OREANDA-NEWS. Fitch Ratings has affirmed 14 classes of Citigroup Commercial Mortgage Trust, commercial mortgage pass-through certificates, series 2013-GC15 (CGCMT 2013-GC15). A detailed list of rating actions follows at the end of this press release.

KEY RATING DRIVERS

The affirmations reflect the overall stable performance of the pool's underlying collateral since issuance. Fitch modeled losses of 3.2% of the remaining pool; expected losses based on the original pool balance are 1.4%.

As of the July 2016 distribution date, the pool's aggregate principal balance has paid down by 2.8% to $1.08 billion from $1.12 billion at issuance. The pool has experienced no realized losses to date. One loan (0.4% of pool) is defeased. Fitch has designated six loans (3.3%) as Fitch Loans of Concern, which includes two specially serviced loans (1%). Interest shortfalls are currently affecting the non-rated class G.

Five loans (22.2% of pool) are interest-only for the full term. Additionally, 15.4% of the current pool consists of loans that still have a partial interest-only component during their remaining loan term, compared to 25.5% of the original pool at issuance. Upcoming loan maturities consist of 22% of the pool in 2018, with the remaining 78% in 2023.

The largest specially serviced loan (0.5% of pool), which is secured by a 510-unit self-storage facility located in the South Loop neighborhood of Chicago, IL, transferred to special servicing in April 2016 due to imminent default. The special servicer indicated the borrower was unable to make the March 2016 debt service payment due to the use of property funds to pay for tenant build-out overages. The loan has since been brought current through the July 2016 payment date. Fitch expects the loan will be returned to the master servicer.

The second largest specially serviced loan (0.5%), which is secured by a 33,093 square foot (sf) mixed-use office and retail property located in Kissimmee, FL, transferred to special servicing in December 2015 due to imminent default. Property occupancy declined significantly to 48.5% from 100% when the largest tenant vacated due to an involuntary bankruptcy filing in August 2014, causing the property to negatively cash flow. The borrower covered the debt service payment shortfalls until December 2015. As of the March 2016 rent roll, the property was 51.8% leased, with 32.1% of the net rentable area (NRA) rolling prior to the end of 2016. The special servicer is moving forward with foreclosure and putting a receiver in place.

The largest loan (6%) is secured by a 236-room full service beachfront hotel located in South Beach, Miami, FL. The hotel underwent a $9.8 million renovation that was completed in February 2014, which included soft and case goods replacement, flooring replacement and bathroom upgrades. Additionally, in 2015, the sponsor completed the renovation of common areas at an estimated cost of $4 million. As of the trailing 12 months ended May 2016, the occupancy, average daily rate and revenue per available room was 77.7%, $275.46, and $214.11, respectively. The servicer-reported year-end (YE) 2015 debt service coverage ratio declined to 2.08x from 3.06x at YE 2014, primarily due to increased expenses during the renovations and special promotional discounts offered to customers throughout 2015. Occupancy fell slightly to 75% from 77% during the same period.

RATING SENSITIVITIES

Rating Outlooks for all classes remain Stable due to increasing credit enhancement and continued stable performance of the pool since issuance. Fitch does not foresee positive or negative ratings migration until a material economic or asset level event changes the transaction's portfolio-level metrics. Future upgrades are possible as credit enhancement improves when 22% of the pool is expected to pay off at their scheduled 2018 maturities. Downgrades may be possible should overall performance decline significantly.

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:

--$26.4 million class A-1 at 'AAAsf', Outlook Stable;

--$236.9 million class A-2 at 'AAAsf', Outlook Stable;

--$150 million class A-3 at 'AAAsf', Outlook Stable;

--$264.2 million class A-4 at 'AAAsf', Outlook Stable;

--$72.2 million class A-AB at 'AAAsf', Outlook Stable;

--$94.8 million class A-S at 'AAAsf', Outlook Stable;

--$844.5 million* class X-A at 'AAAsf', Outlook Stable;

--$18.1 million* class X-C at 'BBsf', Outlook Stable;

--$54.4 million class B at 'AA-sf', Outlook Stable;

--$204.9 million** class PEZ at 'A-sf', Outlook Stable;

--$55.8 million class C at 'A-sf', Outlook Stable;

--$50.2 million class D at 'BBB-sf', Outlook Stable;

--$18.1 million class E at 'BBsf', Outlook Stable;

--$16.7 million class F at 'Bsf', Outlook Stable.

*Notional amount and interest-only.

**Class A-S, B, and C certificates may be exchanged for class PEZ certificates, the class PEZ certificates may be exchanged for up to the full certificate principal amount of the class A-S, B, and C certificates.

Fitch does not rate the class G certificates.