Fitch Ratings-Chicago-10 December 2025:

惠誉评级 - 芝加哥-2025年12月10日：

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.

惠誉评级已下调 19 个美国 CMBS 多借款人交易中三类评级，并确认 94 类评级，均为 2013 年发行。所有交易均集中在剩余的贷款/资产上。七个类别的评级展望已从负面调整为稳定，涉及四个交易。两类评级在下调后被赋予负面展望。

COMM 2013-CCRE11

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

----D 12626LAY8；长期评级；确认；BBB-sf；评级展望负面

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

----E 12626LBA9；长期评级；确认；BBsf；评级展望负面

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

----F 12626LBC5；长期评级；确认；CCCsf

COMM 2013-CCRE9

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

----E 12625UAL7；长期评级；确认；CCsf

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

----F 12625UAN3；长期评级；确认；Csf

MSBAM 2013-C10

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

----B 61762MBZ3；长期评级；确认；Asf；评级展望稳定

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

----C 61762MCB5；长期评级；确认；BBBsf；评级展望负面

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

----D 61762MBC4；长期评级；确认；CCCsf

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

----E 61762MBE0；长期评级；确认；CCsf

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

----F 61762MBG5；长期评级；确认；Csf

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

----G 61762MBJ9；长期评级；确认；Csf

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

----H 61762MBL4；长期评级；确认；Csf

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

----PST 61762MCA7；长期评级；确认；BBBsf；评级展望负面

Citigroup Commercial Mortgage Trust 2013-GC15

花旗集团商业抵押信托 2013-GC15

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

----E 17321JAR5；长期评级；确认；B-sf；评级展望负面

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

----F 17321JAT1；长期评级；确认；CCsf

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

----X-C 17321JAM6；长期评级；确认；B-sf；评级展望负面

WFRBS 2013-C14

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

----A-S 92890PAG9；长期评级；确认；AAAsf；评级展望稳定

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

----B 92890PAH7；长期评级；确认；BBBsf；评级展望负面

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

----C 92890PAJ3；长期评级；确认；BBsf；评级展望负面

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

----D 92890PBG8；长期评级；确认；CCsf

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

----E 92890PBJ2；长期评级；确认；Csf

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

----F 92890PBL7；长期评级；确认；Csf

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

----PEX 92890PAK0；长期评级；确认；BBsf；评级展望负面

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

----X-A 92890PAL8；长期评级；确认；AAAsf；评级展望稳定

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

----X-B 92890PAM6；长期评级；确认；BBBsf；评级展望负面

COMM 2013-CCRE12

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

----A-M 12591KAG0；长期评级；下调；B-sf；评级展望负面

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

----B 12591KAH8；长期评级；确认；CCsf

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

----C 12591KAK1；长期评级；确认；Csf

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

----D 12624SAE9；长期评级；确认；Dsf

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

----E 12624SAG4；长期评级；确认；Dsf

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

----F 12624SAJ8；长期评级；确认；Dsf

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

----PEZ 12591KAJ4；长期评级；确认；Csf

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

----X-A 12591KAF2；长期评级；下调；B-sf；评级展望负面

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

----X-B 12624SAA7；长期评级；确认；CCsf

JPMCC 2013-C10

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

----C 46639JAK6；长期评级；确认；BBB-sf；评级展望负面

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

----D 46639JAL4；长期评级；确认；BBsf；评级展望负面

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

----E 46639JAP5；长期评级；确认；CCCsf

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

----F 46639JAR1；长期评级；确认；CCsf

WFRBS 2013-C11

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

----B 92937EAG9；长期评级；确认；Asf；评级展望稳定

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

----C 92937EAH7；长期评级；确认；BBBsf；评级展望稳定

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

----D 92937EAJ3；长期评级；确认；BBsf；评级展望负面

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

----E 92937EAL8；长期评级；确认；Bsf；评级展望负面

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

----F 92937EAN4；长期评级；确认；CCsf

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

----X-B 92937EAU8；长期评级；确认；BBBsf；评级展望稳定

WFRBS 2013-C15

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

----B 92938CAH0；长期评级；确认；BBsf；评级展望负面

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

----C 92938CAJ6；长期评级；确认；CCsf

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

----D 92938CAL1；长期评级；确认；Dsf

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

----E 92938CAN7；长期评级；确认；Dsf

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

----F 92938CAQ0；长期评级；确认；Dsf

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

----PEX 92938CAK3；长期评级；确认；CCsf

MSBAM 2013-C12

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

----C 61762XAZ0；长期评级；确认；A-sf；评级展望稳定

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

----D 61762XAC1；长期评级；确认；BBsf；评级展望负面

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

----E 61762XAE7；长期评级；确认；CCCsf

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

----F 61762XAG2；长期评级；确认；CCsf

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

----G 61762XAJ6；长期评级；确认；Csf

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

----PST 61762XAY3；长期评级；确认；A-sf；评级展望稳定

JPMBB 2013-C15

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

----D 46640NAP3；长期评级；下调；CCCsf

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

----E 46640NAR9；长期评级；确认；CCsf

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

----F 46640NAT5；长期评级；确认；Csf

WFCM 2013-LC12

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

----B 94988QAQ4；长期评级；确认；Bsf；评级展望稳定

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

----C 94988QAS0；长期评级；确认；CCsf

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

----D 94988QAU5；长期评级；确认；Csf

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

----E 94988QAW1；长期评级；确认；Csf

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

----F 94988QAY7；长期评级；确认；Dsf

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

----PEX 94988QBJ9；长期评级；确认；CCsf

WFRBS 2013-C13

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

----D 92937UAJ7；长期评级；确认；BBsf；评级展望负面

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

----E 92937UAL2；长期评级；确认；Bsf；评级展望负面

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

----F 92937UAN8；长期评级；确认；CCCsf

JPMBB 2013-C14

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

----C 46640LAK8；长期评级；确认；BBsf；评级展望负面

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

----D 46640LAN2；长期评级；确认；CCsf

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

----E 46640LAQ5；长期评级；确认；Csf

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

----F 46640LAS1；长期评级；确认；Csf

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

----G 46640LAU6；长期评级；确认；Csf

COMM 2013-CCRE13

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

----C 12630BBF4；长期评级；已全额偿还；PIFsf

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

----D 12630BAE8；长期评级；确认；CCCsf

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

----E 12630BAG3；长期评级；确认；Csf

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

----F 12630BAJ7；长期评级；确认；Csf

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

----PEZ 12630BBE7；长期评级；已全额偿还；PIFsf

GS Mortgage Securities Trust 2013-GC13

GS 抵押证券信托 2013-GC13

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

----A-S 36198EAP0；长期评级；确认；AA-sf；评级展望稳定

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

----B 36198EAS4；长期评级；确认；A-sf；评级展望负面

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

----C 36198EAY1；长期评级；确认；Bsf；评级展望负面

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

----D 36198EBB0；长期评级；确认；CCsf

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

----E 36198EBE4；长期评级；确认；Csf

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

----F 36198EBH7；长期评级；确认；Csf

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

----PEZ 36198EAV7；长期评级；确认；Bsf；评级展望负面

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

----X-B 36198EAH8；长期评级；确认；Csf

UBS-BB 2013-C5

瑞银-BB 2013-C5

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

----B 90270YAG4；长期评级；确认；Asf；评级展望负面

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

----C 90270YAL3；长期评级；确认；BBsf；评级展望负面

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

----D 90270YAN9；长期评级；确认；CCsf

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

----E 90270YAQ2；长期评级；确认；Csf

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

----EC 90270YAJ8；长期评级；确认；BBsf；评级展望为负面

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

----F 90270YAS8；长期评级；确认；Csf

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

----XB 90270YAE9；长期评级；确认；Asf；评级展望为负面

UBS-BB 2013-C6

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

----D 90349GAS4；长期评级；确认；Csf

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

----E 90349GAU9；长期评级；确认；Csf

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

----F 90349GAW5；长期评级；确认；Csf

WFRBS 2013-C16

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

----D 92938EBR3；长期评级；确认；BBsf；评级展望为负面

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

----E 92938EBU6；长期评级；确认；CCCsf

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

----F 92938EBX0；长期评级；确认；Csf

KEY RATING DRIVERS

关键评级驱动因素

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).

池集中度；不利选择： 这些交易集中在少于五笔贷款/资产上，其中许多贷款为特别服务贷款和 Fitch 关注贷款（FLOCs）。由于这些因素，Fitch 进行了透视分析，以确定贷款的预期回收和损失，以评估未偿还类别的评级相对于信用增强（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.

降级反映了贷款损失预期，主要是由于违约资产和 FLOCs，主要由零售和办公物业担保，这些物业的表现要么尚未稳定，要么进一步恶化，以及交易中的特别服务贷款/资产。确认反映了 Fitch 的贷款级别损失预期通常与其之前的评级行动保持一致的交易。对于适用的困境贷款，使用了各自服务商报告的更新估值。由于各类别的信用增强提高，以及与贷款损失预期相比的预期摊销和/或还款，四个交易（MSBAM 2013-C12、MSBAM 2013-C10、WFRBS 2013-C11 和 WFCM 2013-LC12）中的七个类别的展望已从负面修订为稳定。

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.

低于投资级的降级： 在 COMM 2013-CCRE12 中，降级主要反映了自上次评级行动以来，175 West Jackson 贷款（占池的 62%）的损失预期上升，该贷款由位于伊利诺伊州芝加哥市中心的一栋 22 层、145 万平方英尺的办公楼担保。最近的估值显示，自发行以来价值下降约 80%。截至 2025 年 6 月，入住率仍然面临挑战，报告的入住率为 53%，略低于 2024 年底的 58% 和 2023 年底的 55%。

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.

截至 2025 年 6 月，服务商报告的净现金流债务服务覆盖率为负，与 2024 年底的 1.12 倍和 2023 年底的 1.34 倍相比。根据最近服务商的评论，正在与借款人讨论潜在的合作营销/销售该物业；已确定买家，并正在谈判销售合同。主服务商已将贷款的未偿还预付款视为不可回收。此外，销售是否会完成也没有确定性。这导致了对降级类别的负面展望。

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%.

JPMBB 2013-C15 的降级主要反映了自上次评级行动以来，唯一剩余贷款 1615 L Street 的损失预期上升，该贷款由位于华盛顿特区市中心的一处 417,383 平方英尺的办公物业担保，该物业建于 1984 年，并于 2009 年翻新。报告的物业截至 2025 年 10 月的入住率为 32%，而截至 2024 年 6 月的入住率为 69%。入住率下降是由于一名租户在 2025 年 1 月搬出两层楼，一名全层租户在 2025 年 4 月搬出，以及另一名全层租户在 2025 年 8 月搬出。最新的评估反映了自发行以来约 69% 的显著价值下降。

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:

每个交易中降级类别的负面展望和/或困境评级反映了 FLOCs 的高度集中，包括特别服务贷款，以及这些类别对 FLOCs 的依赖以进行还款。这些交易中的 FLOCs 包括：

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

--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-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;

--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;

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

--JPMBB 2013-C15: 1615 L Street;

--JPMBB 2013-C15:1615 L Street；

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

--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-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-C15：Augusta Mall；Carolina Place；

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

--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.

办公集中度和区域购物中心风险： 截至 2025 年 10 月的报告，14 笔交易涉及由办公资产担保的贷款，14 笔交易涉及由未在初始到期日偿还的区域购物中心担保的贷款，这些贷款已被延长和/或仍然处于特别服务状态。

Change s 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%).

信用增强的变化： 截至 2025 年 10 月的报告，这 19 笔 2013 年交易的总池余额平均减少约 88%（范围从 77% 到 96%）。

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

评级敏感性可能单独或共同导致负面评级行动/降级的因素

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.

负面展望反映了可能的降级，这源于潜在的业绩进一步下滑问题，这可能导致 FLOCs 的损失高于预期。如果预期损失确实增加，预计这些类别将被降级。

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

如果交易层面的预期损失显著增加和/或出现利息短缺，可能会对'AAAsf'和'AAsf'类别的评级进行降级。

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.

如果交易层面在非解除贷款上的损失显著增加，并且在较大 FLOCs 上出现超出预期的损失，可能会对'Asf'和'BBBsf'类别的评级进行降级。

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.

如果 FLOCs 的持续表现导致预期损失增加，并且对特别服务资产和其他 FLOCs 的近期损失有更大的确定性，可能会对'BBsf'和'Bsf'类别的评级进行降级。

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

当损失变得更加确定和/或发生损失时，将会降级至困境评级。

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

可能单独或共同导致积极评级行动/升级的因素

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.

鉴于这些交易的显著池集中和不利选择，预计不会发生升级，但如果特别服务贷款的回收情况好于预期，或 FLOCs 的价值或回收预期显著提高，则可能会发生升级。

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

根据 SEC 规则 17G-10 使用第三方尽职调查

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

与此次评级行动相关的 ABS 尽职调查表 15E 未提供给 Fitch，也未由 Fitch 审查。

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

作为评级关键驱动因素引用的实质性重要来源的参考，分析中使用的主要信息来源在适用标准中进行了描述。ESG 考虑

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.

ESG 信用相关性的最高级别为'3'，除非在本节中另有披露。'3'的得分意味着 ESG 问题对实体的信用影响中性或仅有微小的信用影响，无论是由于其性质还是实体管理方式。Fitch 的 ESG 相关性得分不是评级过程中的输入；它们是对 ESG 因素在评级决策中相关性和重要性的观察。有关 Fitch 的 ESG 相关性得分的更多信息，请访问 https://www.fitchratings.com/topics/esg/products#esg-relevance-scores。

Contacts:

联系方式：

Surveillance Rating Analyst

监测评级分析师

Kevin Tan,

Kevin Tan，

Analyst

分析师

+1 212 882 3388

kevin.tan@fitchratings.com

Fitch Ratings, Inc.

Hearst Tower 300 W. 57th Street

New York, NY 10019

Committee Chairperson

委员会主席

Karen Trebach,

Karen Trebach，

Senior Director

高级董事

+1 212 908 0215

karen.trebach@fitchratings.com

MEDIA RELATIONS: Anne Wilhelm, New York, Tel: +1 212 908 0334, Email: anne.wilhelm@thefitchgroup.com

媒体关系：Anne Wilhelm，纽约，电话：+1 212 908 0334，电子邮件：anne.wilhelm@thefitchgroup.com

Additional information is available on www.fitchratings.com

更多信息可在 www.fitchratings.com 上获取

ADDITIONAL DISCLOSURES

附加披露

Dodd-Frank Rating Information Disclosure Form

多德 - 弗兰克评级信息披露表

Solicitation Status

征求状态

Additional Disclosures For Unsolicited Credit Ratings

针对未经请求的信用评级的附加披露

Endorsement Status

认可状态

Endorsement Policy

认可政策

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惠誉下调了来自 19 个 2013 年美国 CMBS 通道交易中的 3 个类别的评级，并确认了 94 个类别的评级