OREANDA-NEWS. Fitch Ratings has affirmed 15 classes of WFRBS Commercial Mortgage Trust commercial mortgage pass-through certificates series 2014-C19. A detailed list of rating actions follows at the end of this press release.

KEY RATING DRIVERS

The affirmations are due to overall stable performance of the underlying collateral pool. Fitch reviewed the most recently available financial performance data for the transaction, as well as updated rent rolls for the majority of the top 15 loans, which represent 47% of the transaction. Of the loans in the pool, 70 loans (78%) of the pool reported third quarter (3Q 2014) financials; 12 loans (11%) reported (2Q 2014) financials; 17 loans (11%) have not reported financials since issuance.

As of the February 2015 distribution date, the pool's aggregate principal balance has been reduced by 1% to \$1.09 billion from \$1.1 billion at issuance. Fitch has designated three (1.5%) Fitch Loans of Concern, and no loans are in special servicing.

The largest loan in the pool, Renaissance Downtown Chicago (8.2% of the pool) is secured by a 27-story, 553-room, full-service hotel located in Chicago, IL situated in the central portion of Downtown Chicago, within walking distance to the Magnificent Mile, Millennium Park, Navy Pier and most of Chicago's CBD businesses. The property was built in 1991, renovated in 2012 and features three food and beverage outlets, 35,000 square feet (sf) of meeting space, a 10,640-sf grand ballroom, a spa, fitness center, indoor swimming pool, 7,800 sf of street-level retail space, an underground parking garage (space for 80 valet-parked vehicles), a business center and VIP Club Lounge. Per the January 2015 Smith Travel Research (STR) report, occupancy was 73.3%, the average daily rate (ADR) \$237.08, and revenue per available room (RevPAR) of \$173.83 compared to 74.8%, \$212.62, \$159.13 for its competitive set. The most recent debt-service coverage ratio (DSCR) as of September 2014 is 2.63x up from 2.12x at issuance.

The second largest loan in the pool, Life Time Fitness Portfolio (7.1% of the pool) is secured by a portfolio of five freestanding fitness center properties all 100% occupied by Life Time Fitness. The properties are located in Texas, Virginia, Illinois, and Arizona with no property representing more than 21.5% of the portfolio's aggregate loan balance. The most recent DSCR as of September 2014 is 1.53x compared to 1.68x at issuance.

The third largest loan, Nordic Cold Storage Portfolio (4.9% of the pool) is secured by a portfolio of eight properties totaling 907,304 sf of cold storage warehouse and distribution centers located in Georgia, North Carolina, Alabama and Mississippi. Seven of the eight properties were built on or before 1995 with the final property being built in 2013. The tenant, Nordic Cold Storage, is a provider of refrigerated warehouse services to the poultry industry. The portfolio remains stable with occupancy of 100% and a DSCR of 1.78x which is consistent with issuance.

RATING SENSITIVITY

The Rating Outlook for all classes remains Stable. 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 portfolio-level metrics. Additional information on rating sensitivity is available in the report 'WFRBS Commercial Mortgage Trust, Series 2014-C19' (June 12, 2014) available at 'www.fitchratings.com'.

Fitch affirms the following classes:

--\$64.4 million class A-1 at 'AAAsf'; Outlook Stable;
--\$36.9 million class A-2 at 'AAAsf'; Outlook Stable;
--\$98.9 million class A-3 at 'AAAsf'; Outlook Stable;
--\$210 million class A-4 at 'AAAsf'; Outlook Stable;
--\$249.2 million class A-5 at 'AAAsf'; Outlook Stable;
--\$101.9 million class A-SB at 'AAAsf'; Outlook Stable;
--\$73.1 million class A-S at 'AAAsf'; Outlook Stable;
--Interest-only class X-A at 'AAA'; Outlook Stable;
--Interest-only class X-B at 'BBB-'; Outlook Stable;
--\$75.9 million class B* at 'AA-sf'; Outlook Stable;
--\$40 million class C* at 'A-sf'; Outlook Stable;
--\$189 million class PEX* at 'A-sf'; Outlook Stable;
--\$59.3 million class D at 'BBB-sf'; Outlook Stable;
--\$27.6 million class E at 'BB-sf'; Outlook Stable;
--\$11 million class F at 'B-sf'; Outlook Stable.

*Class A-S, B and C certificates may be exchanged for a related amount of class PEX certificates, and class PEX certificates may be exchanged for class A-S, B and C certificates. Fitch does not rate the \$44.1 million class G certificates.

A comparison of the transaction's Representations, Warranties, and Enforcement (RW&E) mechanisms to those of typical RW&Es for the asset class is available in the following report:

--'WFRBS Commercial Mortgage Trust, Series 2014-C19'-- Appendix' (June 12, 2014).