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TMCNet:  Fitch Assigns Final Ratings to WFRBS Commercial Mortgage Trust 2013-C11

[February 12, 2013]

Fitch Assigns Final Ratings to WFRBS Commercial Mortgage Trust 2013-C11

NEW YORK --(Business Wire)--

Fitch Ratings has assigned the following ratings to WFRBS Commercial Mortgage Trust 2013-C11 commercial mortgage pass-through certificates:

--$65,123,000 class A-1 'AAAsf'; Outlook Stable;

--$278,494,000 class A-2 'AAAsf'; Outlook Stable;

--$46,800,000 class A-3 'AAAsf'; Outlook Stable;

--$100,000,000 class A-4 'AAAsf'; Outlook Stable;

--$417,757,000 class A-5 'AAAsf'; Outlook Stable;

--$97,254,000 class A-SB 'AAAsf'; Outlook Stable;

--$134,656,000 class A-S 'AAAsf'; Outlook Stable;

--$1,140,084,000(*a) class X-A 'AAAsf'; Outlook Stable;

--$152,609,000(*a) class X-B 'A-sf'; Outlook Stable;

--$93,361,000 class B 'AA-sf'; Outlook Stable;

--$59,248,000 class C 'A-sf'; Outlook Stable;

--$46,681,000(a) class D 'BBB-sf'; Outlook Stable;

--$32,317,000(a) class E 'BBsf'; Outlook Stable;

--$25,136,000(a) class F 'Bsf'; Outlook Stable.

Fitch does not rate the $39,499,346(a) class G.

(*) Notional amount and interest only.

(a) Privately placed pursuant to Rule 144A.

The certificates represent the beneficial ownership in the trust, the primary assets of which are 82 loans secured by 153 commercial properties having an aggregate principal balance of approximately $1.436 billion as of the cutoff date. The loans were contributed to the trust by Wells Fargo (News - Alert) Bank, National Association, The Royal Bank of Scotland, C-III Commercial Mortgage LLC, Liberty Island Group I LLC, and Basis Real Estate Capital II, LLC.

A detailed description of Fitch's rating analysis including key rating drivers, stresses, rating sensitivity, analysis, model, criteria application and data adequacy is available in Fitch's Presale Report.

Additional information is available at 'www.fitchratings.com'. The ratings above were solicited by, or on behalf of, the issuer, and therefore, Fitch has been compensated for the provision of the ratings.

Applicable Criteria and Related Research:

--Criteria for Analyzing Multiborrower U.S. Commercial Mortgag Transactions (August 2012)

--Global Structured Finance Rating Criteria (June 2012)

--Criteria for Special-Purpose Vehicles in Structured Finance Transactions (May 2012)

--U.S. Commercial Mortgage Servicer Rating Criteria (February 2011)

--U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria (December 2012)

--Counterparty Criteria for Structured Finance Transactions (May 2012)

Applicable Criteria and Related Research:

Counterparty Criteria for Structured Finance Transactions

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm rpt_id=678938

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

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm rpt_id=696969

U.S. Commercial Mortgage Servicer Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm rpt_id=584005

Criteria for Special-Purpose Vehicles in Structured Finance Transactions

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm rpt_id=680591

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm rpt_id=679923

Criteria for Analyzing Multiborrower U.S. Commercial Mortgage Transactions

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm rpt_id=685995

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON (News - Alert) THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE.


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