Fitch Ratings has affirmed 12 classes of Morgan Stanley Bank of America Merrill Lynch Trust 2013-C8.

RATING ACTIONS

ENTITY/DEBT	RATING		PRIOR

MSBAM 2013-C8

A-3 61761QAD5

LT	AAAsf 	Affirmed		AAAsf

A-4 61761QAE3

LT	AAAsf 	Affirmed		AAAsf

A-S 61761QAG8

LT	AAAsf 	Affirmed		AAAsf

ASB 61761QAC7

LT	AAAsf 	Affirmed		AAAsf

B 61761QAH6

LT	AA-sf 	Affirmed		AA-sf

C 61761QAK9

LT	A-sf 	Affirmed		A-sf

D 61761QAN3

LT	BBB-sf 	Affirmed		BBB-sf

E 61761QAQ6

LT	BBsf 	Affirmed		BBsf

F 61761QAS2

LT	Bsf 	Affirmed		Bsf

PST 61761QAJ2

LT	A-sf 	Affirmed		A-sf

X-A 61761QAF0

LT	AAAsf 	Affirmed		AAAsf

X-B 61761QAL7

LT	AA-sf 	Affirmed		AA-sf

VIEW ADDITIONAL RATING DETAILS

KEY RATING DRIVERS

Slight Increase in Loss Expectations: While the majority of the pool maintains stable performance, loss expectations on the pool have increased over the last year primarily due to the eight Fitch Loans of Concern (FLOCs; 12.3% of the pool), including four specially serviced loans (8%), as well as concerns over the overall impact of the coronavirus pandemic on the pool.

Increased Credit Enhancement: As of the July 2020 distribution date, the pool's aggregate principal balance was reduced by 24.6% to $858.2 million from $1.1 billion at issuance. Nine loans (22.2% of the pool balance) are fully defeased. There have been no realized losses to date and interest shortfalls are currently affecting the non-rated class G only. Three loans (7.5%) are full-term IO, and all loans with partial IO periods are now amortizing. All loans are scheduled to mature between December 2022 and January 2023.

Fitch Loans of Concern: Eight loans (12.3%) have been designated as a FLOCs. The largest FLOC is the specially serviced Kingsgate Center loan (3.9%), which is secured by a mixed-use property located in Lubbock, TX. The property is comprised of 191,110 sf of retail space and 41,198 sf of office space. The loan transferred to special servicing in July 2020 for payment default as a result of the coronavirus pandemic. Per the August 2020 remittance, the Kingsgate Center loan was reported as 90+ day delinquent; however, per the servicer, the borrower has since remitted payments and brought the loan current. The servicer reported NOI DSCR was 1.70x at YE 2019 for this amortizing loan. Occupancy was 98%, as of March 2020. Upcoming rollover at the property includes 9.6% of the NRA in 2020, followed by 16% in 2021, and 4.5% in 2022. The loan is scheduled to mature in January 2023. Forbearance is currently under review.

The next largest FLOC is the 11451 Katy Freeway loan (2.3% of the pool), which is secured by a 117,261-sf suburban office property located in Houston, TX. Cash flow at the property has decreased since issuance driven by an ongoing occupancy decline to a low of 51% in 2018 related primarily to the loss of a large bankrupt tenant. Occupancy has since rebounded to 95% as of June 2020. The servicer reported YE 2019 NOI DSCR was low at 0.64x; however, several tenants remained in their free rent period during the reporting period. The submarket is not strong with a vacancy rate of 26.6% (per Reis, 2Q 2020). The average in place rents are below the market level of $28.60 psf.

The next largest FLOC is the Anderson Mall loan (2%), which is secured by a 316,561-sf portion of a 671,000 sf regional mall located in Anderson County, SC. The loan transferred to special servicing in April 2020 for payment default as a result of the coronavirus pandemic. The mall is anchored by Belk and Dillard's, which own their own improvements, and J.C. Penney, which is included in the collateral. As of June 2020, total mall occupancy was reported at 83%, down from 91% in June 2018. As of YE 2019, the servicer reported NOI DSCR declined to 0.82x from 1.56x at YE 2018. The cash flow decline is primarily attributed the loss of several inline tenants as a result of Sears vacating and lower overall rents charged to sustain occupancy. Since the beginning of 2020, tenants such as Kay Jewelers, Chico's and Lenscrafters have vacated. J.C. Penney was on the closing list for this location; however, according to local news reports, the decision was reversed and the store is now expected to remain open in the near term.

The next largest FLOC is the One Concourse loan (1.56%), which is secured by a 110,167-sf suburban office property located in Fishers, IN. The loan transferred to special servicing in December 2018 for imminent monetary default and became REO in February 2020. As of YE 2018, occupancy was reported at 58% with a YE 2018 NOI DSCR of 0.95x. Updated financials have not been provided by the servicer.

The remaining four FLOCs (2.6% combined) consist of loans secured by a hotel located in Columbus MS, a portfolio of mixed-use properties located in CT, a mixed-use property located in Buffalo, NY, and a student housing property located in Youngstown, OH, which transferred to special servicing in April 2018 due to a non-monetary default.

Coronavirus: Fitch expects significant economic impacts to certain hotels, retail and multifamily properties from the coronavirus pandemic due to the related reductions in travel and tourism, temporary property closures and lack of clarity at this time on the potential duration of the impacts. Loans collateralized by retail properties and mixed-use properties with a retail component account for 17 loans (40.3% of pool). Loans secured by hotel properties account for four loans (6.3%), while one loan (0.5%) is secured by a multifamily property. Fitch's base case analysis applied additional stresses to five retail loans and one hotel loan due to their vulnerability to the coronavirus pandemic; this contributed to maintaining the Negative Outlook on class F.

RATING SENSITIVITIES

The Stable Outlooks reflect the class' sufficient credit enhancement relative to expected losses as well as the stable performance of the majority of the pool and expected continued amortization. The Negative Outlook on class F reflects concerns over the FLOCs as well as the unknown impact of the pandemic on the overall pool.

Factors that could, individually or collectively, lead to positive rating action/upgrade:

Upgrades to classes B and C would likely occur with significant improvement in credit enhancement and/or defeasance; however, adverse selection and increased concentrations, or the underperformance of the FLOCs, could reverse this trend. An upgrade to class D is considered unlikely and would be limited based on sensitivity to concentrations or the potential for future concentration. Classes would not be upgraded above 'Asf' if there were likelihood for interest shortfalls. An upgrade to classes E and F is not likely until the later years in a transaction and only if the performance of the remaining pool is stable and/or properties vulnerable to the coronavirus return to pre-pandemic levels, and there is sufficient credit enhancement to the classes.

Factors that could, individually or collectively, lead to negative rating action/downgrade:

Downgrades to classes A-1 through B are not likely due to their position in the capital structure and the high credit enhancement; however, downgrades to these classes may occur should interest shortfalls occur. Downgrades to class C would occur if loss expectations increase significantly and/or credit enhancement be eroded. Downgrades to the classes rated 'BBB-sf', 'BB-sf', or 'B-sf' would occur if the performance of the FLOC continues to decline and/or fail to stabilize, or should losses from specially serviced loans/assets be larger than expected.

In addition to its baseline scenario, Fitch envisions a downside scenario where the health crisis is prolonged beyond 2021; should this scenario play out, Fitch expects that classes assigned a Negative Outlook will be downgraded one or more categories and additional classes may be downgraded or have their Outlooks revised to Negative.

For more information on Fitch's original rating sensitivity on the transaction, please refer to the new issuance report on www.fitchratings.com.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Structured Finance transactions have a best-case rating upgrade scenario (defined as the 99th percentile of rating transitions, measured in a positive direction) of seven notches over a three-year rating horizon; and a worst-case rating downgrade scenario (defined as the 99th percentile of rating transitions, measured in a negative direction) of seven notches over three years. The complete span of best- and worst-case scenario credit ratings for all rating categories ranges from 'AAAsf' to 'Dsf'. Best- and worst-case scenario credit ratings are based on historical performance. For more information about the methodology used to determine sector-specific best- and worst-case scenario credit ratings, visit https://www.fitchratings.com/site/re/10111579.

USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10

No third-party due diligence was provided or reviewed in relation to this rating action.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF RATING

The principal sources of information used in the analysis are described in the Applicable Criteria.

ESG CONSIDERATIONS

MSBAM 2013-C8: Exposure to Social Impacts: 4

Except for the matters discussed above, the highest level of ESG credit relevance, if present, is a score of 3 - ESG issues are credit neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity.

Additional information is available on www.fitchratings.com

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