OREANDA-NEWS. Fitch Ratings has affirmed all rated classes of COMM 2013-300P Mortgage Trust (COMM 2013-300P). A detailed list of rating actions follows at the end of this release.

KEY RATING DRIVERS

The affirmations of COMM 2013-300P is based on the stable performance of the underlying trust asset since issuance. The loan is interest-only for the entire 10-year term.

The subject is a 25-story, 771,634 square foot office building located at 300 Park Avenue. The building is situated along a full block of Park Avenue between 49th and 50th streets in Manhattan, within the Grand Central/Plaza District submarket. The three largest tenants are Colgate-Palmolive (65.3% of the net rentable area [NRA], rated 'AA-'/Stable Outlook by Fitch), Greenhill & Company (13.6% of the NRA) and GoldenTree (5.3% of the NRA), with lease expirations in 2023, 2020 and 2018, respectively. The borrower has executed several new leases in the last year bringing occupancy up slightly to 97.6%, according to the December 2015 rent roll.

There is significant exposure to the largest tenant, whose lease expiration is concurrent with the loan's scheduled maturity. There are not structural features in place to mitigate this lease roll; however, Colgate-Palmolive has demonstrated a commitment to the subject property through a long-term occupancy of 60 years, an early lease renewal in 2008 for an additional 15 years and recent ongoing investments to their space. Additionally, the tenant's lease contains two renewal options (one 10-year and one five-year) each upon at least 24 months prior notice.

RATING SENSITIVITIES

The Rating Outlook for all classes remains Stable. No rating actions are expected unless there are material changes to the property occupancy and cash flow.

Fitch affirms the following classes as indicated:

--$222 million class A1 at 'AAAsf', Outlook Stable;

--$75 million class A1P at 'AAAsf', Outlook Stable;

--$297 million class X-A* at 'AAAsf', Outlook Stable;

--$61 million class B at 'AA-sf'; Outlook Stable;

--$42 million class C at 'A-sf'; Outlook Stable;

--$57 million class D at 'BBB-sf'; Outlook Stable;

--$28 million class E at 'BB+sf'; Outlook Stable.

*notional and interest-only.

DUE DILIGENCE USAGE

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