OREANDA-NEWS. Fitch Ratings has affirmed five classes of FREMF 2013-K34 multifamily mortgage pass-through certificates and three classes of Freddie Mac structured pass-through certificates series K-034. A detailed list of rating actions follows at the end of this press release.

KEY RATING DRIVERS

The affirmations of FREMF 2013-K34 are based on the stable performance of the underlying collateral. As of the August 2015 distribution date, the pool's aggregate principal balance has been reduced by 0.6% to \\$1.54 billion from \\$1.55 billion at issuance. Approximately 88% of the pool is either partial-term or full-term interest only. Fitch has not designated any loans as Fitch Loans of Concern, and no loans are in special servicing.

The affirmations of the Freddie Mac Series K-034 certificates are the result of the pass-through nature of the certificates, as they are dependent on the underlying ratings of corresponding classes of FREMF 2013-K34.

The largest loan in the pool (10.6%) is a 50% pari passu A-note secured by The Gateway, a 1,254-unit high-rise and townhome apartment complex located in San Francisco, CA. The complex was constructed in 1965 and underwent \\$11.4 million in renovations in 2011. The property resides in the financial district, two blocks north of the Embarcadero Center. Many units have views of the San Francisco Bay. As of the July 2015 rent roll, occupancy remained high at 97.5%.

The next largest loan in the pool (5.6%) is Park Sierra, a 776-unit garden-style apartment complex located in Santa Clarita, CA approximately 25 miles north of the Los Angeles CBD. The property was built by the borrower between 1987 and 1989 with some renovations in 2012. As of the March 2015 rent roll, the property was 97.3% occupied. Further, the property has been subject to rent control restrictions that terminate this month (September 2015).

RATING SENSITIVITIES

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 'FREMF 2013-K34 Multifamily Mortgage Pass-Through Certificates and Freddie Mac Structured Pass-Through Certificates, Series 2013 K-034' (Nov. 21, 2013), available at www.fitchratings.com.

DUE DILIGENCE USAGE

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

FREMF 2013-K34 Multifamily Mortgage Pass-Through Certificates
--\\$176.7 million class A-1 at 'AAAsf'; Outlook Stable;
--\\$1.1 billion class A-2 at 'AAAsf'; Outlook Stable;
--\\$96.7 million class B at 'A-sf'; Outlook Stable;
--\\$38.7 million class C at 'BBBsf'; Outlook Stable;
--\\$1.3 billion* class X1 at 'AAAsf'; Outlook Stable.

Fitch does not rate the class D or the X3 certificates.

Freddie Mac Structured Pass-Through Certificates, Series K-034
--\\$176.7 million class A-1 at 'AAAsf'; Outlook Stable;
--\\$1.1 billion class A-2 at 'AAAsf'; Outlook Stable;
--\\$1.3 billion* class X1 at 'AAAsf'; Outlook Stable.

Fitch does not rate class X3 certificates.