OREANDA-NEWS. Fitch Ratings has affirmed 14 classes of WFRBS Commercial Mortgage Trust 2013-C16 certificates. A list of rating actions follows at the end of this release.

KEY RATING DRIVERS

The affirmations reflect the stable performance of the underlying collateral pool since issuance. The modeled base case loss of 3.41% is consistent with Fitch's base case loss assessment at issuance. There are currently eight loans on the servicer's watchlist, representing 14.1% of the pool. The largest of these loans is being flagged for deferred maintenance and is not considered a Fitch Loan of Concern. There are no delinquent or specially serviced loans. The pool exhibits strong credit metrics, with a weighted-average debt service coverage ratio (DSCR) of 2.15x and a weighted-average debt yield of 12.4%; however, there has been limited amortization since issuance. Loans representing 29% of the pool are interest-only for the full term, including the three largest loans. Additionally, at issuance there were nine partial interest-only loans, three of which (7.3% of the pool) are still in their interest-only periods.

The largest loan in the pool is secured by 997,549 square feet (sf) of space within the 1.6 million sf Westfield Mission Valley Mall in San Diego, CA. The subject is situated just north of San Diego immediately off of Interstate 8. A Macy's (non-collateral), Target, Bed, Bath & Beyond and Nordstrom Rack act as anchor tenants. The trust loan is pari-passu with a $55 million note that was securitized in the WFRBS 2013-C17 transaction. This loan is interest-only for the full term, and the interest-only DSCR for YE2015 was 3.16x, up from 3.04x at YE2014.

The second largest loan is Brennan Industrial Portfolio and is secured by a portfolio of 23 industrial and two office properties located in 14 states across the country. All of the properties were 100% occupied as of March 2016, and no leases are scheduled to expire until 2024; however, two tenants (2.8% of the portfolio NRA) have termination options in 2017 and 2018. This loan is interest-only for the full term. The interest-only DSCR was 2.76x for YE2015, up from 2.69x at YE2014. This loan is on the watchlist because of deferred maintenance at one of the collateral properties and is not considered a Fitch Loan of Concern.

The third largest loan in the pool is Augusta Mall. The collateral comprises 500,222 sf within the 1.1 million sf Augusta Mall located in Augusta, GA. The subject is anchored by Dillard's, Macy's, JC Penney and Sears, none of which serve as collateral for the loan. The trust loan is pari-passu with a $110 million note that was securitized in WFRBS 2013-C15. The interest-only loan reported a YE2015 DSCR of 3.77x, up from 2.25x at YE2014.

RATING SENSITIVITIES

The Rating Outlook for all classes remains Stable. Due to the limited seasoning and lack of amortization, Fitch does not foresee positive or negative rating migration until a material economic or asset level event changes the transaction's portfolio-level metrics.

DUE DILIGENCE USAGE

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

Fitch has affirmed the following ratings:

--$19.6 million class A-1 at 'AAAsf', Outlook Stable;

--$160.6 million class A-2 at 'AAAsf', Outlook Stable;

--$44 million class A-3 at 'AAAsf', Outlook Stable;

--$183 million class A-4 at 'AAAsf', Outlook Stable;

--$221.6 million class A-5 at 'AAAsf', Outlook Stable;

--$70.4 million class A-SB at 'AAAsf', Outlook Stable;

--$100.7 million class A-S at 'AAAsf', Outlook Stable;

--$832.8 million* class X-A at 'AAAsf', Outlook Stable;

--$56.2 million class B at 'AA-sf', Outlook Stable;

--$41.8 million class C at 'A-sf', Outlook Stable;

--$0 class PEX at 'A-sf', Outlook Stable;

--$47.1 million class D at 'BBB-sf', Outlook Stable;

--$24.8 million class E at 'BB-sf', Outlook Stable;

--$10.5 million class F at 'B-sf', Outlook Stable.

*Notional amount and interest only.

Fitch does not rate the class G and X-B certificates. Fitch previously withdrew the rating on the class X-C certificate. The class A-S, B and C certificates may be exchanged for the class PEX certificates, and the class PEX certificates may be exchanged for the class A-S, B and C certificates.