viewpoint platform, as noted in the aforementioned press release.

The rating confirmation and trend change to Class A-2 reflects the continued stable performance of the underlying FREMF 2010-K7 transaction (not rated by DBRS), which, as of the January 2019 remittance, had experienced a collateral reduction of 27.7% since issuance and benefits from defeasance collateral totaling 60.8% of the current pool balance. Based on the most recent financial reporting, the transaction reported a weighted-average debt service coverage ratio of 1.82 times.

All ratings are subject to surveillance, which could result in ratings being upgraded, downgraded, placed under review, confirmed or discontinued by DBRS.

For complimentary access to the DBRS Viewpoint platform, please register at www.viewpoint.dbrs.com. The platform includes issuer and servicer data for most outstanding CMBS transactions (including non-DBRS rated), as well as loan-level and transaction-level commentary for most DBRS-rated and -monitored transactions.

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

The principal methodology is North American CMBS Surveillance Methodology, which can be found on dbrs.com under Methodologies & Criteria. 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, which can be found on www.dbrs.com in the Commentary tab under Regulatory Affairs. 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 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.

Please see the related appendix for additional information regarding the sensitivity of assumptions used in the rating process. Please note a sensitivity analysis is not performed for CMBS bonds rated CCC or lower. The DBRS long-term rating scale definition indicates that ratings of CCC or lower are assigned when the bond is highly likely to default or default is imminent, thereby prevailing over a sensitivity analysis.

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