Rating Action: Moody’s affirms seven and downgrades four classes of WFRBS 2013-C14Global Credit Research – 07 Mar 2022Approximately $937.3 million of structured securities affectedNew York, March 07, 2022 — Moody’s Investors Service, (“Moody’s”) has affirmed the ratings on seven classes and downgraded the ratings on four classes in WFRBS Commercial Mortgage Trust 2013-C14 as follows:Cl. A-4, Affirmed Aaa (sf); previously on Feb 1, 2021 Affirmed Aaa (sf)Cl. A-5, Affirmed Aaa (sf); previously on Feb 1, 2021 Affirmed Aaa (sf)Cl. A-4FL, Affirmed Aaa (sf); previously on Feb 1, 2021 Affirmed Aaa (sf)Cl. A-4FX, Affirmed Aaa (sf); previously on Feb 1, 2021 Affirmed Aaa (sf)Cl. A-SB, Affirmed Aaa (sf); previously on Feb 1, 2021 Affirmed Aaa (sf)Cl. A-S, Affirmed Aaa (sf); previously on Feb 1, 2021 Affirmed Aaa (sf)Cl. B, Downgraded to A3 (sf); previously on Feb 1, 2021 Downgraded to A2 (sf)Cl. C, Downgraded to Ba1 (sf); previously on Feb 1, 2021 Downgraded to Baa3 (sf)Cl. PEX**, Downgraded to Baa1 (sf); previously on Feb 1, 2021 Downgraded to A3 (sf)Cl. X-A*, Affirmed Aaa (sf); previously on Feb 1, 2021 Affirmed Aaa (sf)Cl. X-B*, Downgraded to A3 (sf); previously on Feb 1, 2021 Downgraded to A2 (sf)* Reflects Interest Only Classes** Reflects Exchangeable ClassesRATINGS RATIONALEThe ratings on two P&I classes, Cl. B and Cl. C, have been downgraded due to anticipated losses and increased risk of interest shortfalls due to the exposure to specially serviced loans and the potential refinance challenges for certain performing loans with upcoming maturity dates. Three loans, representing nearly 13% of the pool are in special servicing, including the White Marsh Mall (10% of the pool) which is last paid through April 2021. Furthermore, two office loans, Midtown I & II (11% of the pool) and 301 South College Street (8%) may face increased refinance risk at their maturity dates in 2023 due to their tenant concentration and recent tenant downsizing, respectively.The ratings on six P&I classes were affirmed because of their credit support and the transaction’s key metrics, including Moody’s loan-to-value (LTV) ratio, Moody’s stressed debt service coverage ratio (DSCR) and the transaction’s Herfindahl Index (Herf), are within acceptable ranges.The rating on one interest-only (IO) class, Cl. X-A, was affirmed based on the credit quality of its referenced classes.The rating on one IO class, Cl. X-B, was downgraded based on a decline in the credit quality of its referenced class.The rating on the exchangeable class, Cl. PEX, was downgraded due to the credit quality of the referenced exchangeable classes.Today’s action has considered how the coronavirus pandemic has reshaped the US economic environment and the way its aftershocks will continue to reverberate and influence the performance of commercial real estate. We expect the public health situation to improve as vaccinations against COVID-19 increase and societies continue to adapt to new protocols. Still, the exit from the pandemic will likely be bumpy and unpredictable and economic prospects will vary.We regard the coronavirus outbreak as a social risk under our ESG framework, given the substantial implications for public health and safety.Moody’s rating action reflects a base expected loss of 10.3% of the current pooled balance, compared to 9.2% at Moody’s last review. Moody’s base expected loss plus realized losses is now 8.0% of the original pooled balance, compared to 8.1% at the last review. Moody’s provides a current list of base expected losses for conduit and fusion CMBS transactions on moodys.com at http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF215255.FACTORS THAT WOULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS:The performance expectations for a given variable indicate Moody’s forward-looking view of the likely range of performance over the medium term. Performance that falls outside the given range can indicate that the collateral’s credit quality is stronger or weaker than Moody’s had previously expected. Additionally, significant changes in the 5-year rolling average of 10-year US Treasury rates will impact the magnitude of the interest rate adjustment and may lead to future rating actions.Factors that could lead to an upgrade of the ratings include a significant amount of loan paydowns or amortization, an increase in the pool’s share of defeasance or an improvement in pool performance.Factors that could lead to a downgrade of the ratings include a decline in the performance of the pool, loan concentration, an increase in realized and expected losses from specially serviced and troubled loans or interest shortfalls.METHODOLOGY UNDERLYING THE RATING ACTIONThe methodologies used in rating all classes except the interest only and exchangeable classes were “US and Canadian Conduit/Fusion Commercial Mortgage-Backed Securitizations Methodology” published in November 2021 and available at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBS_1258254 and “Large Loan and Single Asset/Single Borrower Commercial Mortgage-Backed Securitizations Methodology” published November 2021 and available at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBS_1250766. The principal methodology used in rating the exchangeable class was “Moody’s Approach to Rating Repackaged Securities” methodology published in June 2020 and available at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBS_1230078. The methodologies used in rating interest-only classes were “US and Canadian Conduit/Fusion Commercial Mortgage-Backed Securitizations Methodology” published in November 2021 and available at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBS_1258254, “Large Loan and Single Asset/Single Borrower Commercial Mortgage-Backed Securitizations Methodology” published November 2021 and available at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBS_1250766 and “Moody’s Approach to Rating Structured Finance Interest-Only (IO) Securities” published in February 2019 and available at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBS_1111179. Please see the list of ratings at the top of this announcement to identify which classes are interest-only (indicated by the *) and exchangeable classes (indicated by the **). Please see the Rating Methodologies page on www.moodys.com for a copy of these methodologies. DEAL PERFORMANCEAs of the February 17, 2022 distribution date, the transaction’s aggregate certificate balance has decreased by 24% to $1.11 billion from $1.47 billion at securitization. The certificates are collateralized by 63 mortgage loans ranging in size from less than 1% to 11.2% of the pool, with the top ten loans (excluding defeasance) constituting 67.6% of the pool. Eighteen loans, constituting 10.2% of the pool, have defeased and are secured by US government securities.Moody’s uses a variation of Herf to measure the diversity of loan sizes, where a higher number represents greater diversity. Loan concentration has an important bearing on potential rating volatility, including the risk of multiple notch downgrades under adverse circumstances. The credit neutral Herf score is 40. The pool has a Herf of 14, compared to 16 at Moody’s last review.As of the February 2022 remittance report, loans representing 87% were current or within their grace period on their debt service payments and 13% were greater than 90 days delinquent, in foreclosure or past their maturity dates.Thirteen loans, constituting 19.3% of the pool, are on the master servicer’s watchlist. The watchlist includes loans that meet certain portfolio review guidelines established as part of the CRE Finance Council (CREFC) monthly reporting package. As part of Moody’s ongoing monitoring of a transaction, the agency reviews the watchlist to assess which loans have material issues that could affect performance.Two loans have been liquidated from the pool, resulting in an aggregate realized loss of $3.1 million (for an average loss severity of 14.1%). Three loans, constituting 12.6% of the pool, are currently in special servicing. All the specially serviced loans have transferred to special servicing since August 2020.The largest specially serviced loan is the White Marsh Mall Loan ($110.0 million — 9.9% of the pool), which represents a pari-passu portion of a $190.0 million mortgage loan. The loan is secured by an approximately 700,000 square feet (SF) component of a 1.2 million SF super-regional mall located in Baltimore, Maryland. The mall is anchored by Macy’s, JC Penney, Boscov’s, and Macy’s Home Store. Macy’s and JC Penny are not part of the loan collateral and Sears, a former non-collateral anchor, closed in April 2020. As of June 2021, inline and collateral occupancy were 81% and 89%, respectively, compared to 89% and 93% in June 2020 and 92% and 95% in September 2019. Property performance has declined annually since 2018 primarily due to lower rental revenues and the 2019 net operating income (NOI) was approximately 8% lower than underwritten levels. Property performance further declined in 2020 and the loan transferred to special servicing in August 2020 due to imminent monetary default. The loan failed to payoff at its May 2021 maturity date and is last paid through its April 2021 payment date. The loan was interest-only throughout its entire term and therefore did not benefit from any paydowns or amortization. The special servicer indicated they continue to hold discussion with the borrower and has consented to several deferrals, abatements, renewals, and lease amendments. The most recent appraisal value valued the property at nearly 60% below the value at securitization and as of the February 2022 remittance statement, the master servicer has recognized a 36% appraisal reduction based on the loans balance.The second largest specially serviced loan is the Mobile Festival Centre Loan ($17.9 million — 1.6% of the pool), which is secured by a 380,619 SF retail power center located in Mobile, Alabama. The property was 48% leased as of June 2021, down from 72% in 2018 and 80% at securitization. Recent tenant departures included Bed Bath & Beyond (7% of net rentable area (NRA)), Virginia College (16%) and Ross Dress for Less (8%). The loan transferred to special servicing in September 2020 due to imminent monetary default as a result of the pandemic. The borrower continues to work on stabilizing the property and the special servicer is evaluating a pending new lease which would increase occupancy to 63%. The loan has amortized by 13% and is last paid through September 2021.The third largest specially serviced loan is the 808 Broadway Loan ($12.5 million — 1.1% of the pool), which is secured by a 24,548 SF retail space located on Broadway and East 11 Street in New York, New York. It is the ground floor retail condo space of a six story building constructed in 1888. The servicer has not received any quarterly or annual financial statements or rent rolls since March 2019. The loan transferred to special servicing in November 2020 due to imminent monetary default and is last paid through December 2020. The borrower has indicated the single retail tenant has filed for chapter 11 bankruptcy protection and is no longer paying rent. The borrower indicated willingness to consent to the appointment of a receiver and cooperate with the transition of the property to the special servicer.Moody’s has also assumed a high probability of default for one poorly performing loan, constituting 0.9% of the pool, which is secured by a mixed-use property in Bethesda, Maryland that has experienced significant declines in occupancy and revenue. Moody’s has estimated an aggregate loss of $78.5 million (a 52.3% expected loss on average) from these specially serviced and troubled loans.The credit risk of loans is determined primarily by two factors: 1) Moody’s assessment of the probability of default, which is largely driven by each loan’s DSCR, and 2) Moody’s assessment of the severity of loss upon a default, which is largely driven by each loan’s loan-to-value ratio, referred to as the Moody’s LTV or MLTV. As described in the CMBS methodology used to rate this transaction, we make various adjustments to the MLTV. We adjust the MLTV for each loan using a value that reflects capitalization (cap) rates that are between our sustainable cap rates and market cap rates. We also use an adjusted loan balance that reflects each loan’s amortization profile. The MLTV reported in this publication reflects the MLTV before the adjustments described in the methodology.Moody’s received full year 2020 operating results for 100% of the pool, and full or partial year 2021 operating results for 100% of the pool (excluding specially serviced and defeased loans). Moody’s weighted average conduit LTV is 105%, compared to 104% at Moody’s last review. Moody’s conduit component excludes loans with structured credit assessments, defeased and CTL loans, and specially serviced and troubled loans. Moody’s net cash flow (NCF) reflects a weighted average haircut of 26% to the most recently available net operating income (NOI), excluding hotel properties that had significantly depressed NOI in 2020 / 2021. Moody’s value reflects a weighted average capitalization rate of 9.8%.Moody’s actual and stressed conduit DSCRs are 1.81X and 1.06X, respectively, compared to 1.77X and 1.04X at the last review. Moody’s actual DSCR is based on Moody’s NCF and the loan’s actual debt service. Moody’s stressed DSCR is based on Moody’s NCF and a 9.25% stress rate the agency applied to the loan balance.The top three conduit loans represent 29.8% of the pool balance. The largest loan is the Midtown I & II Loan ($124.3 million — 11.2% of the pool). The loan is secured by two Class A office buildings totaling 794,110 SF and an adjacent parking deck located in Atlanta, Georgia. The buildings are 100% leased to AT&T Corporation through April 2024. The loan is interest only for its entire term and matures in May 2023, approximately one year prior the expiration date of the single tenant. Due to the single tenant risk, Moody’s incorporated a lit/dark analysis. While the loan has maintained a high DSCR over its ten-year term, it may face heighted refinance risk due to the tenant concentration and near-term lease expiration date at loan maturity. Moody’s LTV and stressed DSCR are 111% and 1.09X, respectively, the same as the last review.The second largest loan is The Plant San Jose Loan ($123.0 million — 11.1% of the pool), which is secured by a 486,000 SF component of a 624,000 SF power center located in San Jose, California approximately two miles south of the San Jose CBD. The property is anchored by a Home Depot (29% of NRA; lease expiration January 2034), Best Buy (9% of NRA; lease expiration January 2023) and Ross Dress for Less (5% of NRA; lease expiration January 2024). The property is also shadow anchored by Target. The property was 74% leased as of June 2021 compared to 79% in September 2020, 89% in December 2017 and 96% at securitization. The decline in occupancy was partly driven by Toys R Us, (13% of the collateral NRA) vacating as part of their bankruptcy in early 2018 as well as Office Max and several smaller tenants. Operating expenses have also increased significantly in recent years compared with underwritten levels. The loan is interest only for the entire 10-year term. Moody’s LTV and stressed DSCR are 129% and 0.75X, respectively, the same as the last review.The third largest loan is the 301 South College Street Loan ($83.9 million — 7.6% of the pool), which represents a pari passu interest in a $163.1 million mortgage loan. The loan is secured by a 988,646 square foot Class A office tower located in the central business district of Charlotte, North Carolina. The property was 99% leased as of March 2020, however, the largest tenant, Wells Fargo, recently downsized their space significantly. The tenant previously leased 69% of the net rentable area (NRA) and the new lease was for only 20% of the NRA, which would cause occupancy to drop to approximately 50%. A reserve is in place that is trapping excess cash for all terminated space or space being vacated upon expiration and the current balance is $17.6 million. According to the July 2021 servicer inspection, a $6 million lobby renovation is currently underway. After an initial 5-year interest only period the loan has now amortized 6.8% since securitization. The loan matures in May 2023 and due to the recent decline in occupancy may have difficulty refinancing at its maturity date. Moody’s LTV and stressed DSCR are 131% and 0.76X, respectively, compared to 121% and 0.86X at the last review.REGULATORY DISCLOSURESFor further specification of Moody’s key rating assumptions and sensitivity analysis, see the sections Methodology Assumptions and Sensitivity to Assumptions in the disclosure form. Moody’s Rating Symbols and Definitions can be found at: https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_79004.The analysis includes an assessment of collateral characteristics and performance to determine the expected collateral loss or a range of expected collateral losses or cash flows to the rated instruments. As a second step, Moody’s estimates expected collateral losses or cash flows using a quantitative tool that takes into account credit enhancement, loss allocation and other structural features, to derive the expected loss for each rated instrument.Moody’s did not use any stress scenario simulations in its analysis.For ratings issued on a program, series, category/class of debt or security this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series, category/class of debt, security or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody’s rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the credit rating action on the support provider and in relation to each particular credit rating action for securities that derive their credit ratings from the support provider’s credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this credit rating action, and whose ratings may change as a result of this credit rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.The ratings have been disclosed to the rated entity or its designated agent(s) and issued with no amendment resulting from that disclosure.These ratings are solicited. Please refer to Moody’s Policy for Designating and Assigning Unsolicited Credit Ratings available on its website www.moodys.com.Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.Moody’s general principles for assessing environmental, social and governance (ESG) risks in our credit analysis can be found at http://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1288235.At least one ESG consideration was material to the credit rating action(s) announced and described above.The Global Scale Credit Rating on this Credit Rating Announcement was issued by one of Moody’s affiliates outside the EU and is endorsed by Moody’s Deutschland GmbH, An der Welle 5, Frankfurt am Main 60322, Germany, in accordance with Art.4 paragraph 3 of the Regulation (EC) No 1060/2009 on Credit Rating Agencies. Further information on the EU endorsement status and on the Moody’s office that issued the credit rating is available on www.moodys.com.The Global Scale Credit Rating on this Credit Rating Announcement was issued by one of Moody’s affiliates outside the UK and is endorsed by Moody’s Investors Service Limited, One Canada Square, Canary Wharf, London E14 5FA under the law applicable to credit rating agencies in the UK. Further information on the UK endorsement status and on the Moody’s office that issued the credit rating is available on www.moodys.com.Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody’s legal entity that has issued the rating.Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating. Fred Kasimov Analyst Structured Finance Group Moody’s Investors Service, Inc. 250 Greenwich Street New York, NY 10007 U.S.A. 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