Fitch Affirms All Classes of WFRBS 2013-C12

Fitch Ratings has affirmed all classes of WFRBS Commercial Mortgage Trust (WFRBS) commercial mortgage pass-through certificates series 2013-C12 due to stable performance since issuance. A detailed list of rating actions follows at the end of this press release.

KEY RATING DRIVERS

As of the December 2013 distribution date, the pool's aggregate principal balance has been reduced by 0.6% to $1.22 billion from $1.23 billion at issuance. Eighty one percent of the loans reported partial year 2013 financials. Based on the annualized 2013 net operating incomes (NOIs), the pool's overall NOI has been stable with approximately a 5% NOI increase over the pool NOI at issuance.

The largest loan in the pool is the Grand Beach Hotel loan (10.2% of the pool), which is secured by a 424-room, 20-story, full-service oceanfront hotel located in Miami Beach, Florida. Amenities at the property include a fitness center, three pools, full service restaurant, meeting facilities, a business center, and valet parking including 560 spaces. The debt service coverage ratio (DSCR) based on annualized 2013 NOI was 2.81x compared to 2.13x at issuance.

The next largest loan in the pool is the RHP Portfolio II loan (9.5% of the pool). The loan is collateralized by 18 manufactured housing communities comprising 2,967 home pads with nine properties in Colorado (1,814 pads), six in Wyoming (737 pads), two in Illinois (351 pads), and one in Arizona (65 pads). The DSCR based on annualized 2013 NOI was 1.53x compared to 1.47x at issuance.

The third largest loan in the pool is the One South Wacker Drive loan (7.8% of the pool), which is secured by a 40-story, 1.2 million square foot class B office tower located in Chicago, IL. The property includes a 135-car subterranean parking garage and is occupied by a mix of 45 office and retail tenants (including 11 investment-grade tenants occupying 21.2% of net rentable area). The DSCR based on annualized 2013 NOI has increased to 2.77x from 2.62x at issuance.

RATING SENSITIVITY

The Rating Outlook for all classes remains Stable. Additional information on rating sensitivity is available in the report 'WFRBS Commercial Mortgage Trust 2013-C12' (May 2013), available at 'www.fitchratings.com'.

Fitch affirms the following classes as indicated:

--$56.6 million class A-1 at 'AAAsf', Outlook Stable;

--$143 million class A-2 at 'AAAsf', Outlook Stable;

--$165 million class A-3 at 'AAAsf', Outlook Stable;

--$298.2 million class A-4 at 'AAAsf', Outlook Stable;

--$102 million class A-SB at 'AAAsf', Outlook Stable;

--$0 class A-3FX at 'AAAsf', Outlook Stable;

--$90 million class A-3FL at 'AAAsf', Outlook Stable;

--$120.1 million class A-S at 'AAAsf', Outlook Stable;

--$973.8 million class X-A at 'AAAsf', Outlook Stable;

--$126.2 million class X-B at 'A-sf', Outlook Stable;

--$75.4 million class B at 'AA-sf', Outlook Stable;

--$50.8 million class C at 'A-sf', Outlook Stable;

--$41.6 million class D at 'BBB-sf', Outlook Stable;

--$27.7 million class E at 'BBsf', Outlook Stable;

--$16.9 million class F at 'Bsf', Outlook Stable.

Fitch does not rate the classes X-C or G certificates.

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

Additional information is available at 'www.fitchratings.com'.

Additional information is available at 'www.fitchratings.com'.

Applicable Criteria and Related Research:

--'Global Structured Finance Rating Criteria' (May 2013);

--'U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria' (Dec. 2013).

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 reports:

--'WFRBS Commercial Mortgage Trust 2013-C12' (May 2013);

--'WFRBS Commercial Mortgage Trust 2013-C12 - Appendix' (May 2013).

Applicable Criteria and Related Research:

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=708661

U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=724961

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=818911

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Fitch Ratings
Primary Analyst
R. Brook Sutherland, [phone]
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70 W. Madison Street
Chicago, IL 60602
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