OREANDA-NEWS. Fitch Ratings has affirmed 15 classes of Morgan Stanley Bank of America Merrill Lynch Trust Series 2013-C13 pass-through certificates. A detailed list of rating actions is provided at the end of this press release.

KEY RATING DRIVERS

The affirmations are due to the overall stable performance of the underlying collateral pool since issuance. As of the October 2015 distribution date, the pool's aggregate principal balance has been reduced by 1.7% to $978.7 million from $995.3 million at issuance. There have been no delinquent or specially serviced loans since issuance. Five loans are on the servicer Watchlist (4%), three of which have been identified as Fitch Loans of Concern (LOC). The Fitch LOCs (2.7%), though underperforming from expectations at issuance, remain current and Fitch does not anticipate imminent default at this time.

The largest loan in the pool, Stonestown Galleria (13.3% of the pool), is a 10-year partial IO loan (i.e. interest-only for the initial 60 months). The whole loan consists of four pari passu notes. Only the A1, A3 and A4 notes are included in this transaction. The collateral consists of 585,758 sf of an 853,546 sf regional mall located in San Francisco, CA. The property is anchored by Macy's (non-collateral with lease expiring April 2037) and Nordstrom (lease expiring April 2022). Major tenants include Sports Authority, Trader Joe's, United Artists Theatre, Uniqlo and H&M. Sponsored by GGP, the loan is performing in line with issuer underwriting expectations. Per June 2015 rent roll, the property was 96.2% occupied, compared to 97% at year-end (YE) 2014 and 94.5% at issuance. The servicer reported second quarter (2Q) 2015 debt service coverage ratio (DSCR) was 3.44x, compared to 3.38x at year-end (YE) 2014 and 2.32x at UW.

The second largest loan, The Mall at Chestnut Hill (12.3%), is a 10 year IO loan. Collateral consists of 168,642 sf of a 465,895 sf regional mall located in Newton, MA, a suburb of Boston. The property is anchored by two Bloomingdale's stores (non-collateral). Major tenants include Crate and Barrel, Brooks Brothers, Uniqlo, Banana Republic, and Cheesecake Factory. Per the June 2015 rent roll, the property was 94% occupied, compared to 93% at YE 2014 and 96.5% at issuance. Sponsored by Simon Properties, the loan is performing in line with issuer underwriting expectations. The servicer reported DSCR for the 2Q'15 was 2.21x, compared to 2.02x at YE 2014 and 1.99x at UW.

The third largest loan, Residence Inn by Marriott Philadelphia (4.5%), is secured by a 290-key extended stay hotel located in Philadelphia, PA. The loan is performing in line with underwriting expectations. The servicer reported 2Q 2015 occupancy rate, average daily rate (ADR) and revenue per available room (RevPar) were 82%, $166, and $140, respectively, compared to 77.3%, $154, and $119, respectively, at issuance. The servicer reported 2Q'15 DSCR was 2.02x, compared to 1.65x at YE 2014 and 1.52x at issuance. The loan is sponsored by GHC Properties.

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 'Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C13' (July 17, 2014) at www.fitchratings.com.

Fitch has affirmed the following ratings:

--$32.9 million class A-1 at 'AAAsf'; Outlook Stable;
--$75.6 million class A-2 at 'AAAsf'; Outlook Stable;
--$77.2 million class A-SB at 'AAAsf'; Outlook Stable;
--$220 million class A-3 at 'AAAsf'; Outlook Stable;
--$274.4 million class A-4 at 'AAAsf'; Outlook Stable;
--$75.9million class A-S at 'AAAsf'; Outlook Stable;
--$56 million class B at 'AA-sf'; Outlook Stable;
--Class PST Exchangeable Certificates at 'A-sf'; Outlook Stable;
--$44.8 million class C at 'A-sf'; Outlook Stable;
--$48.5 million class D at 'BBB-sf'; Outlook Stable;
--$13.7 million class E at 'BB+sf'; Outlook Stable;
--$11.2 million class F at 'BB-sf'; Outlook Stable;
--$10 million class G at 'B-sf'; Outlook Stable;
--Interest - Only class X-A at 'AAAsf'; Outlook Stable;
--Interest - Only class X-B at 'AA-sf'; Outlook Stable.

Fitch does not rate the class H or class X-C certificates.