Kroll Bond Rating Agency Affirms Ratings on RBS 2013-SMV

  Kroll Bond Rating Agency Affirms Ratings on RBS 2013-SMV

Business Wire

NEW YORK -- February 12, 2014

Kroll Bond Rating Agency (KBRA) affirmed its ratings on all classes of RBS
2013-SMV certificates, a $295.0 million CMBS single borrower transaction (see
ratings below). The transaction collateral consists of a single, non-recourse,
first lien mortgage loan secured by the borrower’s fee simple interest in
737,554 square feet (sf) of The Shops at Mission Viejo, a 1.2 million sf
super-regional mall located in Mission Viejo, California. The mall is anchored
by Forever 21, Nordstrom, Macy’s Men’s, Children & Furniture Gallery and
Macy’s Women’s & Home. Forever 21 and Nordstrom serve as collateral, and the
remaining two anchors own their own improvements and underlying land. The
loan’s sponsor is Simon Property Group, L.P., an affiliate of Simon Property
Group, Inc.

The collateral was 94.9% occupied as of September 2013. For the TTM period
ending November 2013, comparable in-line tenants occupying less than 10,000 sf
generated sales of $596 per sf, up 2.2% from $583 per sf at securitization.
The current sales performance is 24.4% higher than the International Council
of Shopping Centers (ICSC) national average in-line sales for malls, which
were $479 per sf as of November 2013. The current sales performance is equal
to the US West Region average sales for the same period. Excluding the Apple
Store, average in-line tenant sales were $490 per sf, which represents a 4.0%
increase since securitization ($471 per sf).

KBRA used information obtained from the trustee, U.S. Bank National
Association, and servicer, Wells Fargo Bank, N.A., to analyze the loan
collateral. The analysis produced a KBRA Net Cash Flow (KNCF) of $27.6 million
and a KBRA value of $368.5 million, both of which have declined 0.5% since
securitization. The resulting in-trust KBRA Loan to Value (KLTV) is 80.1%.

Class    Rating       Balance (USD)    Rating Action
A        AAA (sf)     179,000,000      Affirmed
X-A¹     AAA (sf)     179,000,000      Affirmed
X-B¹     AAA (sf)     56,000,000       Affirmed
B        AA (sf)      28,000,000       Affirmed
C        A (sf)       28,000,000       Affirmed
D        BBB- (sf)    37,000,000       Affirmed
E        BB+ (sf)     13,000,000       Affirmed
F        BB+ (sf)     10,000,000       Affirmed

¹ Notional Class

17g-7 Disclosure

All Nationally Recognized Statistical Rating Organizations are required,
pursuant to SEC Rule 17g-7, to provide a description of a transaction’s
representations, warranties and enforcement mechanisms that are available to
investors when issuing credit ratings. KBRA’s disclosure for this transaction
can be found at

Related Publications: (available at

  *RBS 2013-SMV Pre-Sale Report

  *RBS 2013-SMV Pre-Sale ReportCMBS Property Evaluation Guidelines
  *CMBS Single Borrower and Large Loan Rating Methodology

About Kroll Bond Rating Agency

KBRA was established in 2010 by Jules Kroll to restore trust in credit ratings
by creating new standards for assessing risk and by offering accurate, clear
and transparent ratings. KBRA is registered with the U.S. Securities and
Exchange Commission as a Nationally Recognized Statistical Rating Organization
(NRSRO). In addition, KBRA is recognized by the National Association of
Insurance Commissioners (NAIC) as a Credit Rating Provider (CRP).


Kroll Bond Rating Agency
Allison Werry, 646-731-2335
Sarah Woo, 646-731-2361
Michael Haas, 215- 882-5859
Adam Haya, 646-731-2339
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