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Fitch: No Impact to WFRBS 2013-C18 as a Result of Additional Sponsor Disclosure



  Fitch: No Impact to WFRBS 2013-C18 as a Result of Additional Sponsor
  Disclosure

Business Wire

NEW YORK -- December 16, 2013

The updated disclosure regarding one of the sponsors on the Sullivan Center
loan in WFRBS Commercial Mortgage Trust 2013-C18 (WFRBS 2013-C18) will not
impact the transaction's expected ratings, according to Fitch Ratings.

On Dec. 16, 2013, six days after Fitch issued a presale and expected ratings
for WFRBS Commercial Mortgage Trust 2013-C18, the issuer provided additional
disclosure that one of the sponsors and property manager for the sixth largest
loan in the pool, a $38.5 million pari passu piece of a $113.5 million
mortgage loan secured by the mixed-use office/retail building in Chicago, was
indicted on federal criminal charges including seven counts of bank fraud, one
count of mail fraud, and five counts of making false statements to banks. The
indictment was filed on Dec. 12, 2013 and seeks forfeiture of $2,995,295 in
alleged fraud proceeds.

While the indictment is new information, Fitch already highlighted sponsor
credit issues as a primary concern in its presale and stressed its asset
volatility score to address potential volatility as a result of possible
sponsor related issues. In addition, the property manager has limited control
to approve any lease or any agreement involving more than $15,000. The
property manager may also be removed and replaced upon a conviction of fraud.

The Sullivan Center is a 15-story, 943,944-sf mixed-use office/retail building
located within the Chicago central business district. The property secures a
$113.5 million mortgage loan originated by UBS Real Estate Securities Inc. The
loan is sponsored by Joseph Freed and Associates, Winthrop Realty Trust, and
Elad Canada, Inc.

The presale report is available at 'www.fitchratings.com'.

Additional information is available at 'www.fitchratings.com'.

Applicable Criteria and Related Research:

--'Criteria for Analyzing Multiborrower U.S. Commercial Mortgage Transactions
(August 2013)

--Criteria for Analyzing Large Loans in U.S. Commercial Mortgage Transactions
(September 2013)

--Global Structured Finance Rating Criteria (May 2013)

--U.S. Commercial Mortgage Servicer Rating Criteria (February 2011)

--U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria
(December 2013)

--Counterparty Criteria for Structured Finance and Covered Bonds (May 2013)

Applicable Criteria and Related Research:

WFRBS Commercial Mortgage Trust 2013-C18 (US CMBS)

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=726377

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS.
PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK:
HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING
DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S
PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND
METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF
CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL,
COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM
THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER
PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS
OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN
EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER
ON THE FITCH WEBSITE.

Contact:

Fitch Ratings
Primary Analyst
Brian Vorderbrueggen, +1-212-908-9102
Associate Director
Fitch Ratings, Inc.
One State Street Plaza
New York, NY 10004
or
Secondary Analyst
Robert Ritter, +1-212-908-1328
Analyst Trainee
or
Committee Chairperson
Robert Vrchota, +1-312-368-3336
Managing Director
or
Media Relations
Sandro Scenga, +1-212-908-0278 (New York)
sandro.scenga@fitchratings.com
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