Class B to AA (sf) from AA (high) (sf)
DBRS Morningstar also confirmed the ratings on the following classes:
Class A-2 at
Class X-A at
Class C at A (high) (sf)
Class D at BBB (sf)
Class E at BB (high) (sf)
Class F at B (high) (sf)
In addition, DBRS Morningstar changed the trends on Classes B, C, D, E, and F to Stable from Negative. All trends are now Stable.
DBRS Morningstar previously assigned the Class B certificate, as well as the others as listed above, a Negative trend. As such, the downgrade for Class B with this review, reflects the sustained performance decline of the collateral,
The loan is secured by the borrower's fee simple and leasehold interest in
The loan has remained current throughout multiple transfers to special servicing, namely in
The servicer indicated that the 97,213-sf former JCPenney space was expected to be redeveloped and fully leased to a collection of tenants including
Property performance has been trending downward since issuance, with YE2021 net cash flow 10.9% below the 2013 figure at closing. Likewise, the loan's debt service coverage ratio (DSCR) has fallen to 1.52 times (x) from 1.71x over the same period. An
ENVIRONMENTAL, SOCIAL, GOVERNANCE CONSIDERATIONS
There were no Environmental/Social/Governance factors that had a significant or relevant effect on the credit analysis.
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/396929/dbrs-morningstar-criteria-approach-to-environmental-social-and-governance-risk-factors-in-credit-ratings.
Class X-A is an IO certificate that references 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.
All ratings are subject to surveillance, which could result in ratings being upgraded, downgraded, placed under review, confirmed, or discontinued by DBRS Morningstar.
DBRS Morningstar provides updated analysis and in-depth commentary in the DBRS Viewpoint platform for this transaction.
The DBRS Viewpoint platform provides additional information on this transaction and underlying loan including DBRS Morningstar metrics, commentary, servicer-reported cash flows, and other performance-related data. For complimentary access to this content, please register for the DBRS Viewpoint platform at www.viewpoint.dbrsmorningstar.com.
Notes:
All figures are in
The principal methodology is North American CMBS Surveillance Methodology (
The DBRS
The related regulatory disclosures pursuant to the National Instrument 25-101 Designated Rating Organizations are hereby incorporated by reference and can be found by clicking on the link under Related Documents or by contacting us at info@dbrsmorningstar.com.
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.
Please see the related appendix for additional information regarding the sensitivity of assumptions used in the rating process.
For more information on this credit or on this industry, visit www.dbrsmorningstar.com or contact us at info@dbrsmorningstar.com.
Tel. +1 416 593-5577
Ratings
Date Issued Debt Rated Action Rating Trend Attributesi
US = Lead Analyst based in USA
CA = Lead Analyst based in
E =
U =
Unsolicited Participating With Access
Unsolicited Participating Without Access
Unsolicited Non-participating
27-Jun-22 COMM 2013-GAM, Commercial Mortgage Pass-Through Certificates, Class A-2 ConfirmedAAA (sf) Stb CA
27-Jun-22 COMM 2013-GAM, Commercial Mortgage Pass-Through Certificates, Class X-A ConfirmedAAA (sf) Stb CA
27-Jun-22 COMM 2013-GAM, Commercial Mortgage Pass-Through Certificates, ClassB Tren d Change AA (high) (sf) Stb CA
27-Jun-22 COMM 2013-GAM, Commercial Mortgage Pass-Through Certificates, Class B Downgraded AA (sf) Stb CA
27-Jun-22 COMM 2013-GAM, Commercial Mortgage Pass-Through Certificates, ClassC Tren d Change A (high) (sf) Stb CA
27-Jun-22 COMM 2013-GAM, Commercial Mortgage Pass-Through Certificates, ClassC Confirmed A (high) (sf) Neg CA
27-Jun-22 COMM 2013-GAM, Commercial Mortgage Pass-Through Certificates, ClassD Tren d Change BBB (sf) Stb CA
27-Jun-22 COMM 2013-GAM, Commercial Mortgage Pass-Through Certificates, Class D Confirmed BBB (sf) Neg CA
27-Jun-22 COMM 2013-GAM, Commercial Mortgage Pass-Through Certificates, ClassE Tren d Change BB (high) (sf) Stb CA
27-Jun-22 COMM 2013-GAM, Commercial Mortgage Pass-Through Certificates, Class E Confirmed BB (high) (sf) Neg CA
27-Jun-22 COMM 2013-GAM, Commercial Mortgage Pass-Through Certificates, ClassF Tren d Change B (high) (sf) Stb CA
27-Jun-22 COMM 2013-GAM, Commercial Mortgage Pass-Through Certificates, ClassF Confirmed B (high) (sf) Neg CA
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