OREANDA-NEWS. Fitch Ratings has affirmed 14 classes of UBS-Barclays Commercial Mortgage Trust (UBS-BB) commercial mortgage pass-through certificates series 2013-C5. A detailed list of rating actions follows at the end of this press release.

KEY RATING DRIVERS

The affirmations are the result of stable performance of the underlying pool since issuance. As of the January 2015 distribution date, the pool's aggregate principal balance has been reduced by 17.1% to \$1.46 billion from \$1.76 billion at issuance. There have been no specially serviced loans since issuance and no loans are defeased. Interest shortfalls are currently affecting class G.

The largest loan in the pool, Santa Anita Mall (14.7% of the pool), is secured by 793,133 sf of a 1.2 million sf regional mall located in Arcadia, CA. The property rent roll is diverse, with over 200 tenants in occupancy. Forever 21 is the largest collateral tenant at 12.3%. As of third quarter 2014 (3Q'14), occupancy was reported at 91.8%, compared to 95.0% at year-end (YE) 2013 and 98.1% at issuance. The net operating income (NOI) debt service coverage ratio (DSCR) was a reported 3.21x for year-to-date (YTD) 3Q'14, compared to 2.93x at YE 2013 and 3.19x at issuance.

The second largest loan in the pool, Valencia Town Center (13.4% of the pool), is secured by a 647,803 sf of a 1.1 million sf regional mall located in Valencia, CA. Edwards Theatres is the largest collateral tenant at 6.2%. As of 3Q'14, occupancy was slightly down at a reported at 88.8%, compared to 94.5% at YE 2013 and 96.7% at issuance. The NOI DSCR was a reported 2.97x for YTD 3Q'14, compared to 3.14x at YE 2013 and 3.19x at issuance.

Of the Top 15 loans, three have significant tenant rollover risk in 2014 and 2015. The Starwood Office Portfolio (8.9% of the pool) has 31.3% of the leases expiring in 2016 spread over the six properties in the portfolio. 155 Fifth Avenue (1.9% of the pool) has 41.2% and 28.1% of its leases expiring in 2015 and 2016 respectively, and Tisch Tower (1.9% of the pool) has 26.4% and 16.1% of its leases expiring in 2015 and 2016, respectively. Cash management trigger has been activated for the Starwood Office Portfolio and 155 Fifth Avenue. Fitch will monitor the performance of each loan as leasing status updates are received.

RATING SENSITIVITIES

All classes maintain Stable Outlooks. 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.

Fitch affirms the following classes as indicated:

--\$55.6 million class A-1 at 'AAAsf'; Outlook Stable;
--\$17 million class A-2 at 'AAAsf'; Outlook Stable;
--\$200 million class A-3 at 'AAAsf'; Outlook Stable;
--\$629.5 million class A-4 at 'AAAsf'; Outlook Stable;
--\$110.5 million class A-AB at 'AAAsf'; Outlook Stable;
--\$120.7 million class A-S* at 'AAAsf'; Outlook Stable;
--\$96.5 million class B* at 'AA-sf'; Outlook Stable;
--\$0 class EC at 'A-sf'; Outlook Stable;
--\$57.5 million class C* at 'A-sf'; Outlook Stable;
--\$70.5 million class D at 'BBB-sf'; Outlook Stable;
--\$27.8 million class E at 'BBsf'; Outlook Stable;
--\$27.8 million class F at 'Bsf'; Outlook Stable.
--\$1,160.2 million** class X-A at 'AAAsf'; Outlook Stable;
--\$96.5 million** class X-B at 'AA-sf'; Outlook Stable.