OREANDA-NEWS. Fitch Ratings has affirmed 13 classes of Deutsche Bank Securities, Inc.'s COMM 2013-CCRE11 commercial mortgage pass-through certificates, series 2013-CCRE11. A detailed list of rating actions follows at the end of this press release.

KEY RATING DRIVERS

The affirmations are based on the stable performance of the underlying collateral pool. The pool has had no delinquent or specially serviced loans since issuance and a top 10 loan (3.2%) is defeased. The pool's aggregate principal balance has been reduced by 1.3% to $1.26 billion from $1.25 billion at issuance. There are seven loans on the servicer watchlist, but only two small loans (0.2% of the pool) are considered Fitch Loans of Concern. The Loans of Concern are multifamily properties in Brooklyn, NY, with reported debt service coverage ratios less than 1.1x. Limited near-term pay-down is anticipated and six loans (36.7% of pool) have partial IO loan terms due to expire between now and 2019.

The largest loan in the pool (11.5%) is secured by Miracle Mile Shops, a 448,835 square foot (sf) retail mall in Las Vegas, NV. The property is centrally located off of the Las Vegas strip at the base of the Planet Hollywood Resort & Casino. The mall, built in 2000 as Desert Passage, underwent a $130 million renovation and in 2007 was renamed Miracle Mile Shops. The property has a diverse tenant mix with approximately 140 national and locally based tenants. Performance has remained stable since issuance; as of year-end (YE) 2015, the subject was 94% occupied with a 1.45x DSCR. The loan has a partial IO term due to expire in 2018.

The second largest loan in the pool (8.9%) is secured by a portfolio of three industrial buildings encompassing 2,853,175 sf and a 40.0-acre (1,742,400 sf) land parcel. The three industrial properties are located in Pennsylvania, Ohio, and Indiana, and the land parcel is located in northern New Jersey adjacent to the New York/New Jersey port. The portfolio has near-term rollover between now and 2018; however, the loan was structured with an up-front rollover reserve and annual ongoing rollover reserves. As of YE 2015 the portfolio was 94% occupied with a 1.73x DSCR. The loan has a partial IO term due to expire in 2016.

RATING SENSITIVITIES

The Stable Outlooks reflect stable performance of the pool and defeasance of a top 10 loan. Due to the recent issuance of the transaction and stable performance, Fitch does not foresee positive or negative ratings migration until a material economic or asset level event changes the transaction's overall portfolio-level metrics.

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.

Fitch has affirmed the following classes:

--$26 million class A-1 at 'AAAsf'; Outlook Stable;

--$90 million class A-2 at 'AAAsf'; Outlook Stable;

--$70.3 million class A-SB at 'AAAsf'; Outlook Stable;

--$275 million class A-3 at 'AAAsf'; Outlook Stable;

--$411.3 million class A-4 at 'AAAsf'; Outlook Stable;

--$986,900,271* class X-A 'AAAsf'; Outlook Stable;

--$186,130,000* class X-B 'BBB-sf'; Outlook Stable;

--$114.3 million class A-M at 'AAAsf'; Outlook Stable;

--$76.2 million class B at 'AA-sf'; Outlook Stable;

--$46 million class C at 'A-sf'; Outlook Stable;

--$63.9 million class D at 'BBB-sf'; Outlook Stable;

--$20.2 million class E at 'BBsf'; Outlook Stable;

--$17.5 million class F at 'Bsf'; Outlook Stable.

*Notional amount and interest only.

Fitch does not rate the class G or interest-only class X-C certificates.