Fitch Ratings-Chicago-10 December 2025:

Fitch Ratings has downgraded three classes and affirmed 94 classes from 19 U.S. CMBS multi-borrower transactions from the 2013 vintage. All transactions are concentrated by the remaining number of loans/assets. The Rating Outlooks were revised to Stable from Negative for seven classes across four transactions. Two classes were assigned a Negative Outlook after their downgrade.

COMM 2013-CCRE11

----D 12626LAY8; Long Term Rating; Affirmed; BBB-sf; Rating Outlook Negative

----E 12626LBA9; Long Term Rating; Affirmed; BBsf; Rating Outlook Negative

----F 12626LBC5; Long Term Rating; Affirmed; CCCsf

COMM 2013-CCRE9

----E 12625UAL7; Long Term Rating; Affirmed; CCsf

----F 12625UAN3; Long Term Rating; Affirmed; Csf

MSBAM 2013-C10

----B 61762MBZ3; Long Term Rating; Affirmed; Asf; Rating Outlook Stable

----C 61762MCB5; Long Term Rating; Affirmed; BBBsf; Rating Outlook Negative

----D 61762MBC4; Long Term Rating; Affirmed; CCCsf

----E 61762MBE0; Long Term Rating; Affirmed; CCsf

----F 61762MBG5; Long Term Rating; Affirmed; Csf

----G 61762MBJ9; Long Term Rating; Affirmed; Csf

----H 61762MBL4; Long Term Rating; Affirmed; Csf

----PST 61762MCA7; Long Term Rating; Affirmed; BBBsf; Rating Outlook Negative

Citigroup Commercial Mortgage Trust 2013-GC15

----E 17321JAR5; Long Term Rating; Affirmed; B-sf; Rating Outlook Negative

----F 17321JAT1; Long Term Rating; Affirmed; CCsf

----X-C 17321JAM6; Long Term Rating; Affirmed; B-sf; Rating Outlook Negative

WFRBS 2013-C14

----A-S 92890PAG9; Long Term Rating; Affirmed; AAAsf; Rating Outlook Stable

----B 92890PAH7; Long Term Rating; Affirmed; BBBsf; Rating Outlook Negative

----C 92890PAJ3; Long Term Rating; Affirmed; BBsf; Rating Outlook Negative

----D 92890PBG8; Long Term Rating; Affirmed; CCsf

----E 92890PBJ2; Long Term Rating; Affirmed; Csf

----F 92890PBL7; Long Term Rating; Affirmed; Csf

----PEX 92890PAK0; Long Term Rating; Affirmed; BBsf; Rating Outlook Negative

----X-A 92890PAL8; Long Term Rating; Affirmed; AAAsf; Rating Outlook Stable

----X-B 92890PAM6; Long Term Rating; Affirmed; BBBsf; Rating Outlook Negative

COMM 2013-CCRE12

----A-M 12591KAG0; Long Term Rating; Downgrade; B-sf; Rating Outlook Negative

----B 12591KAH8; Long Term Rating; Affirmed; CCsf

----C 12591KAK1; Long Term Rating; Affirmed; Csf

----D 12624SAE9; Long Term Rating; Affirmed; Dsf

----E 12624SAG4; Long Term Rating; Affirmed; Dsf

----F 12624SAJ8; Long Term Rating; Affirmed; Dsf

----PEZ 12591KAJ4; Long Term Rating; Affirmed; Csf

----X-A 12591KAF2; Long Term Rating; Downgrade; B-sf; Rating Outlook Negative

----X-B 12624SAA7; Long Term Rating; Affirmed; CCsf

JPMCC 2013-C10

----C 46639JAK6; Long Term Rating; Affirmed; BBB-sf; Rating Outlook Negative

----D 46639JAL4; Long Term Rating; Affirmed; BBsf; Rating Outlook Negative

----E 46639JAP5; Long Term Rating; Affirmed; CCCsf

----F 46639JAR1; Long Term Rating; Affirmed; CCsf

WFRBS 2013-C11

----B 92937EAG9; Long Term Rating; Affirmed; Asf; Rating Outlook Stable

----C 92937EAH7; Long Term Rating; Affirmed; BBBsf; Rating Outlook Stable

----D 92937EAJ3; Long Term Rating; Affirmed; BBsf; Rating Outlook Negative

----E 92937EAL8; Long Term Rating; Affirmed; Bsf; Rating Outlook Negative

----F 92937EAN4; Long Term Rating; Affirmed; CCsf

----X-B 92937EAU8; Long Term Rating; Affirmed; BBBsf; Rating Outlook Stable

WFRBS 2013-C15

----B 92938CAH0; Long Term Rating; Affirmed; BBsf; Rating Outlook Negative

----C 92938CAJ6; Long Term Rating; Affirmed; CCsf

----D 92938CAL1; Long Term Rating; Affirmed; Dsf

----E 92938CAN7; Long Term Rating; Affirmed; Dsf

----F 92938CAQ0; Long Term Rating; Affirmed; Dsf

----PEX 92938CAK3; Long Term Rating; Affirmed; CCsf

MSBAM 2013-C12

----C 61762XAZ0; Long Term Rating; Affirmed; A-sf; Rating Outlook Stable

----D 61762XAC1; Long Term Rating; Affirmed; BBsf; Rating Outlook Negative

----E 61762XAE7; Long Term Rating; Affirmed; CCCsf

----F 61762XAG2; Long Term Rating; Affirmed; CCsf

----G 61762XAJ6; Long Term Rating; Affirmed; Csf

----PST 61762XAY3; Long Term Rating; Affirmed; A-sf; Rating Outlook Stable

JPMBB 2013-C15

----D 46640NAP3; Long Term Rating; Downgrade; CCCsf

----E 46640NAR9; Long Term Rating; Affirmed; CCsf

----F 46640NAT5; Long Term Rating; Affirmed; Csf

WFCM 2013-LC12

----B 94988QAQ4; Long Term Rating; Affirmed; Bsf; Rating Outlook Stable

----C 94988QAS0; Long Term Rating; Affirmed; CCsf

----D 94988QAU5; Long Term Rating; Affirmed; Csf

----E 94988QAW1; Long Term Rating; Affirmed; Csf

----F 94988QAY7; Long Term Rating; Affirmed; Dsf

----PEX 94988QBJ9; Long Term Rating; Affirmed; CCsf

WFRBS 2013-C13

----D 92937UAJ7; Long Term Rating; Affirmed; BBsf; Rating Outlook Negative

----E 92937UAL2; Long Term Rating; Affirmed; Bsf; Rating Outlook Negative

----F 92937UAN8; Long Term Rating; Affirmed; CCCsf

JPMBB 2013-C14

----C 46640LAK8; Long Term Rating; Affirmed; BBsf; Rating Outlook Negative

----D 46640LAN2; Long Term Rating; Affirmed; CCsf

----E 46640LAQ5; Long Term Rating; Affirmed; Csf

----F 46640LAS1; Long Term Rating; Affirmed; Csf

----G 46640LAU6; Long Term Rating; Affirmed; Csf

COMM 2013-CCRE13

----C 12630BBF4; Long Term Rating; Paid In Full; PIFsf

----D 12630BAE8; Long Term Rating; Affirmed; CCCsf

----E 12630BAG3; Long Term Rating; Affirmed; Csf

----F 12630BAJ7; Long Term Rating; Affirmed; Csf

----PEZ 12630BBE7; Long Term Rating; Paid In Full; PIFsf

GS Mortgage Securities Trust 2013-GC13

----A-S 36198EAP0; Long Term Rating; Affirmed; AA-sf; Rating Outlook Stable

----B 36198EAS4; Long Term Rating; Affirmed; A-sf; Rating Outlook Negative

----C 36198EAY1; Long Term Rating; Affirmed; Bsf; Rating Outlook Negative

----D 36198EBB0; Long Term Rating; Affirmed; CCsf

----E 36198EBE4; Long Term Rating; Affirmed; Csf

----F 36198EBH7; Long Term Rating; Affirmed; Csf

----PEZ 36198EAV7; Long Term Rating; Affirmed; Bsf; Rating Outlook Negative

----X-B 36198EAH8; Long Term Rating; Affirmed; Csf

UBS-BB 2013-C5

----B 90270YAG4; Long Term Rating; Affirmed; Asf; Rating Outlook Negative

----C 90270YAL3; Long Term Rating; Affirmed; BBsf; Rating Outlook Negative

----D 90270YAN9; Long Term Rating; Affirmed; CCsf

----E 90270YAQ2; Long Term Rating; Affirmed; Csf

----EC 90270YAJ8; Long Term Rating; Affirmed; BBsf; Rating Outlook Negative

----F 90270YAS8; Long Term Rating; Affirmed; Csf

----XB 90270YAE9; Long Term Rating; Affirmed; Asf; Rating Outlook Negative

UBS-BB 2013-C6

----D 90349GAS4; Long Term Rating; Affirmed; Csf

----E 90349GAU9; Long Term Rating; Affirmed; Csf

----F 90349GAW5; Long Term Rating; Affirmed; Csf

WFRBS 2013-C16

----D 92938EBR3; Long Term Rating; Affirmed; BBsf; Rating Outlook Negative

----E 92938EBU6; Long Term Rating; Affirmed; CCCsf

----F 92938EBX0; Long Term Rating; Affirmed; Csf

KEY RATING DRIVERS

Pool Concentration; Adverse Selection: These transactions are concentrated with fewer than five loans/assets, with many of the loans being specially serviced loans and Fitch Loans of Concerns (FLOCs). Due to these factors, Fitch conducted a look-through analysis to determine the loans' expected recoveries and losses to assess the outstanding classes' ratings relative to credit enhancement (CE).

The downgrades reflect loan loss expectations, driven by defaulted assets and FLOCs, secured mostly by retail and office properties where performance has either not stabilized or has deteriorated further, and specially serviced loans/assets in the transactions. The affirmations reflect transactions in which Fitch's loan level loss expectations generally remain in line with its prior rating action. Updated valuations reported by the respective servicers were used for distressed loans where applicable. The Outlooks for seven class across four transactions (MSBAM 2013-C12, MSBAM 2013-C10, WFRBS 2013-C11 and WFCM 2013-LC12) were revised to Stable from Negative due to the respective classes' higher credit enhancement, and anticipated amortization and/or paydown compared to loan loss expectations.

Below Investment-Grade Downgrades: In COMM 2013-CCRE12, the downgrades primarily reflected higher loss expectations since the last rating action on the 175 West Jackson loan (62% of the pool), which is secured by a 22-story 1.45 million-sf office building located in downtown Chicago, IL. Recent valuations indicate a value decline of approximately 80% from issuance. Occupancy remains challenged, with reported occupancy of 53% as of June 2025, which is slightly down from 58% at year-end 2024 and 55% at year-end 2023.

The servicer-reported NCF DSCR is negative as of June 2025, compared with 1.12x as of YE 2024 and 1.34x as of YE 2023. Per recent servicer commentary, discussions are underway with the borrower about a potential cooperative marketing/sale of the property; a buyer has been identified and a sales contract is being negotiated. The master servicer has deemed outstanding advances on the loan as non-recoverable. Additionally, there is no certainty the sale will close. This contributes to the Negative Outlooks on the downgraded classes.

The JPMBB 2013-C15 downgrade primarily reflects higher loss expectations since the last rating action on the only loan remaining, 1615 L Street, which is secured by a 417,383-sf office property located in downtown Washington, D.C. constructed in 1984 and renovated in 2009. The reported property was 32% occupied as of October 2025, compared to 69% occupied as of June 2024. The drop in occupancy is due to a two-floor tenant vacating in January 2025, a full-floor tenant vacating in April 2025, and another full-floor tenant vacating in August 2025. The latest appraisal reflects a significant value decline since issuance of approximately 69%.

The Negative Outlooks on and/or distressed ratings for classes in each transaction reflect a high concentration of FLOCs, including specially serviced loans, and the classes' reliance on FLOCs to repay. The FLOCs in these transactions include:

--COMM 2013-CCRE11: Oglethorpe Mall; Parkview Tower; Hartford Gardens Portfolio; 380 Lafayette Street;

--COMM 2013-CCRE12: 175 West Jackson; Oglethorpe Mall; The Mave Hotel; The Crossings; Walgreens Marketplace Bel Air;

--COMM 2013-CCRE13: 175 West Jackson; Park Plaza; 525 West 22nd Street;

--GSMS 2013-GC13: Mall St. Matthews; Crossroads Center; Plaza America Towers III & IV; Holiday Inn-6th Avenue;

--JPMBB 2013-C15: 1615 L Street;

--MSBAM 2013-C12: 15 MetroTech Center; Westfield Countryside; 385 Fifth Avenue; Hermitage Crossing;

--JPMCC 2013-C10: Gateway Center; West County Center;

--MSBAM 2013-C10: Westfield Citrus Park; Milford Plaza Fee; 262-270 East Fordham Road;

--WFRBS 2013-C11: Republic Plaza; 515 Madison Avenue;

--CGCMT 2013-GC15: 735 Sixth Avenue; Spectrum Office Building; Rivers Business Commons; Cayuga Professional Center;

--COMM 2013-CCRE9: Valley Hills Mall; Lunds at Cobalt;

--JPMBB 2013-C14: Meadows Mall; Southridge Mall; 10 South Broadway;

--USBB 2013-C5: Valencia Town Center; The Heights; 240 Park Avenue South;

--USBB 2013-C6: Broward Mall; Harborplace - A note; Harborplace - B note;

--WFCM 2013-LC12: Carolina Place; White Marsh Mall; Hotel Vetiver;

--WFRBS 2013-C13: 301 South College Street; Johnson City Town Center;

--WFRBS 2013-C14: Midtown I & II; White Marsh Mall; 301 South College Street; Mobile Festival Centre; 808 Broadway;

--WFRBS 2013-C15: Augusta Mall; Carolina Place;

--WFRBS 2013-C16: Augusta Mall; West Mall Office Park.

Office Concentration and Regional Mall Exposure: As of the October 2025 reporting, 14 of the transactions feature loans secured by office assets, and 14 of the transactions feature loans secured by regional malls that have not paid off at their initial maturity dates and have been extended and/or remain specially serviced.

Changes in Credit Enhancement: As of the October 2025 reporting, the aggregate pool balance of these 19 transactions from the 2013 vintage decreased by an average of approximately 88% (ranging from 77% to 96%).

RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade

The Negative Outlooks reflect possible downgrades stemming from issues with potential further declines in performance that could result in higher-than-expected losses on the FLOCs. If expected losses do increase, downgrades to these classes are anticipated.

Downgrades to 'AAAsf' and 'AAsf' category rated classes could occur if deal-level expected losses increase significantly and/or interest shortfalls occur.

Downgrades to 'Asf' and 'BBBsf' category rated classes could occur if deal-level losses increase significantly on non-defeased loans in the transactions and with outsized losses on larger FLOCs.

Downgrades to 'BBsf' and 'Bsf' category rated classes are possible with higher expected losses from continued performance of the FLOCs and with greater certainty of near-term losses on specially serviced assets and other FLOCs.

Downgrades to distressed ratings would occur as losses become more certain and/or as losses are incurred.

Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade

Given the significant pool concentration and adverse selection of these transactions, upgrades are not expected, but may occur with better-than-expected recoveries on specially serviced loans or significantly higher values or recovery expectations on the FLOCs.

USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10

Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF RATING The principal sources of information used in the analysis are described in the Applicable Criteria. ESG Considerations

The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. For more information on Fitch's ESG Relevance Scores, visit https://www.fitchratings.com/topics/esg/products#esg-relevance-scores.

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Fitch Downgrades Three and Affirms 94 Classes from 19 2013 Vintage U.S. CMBS Conduit Transactions