Fitch Ratings-Chicago-10 December 2025:

惠譽評級 - 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.

惠譽評級已下調 19 個美國 CMBS 多借款人交易中三類評級，並確認 94 類評級，均為 2013 年發行。所有交易均集中在剩餘的貸款/資產上。七個類別的評級展望已從負面調整為穩定，涉及四個交易。兩類評級在下調後被賦予負面展望。

COMM 2013-CCRE11

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

----D 12626LAY8；長期評級；確認；BBB-sf；評級展望負面

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

----E 12626LBA9；長期評級；確認；BBsf；評級展望負面

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

----F 12626LBC5；長期評級；確認；CCCsf

COMM 2013-CCRE9

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

----E 12625UAL7；長期評級；確認；CCsf

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

----F 12625UAN3；長期評級；確認；Csf

MSBAM 2013-C10

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

----B 61762MBZ3；長期評級；確認；Asf；評級展望穩定

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

----C 61762MCB5；長期評級；確認；BBBsf；評級展望負面

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

----D 61762MBC4；長期評級；確認；CCCsf

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

----E 61762MBE0；長期評級；確認；CCsf

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

----F 61762MBG5；長期評級；確認；Csf

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

----G 61762MBJ9；長期評級；確認；Csf

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

----H 61762MBL4；長期評級；確認；Csf

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

----PST 61762MCA7；長期評級；確認；BBBsf；評級展望負面

Citigroup Commercial Mortgage Trust 2013-GC15

花旗集團商業抵押信託 2013-GC15

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

----E 17321JAR5；長期評級；確認；B-sf；評級展望負面

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

----F 17321JAT1；長期評級；確認；CCsf

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

----X-C 17321JAM6；長期評級；確認；B-sf；評級展望負面

WFRBS 2013-C14

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

----A-S 92890PAG9；長期評級；確認；AAAsf；評級展望穩定

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

----B 92890PAH7；長期評級；確認；BBBsf；評級展望負面

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

----C 92890PAJ3；長期評級；確認；BBsf；評級展望負面

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

----D 92890PBG8；長期評級；確認；CCsf

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

----E 92890PBJ2；長期評級；確認；Csf

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

----F 92890PBL7；長期評級；確認；Csf

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

----PEX 92890PAK0；長期評級；確認；BBsf；評級展望負面

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

----X-A 92890PAL8；長期評級；確認；AAAsf；評級展望穩定

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

----X-B 92890PAM6；長期評級；確認；BBBsf；評級展望負面

COMM 2013-CCRE12

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

----A-M 12591KAG0；長期評級；下調；B-sf；評級展望負面

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

----B 12591KAH8；長期評級；確認；CCsf

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

----C 12591KAK1；長期評級；確認；Csf

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

----D 12624SAE9；長期評級；確認；Dsf

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

----E 12624SAG4；長期評級；確認；Dsf

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

----F 12624SAJ8；長期評級；確認；Dsf

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

----PEZ 12591KAJ4；長期評級；確認；Csf

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

----X-A 12591KAF2；長期評級；下調；B-sf；評級展望負面

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

----X-B 12624SAA7；長期評級；確認；CCsf

JPMCC 2013-C10

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

----C 46639JAK6；長期評級；確認；BBB-sf；評級展望負面

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

----D 46639JAL4；長期評級；確認；BBsf；評級展望負面

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

----E 46639JAP5；長期評級；確認；CCCsf

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

----F 46639JAR1；長期評級；確認；CCsf

WFRBS 2013-C11

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

----B 92937EAG9；長期評級；確認；Asf；評級展望穩定

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

----C 92937EAH7；長期評級；確認；BBBsf；評級展望穩定

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

----D 92937EAJ3；長期評級；確認；BBsf；評級展望負面

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

----E 92937EAL8；長期評級；確認；Bsf；評級展望負面

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

----F 92937EAN4；長期評級；確認；CCsf

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

----X-B 92937EAU8；長期評級；確認；BBBsf；評級展望穩定

WFRBS 2013-C15

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

----B 92938CAH0；長期評級；確認；BBsf；評級展望負面

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

----C 92938CAJ6；長期評級；確認；CCsf

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

----D 92938CAL1；長期評級；確認；Dsf

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

----E 92938CAN7；長期評級；確認；Dsf

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

----F 92938CAQ0；長期評級；確認；Dsf

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

----PEX 92938CAK3；長期評級；確認；CCsf

MSBAM 2013-C12

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

----C 61762XAZ0；長期評級；確認；A-sf；評級展望穩定

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

----D 61762XAC1；長期評級；確認；BBsf；評級展望負面

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

----E 61762XAE7；長期評級；確認；CCCsf

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

----F 61762XAG2；長期評級；確認；CCsf

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

----G 61762XAJ6；長期評級；確認；Csf

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

----PST 61762XAY3；長期評級；確認；A-sf；評級展望穩定

JPMBB 2013-C15

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

----D 46640NAP3；長期評級；下調；CCCsf

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

----E 46640NAR9；長期評級；確認；CCsf

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

----F 46640NAT5；長期評級；確認；Csf

WFCM 2013-LC12

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

----B 94988QAQ4；長期評級；確認；Bsf；評級展望穩定

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

----C 94988QAS0；長期評級；確認；CCsf

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

----D 94988QAU5；長期評級；確認；Csf

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

----E 94988QAW1；長期評級；確認；Csf

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

----F 94988QAY7；長期評級；確認；Dsf

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

----PEX 94988QBJ9；長期評級；確認；CCsf

WFRBS 2013-C13

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

----D 92937UAJ7；長期評級；確認；BBsf；評級展望負面

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

----E 92937UAL2；長期評級；確認；Bsf；評級展望負面

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

----F 92937UAN8；長期評級；確認；CCCsf

JPMBB 2013-C14

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

----C 46640LAK8；長期評級；確認；BBsf；評級展望負面

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

----D 46640LAN2；長期評級；確認；CCsf

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

----E 46640LAQ5；長期評級；確認；Csf

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

----F 46640LAS1；長期評級；確認；Csf

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

----G 46640LAU6；長期評級；確認；Csf

COMM 2013-CCRE13

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

----C 12630BBF4；長期評級；已全額償還；PIFsf

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

----D 12630BAE8；長期評級；確認；CCCsf

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

----E 12630BAG3；長期評級；確認；Csf

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

----F 12630BAJ7；長期評級；確認；Csf

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

----PEZ 12630BBE7；長期評級；已全額償還；PIFsf

GS Mortgage Securities Trust 2013-GC13

GS 抵押證券信託 2013-GC13

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

----A-S 36198EAP0；長期評級；確認；AA-sf；評級展望穩定

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

----B 36198EAS4；長期評級；確認；A-sf；評級展望負面

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

----C 36198EAY1；長期評級；確認；Bsf；評級展望負面

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

----D 36198EBB0；長期評級；確認；CCsf

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

----E 36198EBE4；長期評級；確認；Csf

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

----F 36198EBH7；長期評級；確認；Csf

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

----PEZ 36198EAV7；長期評級；確認；Bsf；評級展望負面

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

----X-B 36198EAH8；長期評級；確認；Csf

UBS-BB 2013-C5

瑞銀-BB 2013-C5

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

----B 90270YAG4；長期評級；確認；Asf；評級展望負面

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

----C 90270YAL3；長期評級；確認；BBsf；評級展望負面

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

----D 90270YAN9；長期評級；確認；CCsf

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

----E 90270YAQ2；長期評級；確認；Csf

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

----EC 90270YAJ8；長期評級；確認；BBsf；評級展望為負面

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

----F 90270YAS8；長期評級；確認；Csf

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

----XB 90270YAE9；長期評級；確認；Asf；評級展望為負面

UBS-BB 2013-C6

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

----D 90349GAS4；長期評級；確認；Csf

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

----E 90349GAU9；長期評級；確認；Csf

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

----F 90349GAW5；長期評級；確認；Csf

WFRBS 2013-C16

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

----D 92938EBR3；長期評級；確認；BBsf；評級展望為負面

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

----E 92938EBU6；長期評級；確認；CCCsf

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

----F 92938EBX0；長期評級；確認；Csf

KEY RATING DRIVERS

關鍵評級驅動因素

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；不利選擇： 這些交易集中在少於五筆貸款/資產上，其中許多貸款為特別服務貸款和 Fitch 關注貸款（FLOCs）。由於這些因素，Fitch 進行了透視分析，以確定貸款的預期回收和損失，以評估未償還類別的評級相對於信用增強（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.

降級反映了貸款損失預期，主要是由於違約資產和 FLOCs，主要由零售和辦公物業擔保，這些物業的表現要麼尚未穩定，要麼進一步惡化，以及交易中的特別服務貸款/資產。確認反映了 Fitch 的貸款級別損失預期通常與其之前的評級行動保持一致的交易。對於適用的困境貸款，使用了各自服務商報告的更新估值。由於各類別的信用增強提高，以及與貸款損失預期相比的預期攤銷和/或還款，四個交易（MSBAM 2013-C12、MSBAM 2013-C10、WFRBS 2013-C11 和 WFCM 2013-LC12）中的七個類別的展望已從負面修訂為穩定。

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.

低於投資級的降級： 在 COMM 2013-CCRE12 中，降級主要反映了自上次評級行動以來，175 West Jackson 貸款（佔池的 62%）的損失預期上升，該貸款由位於伊利諾伊州芝加哥市中心的一棟 22 層、145 萬平方英尺的辦公樓擔保。最近的估值顯示，自發行以來價值下降約 80%。截至 2025 年 6 月，入住率仍然面臨挑戰，報告的入住率為 53%，略低於 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，服務商報告的淨現金流債務服務覆蓋率為負，與 2024 年底的 1.12 倍和 2023 年底的 1.34 倍相比。根據最近服務商的評論，正在與借款人討論潛在的合作營銷/銷售該物業；已確定買家，並正在談判銷售合同。主服務商已將貸款的未償還預付款視為不可回收。此外，銷售是否會完成也沒有確定性。這導致了對降級類別的負面展望。

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 的降級主要反映了自上次評級行動以來，唯一剩餘貸款 1615 L Street 的損失預期上升，該貸款由位於華盛頓特區市中心的一處 417,383 平方英尺的辦公物業擔保，該物業建於 1984 年，並於 2009 年翻新。報告的物業截至 2025 年 10 月的入住率為 32%，而截至 2024 年 6 月的入住率為 69%。入住率下降是由於一名租户在 2025 年 1 月搬出兩層樓，一名全層租户在 2025 年 4 月搬出，以及另一名全層租户在 2025 年 8 月搬出。最新的評估反映了自發行以來約 69% 的顯著價值下降。

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:

每個交易中降級類別的負面展望和/或困境評級反映了 FLOCs 的高度集中，包括特別服務貸款，以及這些類別對 FLOCs 的依賴以進行還款。這些交易中的 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.

辦公集中度和區域購物中心風險： 截至 2025 年 10 月的報告，14 筆交易涉及由辦公資產擔保的貸款，14 筆交易涉及由未在初始到期日償還的區域購物中心擔保的貸款，這些貸款已被延長和/或仍然處於特別服務狀態。

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%).

信用增強的變化： 截至 2025 年 10 月的報告，這 19 筆 2013 年交易的總池餘額平均減少約 88%（範圍從 77% 到 96%）。

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

評級敏感性可能單獨或共同導致負面評級行動/降級的因素

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.

負面展望反映了可能的降級，這源於潛在的業績進一步下滑問題，這可能導致 FLOCs 的損失高於預期。如果預期損失確實增加，預計這些類別將被降級。

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

如果交易層面的預期損失顯著增加和/或出現利息短缺，可能會對'AAAsf'和'AAsf'類別的評級進行降級。

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.

如果交易層面在非解除貸款上的損失顯著增加，並且在較大 FLOCs 上出現超出預期的損失，可能會對'Asf'和'BBBsf'類別的評級進行降級。

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 的持續表現導致預期損失增加，並且對特別服務資產和其他 FLOCs 的近期損失有更大的確定性，可能會對'BBsf'和'Bsf'類別的評級進行降級。

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

當損失變得更加確定和/或發生損失時，將會降級至困境評級。

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

可能單獨或共同導致積極評級行動/升級的因素

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.

鑑於這些交易的顯著池集中和不利選擇，預計不會發生升級，但如果特別服務貸款的回收情況好於預期，或 FLOCs 的價值或回收預期顯著提高，則可能會發生升級。

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

根據 SEC 規則 17G-10 使用第三方盡職調查

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

與此次評級行動相關的 ABS 盡職調查表 15E 未提供給 Fitch，也未由 Fitch 審查。

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

作為評級關鍵驅動因素引用的實質性重要來源的參考，分析中使用的主要信息來源在適用標準中進行了描述。ESG 考慮

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 信用相關性的最高級別為'3'，除非在本節中另有披露。'3'的得分意味着 ESG 問題對實體的信用影響中性或僅有微小的信用影響，無論是由於其性質還是實體管理方式。Fitch 的 ESG 相關性得分不是評級過程中的輸入；它們是對 ESG 因素在評級決策中相關性和重要性的觀察。有關 Fitch 的 ESG 相關性得分的更多信息，請訪問 https://www.fitchratings.com/topics/esg/products#esg-relevance-scores。

Contacts:

聯繫方式：

Surveillance Rating Analyst

監測評級分析師

Kevin Tan,

Kevin Tan，

Analyst

分析師

+1 212 882 3388

kevin.tan@fitchratings.com

Fitch Ratings, Inc.

Hearst Tower 300 W. 57th Street

New York, NY 10019

Committee Chairperson

委員會主席

Karen Trebach,

Karen Trebach，

Senior Director

高級董事

+1 212 908 0215

karen.trebach@fitchratings.com

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

媒體關係：Anne Wilhelm，紐約，電話：+1 212 908 0334，電子郵件：anne.wilhelm@thefitchgroup.com

Additional information is available on www.fitchratings.com

更多信息可在 www.fitchratings.com 上獲取

ADDITIONAL DISCLOSURES

附加披露

Dodd-Frank Rating Information Disclosure Form

多德 - 弗蘭克評級信息披露表

Solicitation Status

徵求狀態

Additional Disclosures For Unsolicited Credit Ratings

針對未經請求的信用評級的附加披露

Endorsement Status

認可狀態

Endorsement Policy

認可政策

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTPS://WWW.FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, THE FOLLOWING HTTPS://WWW.FITCHRATINGS.COM/RATING-DEFINITIONS-DOCUMENT DETAILS FITCH'S RATING DEFINITIONS FOR EACH RATING SCALE AND RATING CATEGORIES, INCLUDING DEFINITIONS RELATING TO DEFAULT. PUBLISHED RATINGS, CRITERIA, AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE, AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE CODE OF CONDUCT SECTION OF THIS SITE. DIRECTORS AND SHAREHOLDERS RELEVANT INTERESTS ARE AVAILABLE AT HTTPS://WWW.FITCHRATINGS.COM/SITE/REGULATORY. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE OR ANCILLARY SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF PERMISSIBLE SERVICE(S) FOR WHICH THE LEAD ANALYST IS BASED IN AN ESMA- OR FCA-REGISTERED FITCH RATINGS COMPANY (OR BRANCH OF SUCH A COMPANY) OR ANCILLARY SERVICE(S) CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH RATINGS WEBSITE.

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版權 © 2022 由惠譽評級公司、惠譽評級有限公司及其子公司擁有。地址：33 Whitehall Street, NY, NY 10004。電話：1-800-753-4824, (212) 908-0500。傳真：(212) 480-4435。未經許可，禁止全部或部分複製或轉發。保留所有權利。在發佈和維持其評級以及製作其他報告（包括預測信息）時，惠譽依賴於其從發行人和承銷商以及惠譽認為可信的其他來源獲得的事實信息。惠譽根據其評級方法對所依賴的事實信息進行合理調查，並在可用的情況下從獨立來源獲得合理的驗證。惠譽的事實調查方式和所獲得的第三方驗證範圍將根據被評級證券及其發行人的性質、被評級證券在提供和銷售的司法管轄區的要求和慣例、相關公共信息的可用性、對發行人及其顧問的管理層的訪問、現有第三方驗證（如審計報告、約定程序函、評估報告、精算報告、工程報告、法律意見書及其他第三方提供的報告）的可用性、與特定證券或發行人特定司法管轄區相關的獨立和合格的第三方驗證來源的可用性，以及其他各種因素而有所不同。惠譽的評級和報告的用户應理解，增強的事實調查或任何第三方驗證都無法確保惠譽在評級或報告中所依賴的所有信息都是準確和完整的。最終，發行人及其顧問對其提供給惠譽和市場的發行文件及其他報告中的信息的準確性負責。在發佈其評級和報告時，惠譽必須依賴專家的工作，包括對財務報表的獨立審計師和對法律及税務事務的律師。此外，財務和其他信息的評級和預測本質上是前瞻性的，包含對未來事件的假設和預測，這些假設和預測本質上無法被驗證為事實。因此，儘管對當前事實進行了任何驗證，評級和預測仍可能受到在評級或預測發佈或確認時未預見的未來事件或條件的影響。

The information in this report is provided “as is” without any representation or warranty of any kind, and Fitch does not represent or warrant that the report or any of its contents will meet any of the requirements of a recipient of the report. A Fitch rating is an opinion as to the creditworthiness of a security. This opinion and reports made by Fitch are based on established criteria and methodologies that Fitch is continuously evaluating and updating. Therefore, ratings and reports are the collective work product of Fitch and no individual, or group of individuals, is solely responsible for a rating or a report. The rating does not address the risk of loss due to risks other than credit risk, unless such risk is specifically mentioned. Fitch is not engaged in the offer or sale of any security. All Fitch reports have shared authorship. Individuals identified in a Fitch report were involved in, but are not solely responsible for, the opinions stated therein. The individuals are named for contact purposes only. A report providing a Fitch rating is neither a prospectus nor a substitute for the information assembled, verified and presented to investors by the issuer and its agents in connection with the sale of the securities. Ratings may be changed or withdrawn at any time for any reason in the sole discretion of Fitch. Fitch does not provide investment advice of any sort. Ratings are not a recommendation to buy, sell, or hold any security. Ratings do not comment on the adequacy of market price, the suitability of any security for a particular investor, or the tax-exempt nature or taxability of payments made in respect to any security. Fitch receives fees from issuers, insurers, guarantors, other obligors, and underwriters for rating securities. Such fees generally vary from US$1,000 to US$750,000 (or the applicable currency equivalent) per issue. In certain cases, Fitch will rate all or a number of issues issued by a particular issuer, or insured or guaranteed by a particular insurer or guarantor, for a single annual fee. Such fees are expected to vary from US$10,000 to US$1,500,000 (or the applicable currency equivalent). The assignment, publication, or dissemination of a rating by Fitch shall not constitute a consent by Fitch to use its name as an expert in connection with any registration statement filed under the United States securities laws, the Financial Services and Markets Act of 2000 of the United Kingdom, or the securities laws of any particular jurisdiction. Due to the relative efficiency of electronic publishing and distribution, Fitch research may be available to electronic subscribers up to three days earlier than to print subscribers.

本報告中的信息按 “原樣” 提供，不提供任何形式的陳述或保證，惠譽不保證報告或其任何內容將滿足報告接收者的任何要求。惠譽評級是對證券信用 worthiness 的意見。惠譽的這一意見和報告基於惠譽持續評估和更新的既定標準和方法。因此，評級和報告是惠譽的集體工作成果，沒有任何個人或個人羣體對評級或報告負有單獨責任。評級不涉及由於信用風險以外的風險導致的損失風險，除非特別提及此類風險。惠譽不參與任何證券的提供或銷售。所有惠譽報告均為共享作者。報告中提到的個人參與了報告的編寫，但並不對其中的意見負有單獨責任。這些個人僅為聯繫目的而被列出。提供惠譽評級的報告既不是招股説明書，也不是發行人及其代理人在證券銷售中向投資者彙編、驗證和呈現的信息的替代品。評級可能在任何時候因惠譽的單獨裁量而被更改或撤回。惠譽不提供任何形式的投資建議。評級不是買入、賣出或持有任何證券的推薦。評級不對市場價格的充分性、任何證券對特定投資者的適用性或與任何證券相關的支付的免税性質或應税性進行評論。惠譽從發行人、保險人、擔保人、其他債務人和承銷商那裏收取評級證券的費用。這些費用通常在每個發行中從 1,000 美元到 750,000 美元（或適用貨幣等值）不等。在某些情況下，惠譽將對特定發行人發行的所有或部分證券，或由特定保險人或擔保人承保的證券進行評級，收取單一年度費用。這些費用預計在 10,000 美元到 1,500,000 美元（或適用貨幣等值）之間。惠譽的評級的分配、發佈或傳播不構成惠譽同意在與美國證券法、英國 2000 年金融服務與市場法或任何特定司法管轄區的證券法相關的任何註冊聲明中使用其名稱作為專家的同意。由於電子出版和分發的相對高效性，惠譽的研究可能在印刷訂閲者之前最多提前三天提供給電子訂閲者。

For Australia, New Zealand, Taiwan and South Korea only: Fitch Australia Pty Ltd holds an Australian financial services license (AFS license no. 337123) which authorizes it to provide credit ratings to wholesale clients only. Credit ratings information published by Fitch is not intended to be used by persons who are retail clients within the meaning of the Corporations Act 2001

僅適用於澳大利亞、新西蘭、台灣和韓國：惠譽澳大利亞有限公司持有澳大利亞金融服務許可證（AFS 許可證編號 337123），授權其僅向批發客户提供信用評級。惠譽發佈的信用評級信息不打算被《2001 年公司法》意義上的零售客户使用。

Fitch Ratings, Inc. is registered with the U.S. Securities and Exchange Commission as a Nationally Recognized Statistical Rating Organization (the “NRSRO”). While certain of the NRSRO’s credit rating subsidiaries are listed on Item 3 of Form NRSRO and as such are authorized to issue credit ratings on behalf of the NRSRO (see https://www.fitchratings.com/site/regulatory), other credit rating subsidiaries are not listed on Form NRSRO (the “non-NRSROs”) and therefore credit ratings issued by those subsidiaries are not issued on behalf of the NRSRO. However, non-NRSRO personnel may participate in determining credit ratings issued by or on behalf of the NRSRO.

惠譽評級公司在美國證券交易委員會註冊為國家認可的統計評級機構（“NRSRO”）。雖然某些 NRSRO 的信用評級子公司在 NRSRO 表格的第 3 項中列出，因此被授權代表 NRSRO 發佈信用評級（請參見 https://www.fitchratings.com/site/regulatory），但其他信用評級子公司未在 NRSRO 表格中列出（“非 NRSRO”），因此這些子公司發佈的信用評級並不是代表 NRSRO 發佈的。然而，非 NRSRO 的人員可以參與確定由 NRSRO 或代表 NRSRO 發佈的信用評級。

惠譽下調了來自 19 個 2013 年美國 CMBS 通道交易中的 3 個類別的評級，並確認了 94 個類別的評級