(Repeat for additional subscribers)
April 11 (The following statement was released by the rating agency)
Fitch Ratings has affirmed 15 classes of Barclays Commercial Mortgage Securities LLC's UBS-Barclays Commercial Mortgage Trust 2013-C6, Commercial Mortgage Pass-Through Certificates, Series 2013-C6. A detailed list of rating actions follows at the end of this press release.
KEY RATING DRIVERS
The affirmations are based on stable performance of the underlying collateral pool. There have been no delinquent or specially serviced loans since issuance. As of the March 2014 distribution date, the pool's aggregate principal balance has been reduced by 0.8% to $1.286 billion from $1.295 billion at issuance. Fitch has identified one Loan of Concern (0.1% of the pool) due to recent DSCR well below performance at issuance (below 1.0x as of Year End 2013).
The largest loan in the pool (12.4%) is the Gateway Center loan; a 354,881 square foot (sf) anchored retail property located in Brooklyn, New York, NY. The property is part of a larger 638,871-sf retail center with shadow anchors Home Depot and Target owning their own ground and improvements. Other major tenants include BJ's, Bed Bath & Beyond, Babies R Us, Old Navy, Staples, Best Buy , as well as several restaurant tenants. Performance is stable with the property at 100% occupancy as of December 2013 and NOI DSCR at 1.73x as of Year End (YE) 2013.
The second largest loan in the pool (9.8%) is the 575 Broadway loan; a 169,450 sf mixed-use property located at 575 Broadway in Manhattan, New York, NY. Originally purchased by the sponsor in 1989 for $9.6 million, the property is now occupied by a mix of retail and office tenants including Prada (retail), Estee Lauder, Inc. (office), Code and Theory (office) and Coldwater Creek (office). Performance is stable with occupancy at 94% and NOI DSCR at 3.07x as of September 2013.
Rating Outlooks remain Stable. Due to the recent issuance of the transaction and stable performance, Fitch does not foresee positive or negative ratings migration until a material economic or asset level event changes the transaction's overall portfolio-level metrics. Additional information on rating sensitivity is available in the report 'UBS-Barclays Commercial Mortgage Trust 2013-C6' (June 3, 2013), available at www.fitchratings.com.
Fitch affirms the following classes:
--$55.9 million class A-1 at 'AAAsf'; Outlook Stable;
--$43.0 million class A-2 'AAAsf'; Outlook Stable;
--$155.0 million class A-3 'AAAsf'; Outlook Stable;
--$461.1 million class A-4 'AAAsf'; Outlook Stable;
--$95.0 million class A-3FL 'AAAsf'; Outlook Stable;
--$0 class A-3FX 'AAAsf'; Outlook Stable;
--$87.0 million class A-SB 'AAAsf'; Outlook Stable;
--$111.7 million class A-S 'AAAsf'; Outlook Stable;
--$90.7 million class B 'AA-sf'; Outlook Stable;
--$50.2 million class C 'A-sf'; Outlook Stable;
--$48.6 million class D 'BBB-sf'; Outlook Stable;
--$25.9 million class E 'BBsf'; Outlook Stable;
--$19.4 million class F 'Bsf'; Outlook Stable;
--$1.019 billion* class X-A 'AAAsf'; Outlook Stable;
--$140.9 million* class X-B 'A-sf'; Outlook Stable.
*Notional amount and interest only.
Fitch does not rate the interest-only class X-C or class G certificates. A comparison of the transaction's Representations, Warranties, and Enforcement (RW&E) mechanisms to those of typical RW&Es for the asset class is available in the following report:
--'UBS-Barclays Commercial Mortgage Trust 2013-C6-- Appendix' (June 3, 2013).
Additional information on Fitch's criteria for analyzing U.S. CMBS transactions is available in the Dec. 11, 2013 report, 'U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria', which is available at 'www.fitchratings.com' under the following headers: Structured Finance >> CMBS >> Criteria Reports