DBRS, Inc. (DBRS Morningstar) confirmed the following classes of Commercial Mortgage Pass-Through Certificates, Series 2013-CCRE11 issued by COMM 2013-CCRE11 Mortgage Trust.

Class A-SB at AAA (sf)

Class A-3 at AAA (sf)

Class A-4 at AAA (sf)

Class X-A at AAA (sf)

Class A-M at AAA (sf)

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 August 6, 2020.

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 $1.3 billion. As of the March 2021 remittance report, 45 loans remain in the transaction with a current trust balance of $1.1 billion, representing a collateral reduction of approximately 12.9% since issuance resulting from amortization and the payoff of one loan. In addition, 13 loans totaling $29.7 million have defeased.

The 380 Lafayette Street (Prospectus ID#22; 1.2% of the pool) loan is the only one in special servicing. This loan is secured by a 15,000-sf ground level restaurant/cafe in the Bowery submarket of Manhattan. The loan transferred to special servicing in June 2020 for payment default. The single-tenant restaurant, whose lease runs through 2028, was closed during part of 2020 before reopening in August for outdoor dining and carry-out business. The borrower submitted a proposal to amend the lease to pay percentage rents for the remainder of the lease term, however, the special servicer has not agreed to the proposed lease modifications at this time. As of Q3 2020, the property was operating with a debt service coverage ratio (DSCR) of 1.15 times (x). DBRS Morningstar analyzed this loan with an elevated probability of default for the purposes of this review.

Twelve loans, representing 49.2% of the current trust balance, are on the servicer's watchlist. DBRS Morningstar's primary concern is with the Oglethorpe Mall (Prospectus ID#5; 7.7% of the pool), which is secured by a 626,966-sf portion of a 942,726-sf regional mall in Savannah, Georgia. The Brookfield-sponsored mall is anchored by Belk (noncollateral), Macy's, and JCPenney. Notable junior anchors include Barnes & Noble, DSW, and Old Navy. The former noncollateral Sears space remains vacant after Sears vacated in 2018. Furthermore, the junior anchor Stein Mart vacated in 2020 following the company's bankruptcy filing. While YE2019 was down 4% since issuance, the property was 95% occupied as of Q3 2020 and covering with a 1.47x DSCR.

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 U.S. dollars unless otherwise noted.

The principal methodology is North American CMBS Surveillance Methodology (March 6, 2020), which can be found on dbrsmorningstar.com under Methodologies & Criteria. For a list of the structured-finance-related methodologies that may be used during the rating process, please see the DBRS Morningstar Global Structured Finance Related Methodologies document, which can be found on dbrsmorningstar.com in the Commentary tab under Regulatory Affairs. Please note that not every related methodology listed under a principal structured finance asset class methodology may be used to rate or monitor an individual structured finance or debt obligation.

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.

DBRS, Inc.

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New York, NY 10005 USA

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 Canada

EU = Lead Analyst based in EU

UK = Lead Analyst based in UK

E = EU endorsed

U = UK endorsed

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	Confirmed	AAA (sf)	Stb	US
24-Mar-21 	Commercial Mortgage Pass-Through Certificates, Series 2013-CCRE11, Class A-4	Confirmed	AAA (sf)	Stb	US
24-Mar-21 	Commercial Mortgage Pass-Through Certificates, Series 2013-CCRE11, Class A-M	Confirmed	AAA (sf)	Stb	US
24-Mar-21 	Commercial Mortgage Pass-Through Certificates, Series 2013-CCRE11, Class A-SB	Confirmed	AAA (sf)	Stb	US
24-Mar-21 	Commercial Mortgage Pass-Through Certificates, Series 2013-CCRE11, Class X-A	Confirmed	AAA (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, Class C	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, Class F	Confirmed	B (sf)	Stb	US

ALL DBRS RATINGS ARE SUBJECT TO DISCLAIMERS AND CERTAIN LIMITATIONS. PLEASE READ THESE DISCLAIMERS AND LIMITATIONS AND ADDITIONAL INFORMATION REGARDING DBRS RATINGS, INCLUDING DEFINITIONS, POLICIES, RATING SCALES AND METHODOLOGIES.

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