DBRS Morningstar Upgrades Four Ratings of Madison Avenue Trust 2013-650M, Removes from Under Review–Developing

DBRS Limited (DBRS Morningstar) upgraded the ratings on the following classes of Commercial Mortgage Pass-Through Certificates Series 2013-650M issued by Madison Avenue Trust 2013-650M:

-- Class B to AAA (sf) from AA (low) (sf)
-- Class C to AAA (sf) from A (low) (sf)
-- Class D to AAA (sf) from BBB (low) (sf)
-- Class E to AAA (sf) from BB (low) (sf)

In addition, DBRS Morningstar confirmed the ratings on the following classes:

-- Class A at AAA (sf)
-- Class X-A at AAA (sf)

All trends are Stable.

The rating upgrades are a result of the closing of the underlying loan’s defeasance, as reflected in the December 2019 remittance report. On December 2, 2019, Vornado Realty Trust announced the completion of an $800 million refinancing of the collateral property, 650 Madison Avenue, which included 523,608 square feet (sf) of office space and 70,862 sf of retail space. With the subject loan’s defeasance, the underlying collateral has been replaced with U.S. government securities, and the $675.0 million trust loan is scheduled to mature in October 2020.

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

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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 Morningstar 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 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 [email protected].

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

For more information on this credit or on this industry, visit www.dbrs.com or contact us at [email protected].

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