J.P. Morgan Chase Commercial Mortgage Securities Trust 2013-C13 Ratings Raised On Four Classes; Seven Ratings Affirmed


  • We raised our ratings on four classes from J.P. Morgan Chase Commercial Mortgage Securities Trust 2013-C13, a U.S. CMBS transaction.
  • At the same time, we affirmed our ratings on seven other classes from the same transaction.
  • These rating actions reflect our analysis of the transaction, which included a review of the credit characteristics and performance of the remaining assets in the pool, the transaction's structure, and the liquidity available to the trust.
NEW YORK (S&P Global Ratings) March 14, 2019--S&P Global Ratings today raised 
its ratings on four classes of commercial mortgage pass-through certificates 
from J.P. Morgan Chase Commercial Mortgage Securities Trust 2013-C13, a U.S. 
commercial mortgage-backed securities (CMBS) transaction. In addition, we 
affirmed our ratings on seven other classes from the same transaction (see 
list).

For the upgrades and affirmations, our credit enhancement expectation was in 
line with the affirmed or raised rating levels.

While available credit enhancement levels suggest positive rating movements on 
class F and further positive rating movements on class E, our analysis also 
considered the classes' junior positions within the trust's capital structure, 
as well as their relatively weaker liquidity support. 

We affirmed our 'AAA (sf)' rating on the class X-A interest-only (IO) 
certificate based on our criteria for rating IO securities, in which the 
rating on the IO securities would not be higher than that of the lowest rated 
reference class. The notional balance of class X-A references classes A-2, 
A-3, A-4, A-SB, and A-S. 

TRANSACTION SUMMARY

As of the Feb. 15, 2019, trustee remittance report, the collateral pool 
balance was $691.1 million, which is 71.9% of the pool balance at issuance. 
The pool currently includes 35 loans, down from 45 loans at issuance. Two 
($23.4 million, 3.4%) of these assets are on the master servicer's watchlist 
and four ($33.2 million, 4.8%) are defeased. The two loans that appear on the 
master servicer's watchlist are due to low debt service coverage (DSC).

We calculated a 1.91x S&P Global Ratings weighted average DSC and 74.2% S&P 
Global Ratings weighted average loan-to-value (LTV) ratio using a 7.66% S&P 
Global Ratings weighted average capitalization rate. The DSC, LTV, and 
capitalization rate calculations exclude the defeased loans. The top 10 loans 
have an aggregate outstanding pool trust balance of $477.2 million (69.0%). 
Using adjusted servicer-reported numbers, we calculated an S&P Global Ratings 
weighted average DSC and LTV of 1.86x and 76.6%, respectively, for the top 10 
loans.

To date, the transaction has not experienced any principal losses.
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