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

DBRS, Inc. (DBRS) upgraded two classes of the Commercial Mortgage Certificate-Backed Certificates, Series 2013-FRR1 issued by BAMLL Re-REMIC Trust 2013-FRR1 (the Trust) as follows:

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

All trends are Stable. This action removes the Trust’s ratings from Under Review with Developing Implications, where they were placed on March 26, 2019.

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. DBRS does not rate the underlying FREMF 2010-K7 transaction but does rate the underlying FREMF 2011-K11 transaction. The ratings are dependent on the performance of the underlying transactions.

The rating upgrades reflect the continued stable performance of the underlying CMBS transactions. Both transactions benefit from significant defeasance collateral as well as year-over-year stable property-level cash flows overall. As of the individual transaction June 2019 remittance reports, 63.0% of the outstanding FREMF 2010-K7 transaction balance was secured by defeasance collateral and 71.3% of the outstanding FREMF 2011-K11 transaction balance was secured by defeasance collateral.

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

DBRS provides updated analysis and in-depth commentary in the DBRS Viewpoint platform for the FREMF 2011-K11 transaction. For complimentary access to this content, please register for the DBRS Viewpoint platform 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 the North American CMBS Surveillance Methodology, which can be found on www.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 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.

For more information on this credit or on this industry, visit www.dbrs.com or contact us at info@dbrs.com.

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