Class A-SB at
Class A-3 at
Class A-4 at
Class X-A at
Class A-M at
Class B at AA (sf)
Class C at A (high) (sf)
Class X-B at BBB (sf)
Class D at BBB (low) (sf)
Class E at BB (sf)
Class X-C at B (high) (sf)
Class F at B (sf)
All trends are Stable. Classes F and X-C were removed from Under Review with Negative Implications where they were placed on
The rating confirmations reflect the stable performance of the transaction, which has remained in line with DBRS Morningstar's expectations at issuance when the transaction consisted of 46 loans with an original trust balance of
The
Twelve loans, representing 49.2% of the current trust balance, are on the servicer's watchlist. DBRS Morningstar's primary concern is with the
At issuance, DBRS Morningstar assigned an investment-grade shadow rating to One Wilshire (Prospectus ID#6; 7.3% of the pool). With this review, DBRS Morningstar confirmed the performance of these loans remains consistent with investment-grade loan characteristics.
A description of how DBRS Morningstar considers ESG factors within the DBRS Morningstar analytical framework can be found in the DBRS Morningstar Criteria: Approach to Environmental, Social, and Governance Risk Factors in Credit Ratings at https://www.dbrsmorningstar.com/research/373262.
Classes X-A, X-B, and X-C are interest-only (IO) certificates that reference a single rated tranche or multiple rated tranches. The IO rating mirrors the lowest-rated applicable reference obligation tranche adjusted upward by one notch if senior in the waterfall.
DBRS Morningstar provides updated analysis and in-depth commentary in the DBRS Viewpoint platform. For complimentary access to this content, please register for the DBRS Viewpoint platform at www.viewpoint.dbrsmorningstar.com. The platform includes issuer and servicer date for most outstanding CMBS transactions (including non-DBRS Morningstar rated), as well as loan-level and transaction-level commentary for most DBRS Morningstar-rated and -monitored transactions.
All ratings are subject to surveillance, which could result in ratings being upgraded, downgraded, placed under review, confirmed, or discontinued by DBRS Morningstar.
Notes:
All figures are in
The principal methodology is North American CMBS Surveillance Methodology (
For more information regarding rating methodologies and Coronavirus Disease (COVID-19), please see the following DBRS Morningstar press release: https://www.dbrsmorningstar.com/research/357883.
For more information regarding structured finance rating methodologies and Coronavirus Disease (COVID-19), please see the following DBRS Morningstar press release: https://www.dbrsmorningstar.com/research/358308.
For more information regarding the structured finance rating approach and Coronavirus Disease (COVID-19), please see the following DBRS Morningstar press release: https://www.dbrsmorningstar.com/research/359905.
The rated entity or its related entities did participate in the rating process for this rating action. DBRS Morningstar had access to the accounts and other relevant internal documents of the rated entity or its related entities in connection with this rating action.
For more information on this credit or on this industry, visit www.dbrsmorningstar.com or contact us at info@dbrsmorningstar.com.
Tel. +1 212 806-3277
Ratings
Date Issued Debt Rated Action Rating Trend Attributes
i
US = Lead Analyst based in USA
CA = Lead Analyst based in
EU = Lead Analyst based in EU
E = EU endorsed
U =
Unsolicited Participating With Access
Unsolicited Participating Without Access
Unsolicited Non-participating
24-Mar-21 Commercial Mortgage Pass-Through Certificates, Series 2013-CCRE11, Class A-3 ConfirmedAAA (sf) Stb US
24-Mar-21 Commercial Mortgage Pass-Through Certificates, Series 2013-CCRE11, Class A-4 ConfirmedAAA (sf) Stb US
24-Mar-21 Commercial Mortgage Pass-Through Certificates, Series 2013-CCRE11, Class A-M ConfirmedAAA (sf) Stb US
24-Mar-21 Commercial Mortgage Pass-Through Certificates, Series 2013-CCRE11, Class A-SB ConfirmedAAA (sf) Stb US
24-Mar-21 Commercial Mortgage Pass-Through Certificates, Series 2013-CCRE11, Class X-A ConfirmedAAA (sf) Stb US
24-Mar-21 Commercial Mortgage Pass-Through Certificates, Series 2013-CCRE11, Class B Confirmed AA (sf) Stb US
24-Mar-21 Commercial Mortgage Pass-Through Certificates, Series 2013-CCRE11, ClassC Confirmed A (high) (sf) Stb US
24-Mar-21 Commercial Mortgage Pass-Through Certificates, Series 2013-CCRE11, Class X-B Confirmed BBB (sf) Stb US
24-Mar-21 Commercial Mortgage Pass-Through Certificates, Series 2013-CCRE11, Class D Confirmed BBB (low) (sf) Stb US
24-Mar-21 Commercial Mortgage Pass-Through Certificates, Series 2013-CCRE11, Class E Confirmed BB (sf) Stb US
24-Mar-21 Commercial Mortgage Pass-Through Certificates, Series 2013-CCRE11, Class X-C Confirmed B (high) (sf) Stb US
24-Mar-21 Commercial Mortgage Pass-Through Certificates, Series 2013-CCRE11, ClassF Confirmed B (sf) Stb US
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