(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)
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