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Rating Action:

Moody's affirms eight classes of CGCMT 2013-GC15

09 Sep 2020

Approximately $596.5 million of structured securities affected

New York, September 09, 2020 -- Moody's Investors Service, ("Moody's") has affirmed the ratings on eight classes in Citigroup Commercial Mortgage Trust 2013-GC15, Commercial Mortgage Pass-Through Certificates, Series 2013-GC15 as follows:

Cl. A-3, Affirmed Aaa (sf); previously on Dec 16, 2019 Affirmed Aaa (sf)

Cl. A-4, Affirmed Aaa (sf); previously on Dec 16, 2019 Affirmed Aaa (sf)

Cl. A-AB, Affirmed Aaa (sf); previously on Dec 16, 2019 Affirmed Aaa (sf)

Cl. A-S, Affirmed Aaa (sf); previously on Dec 16, 2019 Affirmed Aaa (sf)

Cl. B, Affirmed Aa2 (sf); previously on Dec 16, 2019 Affirmed Aa2 (sf)

Cl. C, Affirmed A3 (sf); previously on Dec 16, 2019 Affirmed A3 (sf)

Cl. X-A*, Affirmed Aaa (sf); previously on Dec 16, 2019 Affirmed Aaa (sf)

Cl. PEZ**, Affirmed A1 (sf); previously on Dec 16, 2019 Affirmed A1 (sf)

* Reflects interest-only classes

** Reflects exchangeable classes

RATINGS RATIONALE

The ratings on six P&I classes were affirmed because the transaction's key metrics, including Moody's loan-to-value (LTV) ratio, Moody's stressed debt service coverage ratio (DSCR) and the transaction's Herfindahl Index (Herf), are within acceptable ranges.

The rating on the IO class was affirmed based on the credit quality of its referenced classes.

The rating on class PEZ was affirmed due to the credit quality of its referenced exchangeable classes.

The coronavirus outbreak, the government measures put in place to contain it, and the weak global economic outlook continue to disrupt economies and credit markets across sectors and regions. Our analysis has considered the effect on the performance of commercial real estate from the current weak U.S. economic activity and a gradual recovery for the coming months. Although an economic recovery is underway, it is tenuous and its continuation will be closely tied to containment of the virus. As a result, the degree of uncertainty around our forecasts is unusually high. Stress on commercial real estate properties will be most directly stemming from declines in hotel occupancies (particularly related to conference or other group attendance) and declines in foot traffic and sales for non-essential items at retail properties. We regard the coronavirus outbreak as a social risk under our ESG framework, given the substantial implications for public health and safety.

Moody's rating action reflects a base expected loss of 8.4% of the current pooled balance, compared to 4.3% at Moody's last review. Moody's base expected loss plus realized losses is now 5.8% of the original pooled balance, compared to 3.3% at the last review. Moody's provides a current list of base expected losses for conduit and fusion CMBS transactions on moodys.com at http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF215255.

FACTORS THAT WOULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS:

The performance expectations for a given variable indicate Moody's forward-looking view of the likely range of performance over the medium term. Performance that falls outside the given range can indicate that the collateral's credit quality is stronger or weaker than Moody's had previously expected.

Factors that could lead to an upgrade of the ratings include a significant amount of loan paydowns or amortization, an increase in the pool's share of defeasance or an improvement in pool performance.

Factors that could lead to a downgrade of the ratings include a decline in the performance of the pool, loan concentration, an increase in realized and expected losses from specially serviced and troubled loans or interest shortfalls.

METHODOLOGY UNDERLYING THE RATING ACTION

The principal methodology used in rating all classes except exchangeable classes and interest-only classes was "Approach to Rating US and Canadian Conduit/Fusion CMBS" published in May 2020 and available at https://www.moodys.com/research/Approach-to-Rating-US-and-Canadian-ConduitFusion-CMBS--PBS_1226187. The principal methodology used in rating exchangeable classes was "Moody's Approach to Rating Repackaged Securities" published in June 2020 and available at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBS_1230078. The methodologies used in rating interest-only classes were "Approach to Rating US and Canadian Conduit/Fusion CMBS" published in May 2020 and available at https://www.moodys.com/research/Approach-to-Rating-US-and-Canadian-ConduitFusion-CMBS--PBS_1226187 and "Moody's Approach to Rating Structured Finance Interest-Only (IO) Securities" published in February 2019 and available at https://www.moodys.com/research/Moodys-Approach-to-Rating-Structured-Finance-Interest-Only-IO-Securities--PBS_1111179. Please see the list of ratings at the top of this announcement to identify which classes are interest-only (indicated by the *) and exchangeable classes (indicated by the **). Alternatively, please see the Rating Methodologies page on www.moodys.com for a copy of these methodologies.

DEAL PERFORMANCE

As of the August 12, 2020 distribution date, the transaction's aggregate certificate balance has decreased by 35% to $723 million from $1.12 billion at securitization. The certificates are collateralized by 78 mortgage loans ranging in size from less than 1% to 8% of the pool, with the top ten loans (excluding defeasance) constituting 42% of the pool. One loan, constituting 2.1% of the pool, has an investment-grade structured credit assessment. Nine loans, constituting 8.6% of the pool, have defeased and are secured by US government securities.

Moody's uses a variation of Herf to measure the diversity of loan sizes, where a higher number represents greater diversity. Loan concentration has an important bearing on potential rating volatility, including the risk of multiple notch downgrades under adverse circumstances. The credit neutral Herf score is 40. The pool has a Herf of 30, the same as at Moody's last review.

As of the August 2020 remittance report, loans representing 82% were current or within their grace period on their debt service payments, 3% were beyond their grace period but less than 30 days delinquent, 3% were between 30 -- 59 days delinquent, 1% were between 60 -- 89 days delinquent, 10% were either 90+ days delinquent or in foreclosure.

Fourteen loans, constituting 25% of the pool, are on the master servicer's watchlist, of which six loans, representing 8% of the pool, indicate the borrower has requested relief in relation to coronavirus impact on the property. The watchlist includes loans that meet certain portfolio review guidelines established as part of the CRE Finance Council (CREFC) monthly reporting package. As part of Moody's ongoing monitoring of a transaction, the agency reviews the watchlist to assess which loans have material issues that could affect performance.

One loan has been liquidated from the pool, resulting in an aggregate realized loss of $3.1 million (for a loss severity of 70%). Four loans, constituting 10% of the pool, are currently in special servicing. Two of the specially serviced loans, representing 4% of the pool, have transferred to special servicing since March 2020.

The largest specially serviced loan is the 735 Sixth Avenue Loan ($34 million -- 4.7% of the pool). The loan is secured by a 16,500 square foot (SF), ground level retail condominium located on the ground level of a 40-story, mixed-use residential condominium building located on Sixth Avenue between West 24th and West 25th Street in New York City. At securitization, the collateral was 100% occupied by five retail tenants. However, the largest two tenants, David's Bridal (10,800 SF or 65.5% of net rentable area (NRA)) and T-Mobile (2,500 SF or 15.8% of NRA) vacated at their lease expirations in 2018 causing occupancy at the property to drop to approximately 19%. As a result of the vacated tenants, the property's cash flow significantly declined and was no longer sufficient to cover the loan's debt service payments. The property benefits from frontage on the northeast corner of Sixth Avenue and 24th Street, in the densely populated Chelsea submarket of Manhattan, however the property's vacancy and current retail environment have led us to increase our expected loss on this loan. The loan was transferred to the special servicer in February 2019 due to delinquent payments and is last paid through its January 2019 payment date. The special servicer filed for foreclosure in October 2019 and is currently dual tracking foreclosure while continuing to discuss resolution options with the borrower.

The second largest specially serviced loan is the Walpole Shopping Mall Loan ($16.7 million -- 2.3% of the pool), which represents a pari-passu portion of a $61.4 million mortgage loan. The loan is secured by a 398,000 SF retail center located in Walpole, Massachusetts. The property is also encumbered by a $10 million mezzanine loan. The property was 89% leased as of March 2020, compared to 96% leased in September 2019 and 99% in December 2016. Occupancy declined after OfficeMax (7% of the NRA), vacated at lease expiration in January 2020. The departure of OfficeMax triggered certain co-tenancy clauses which may cause further stress on the property's rental revenue in 2020. The property is anchored by Kohl's and L.A. Fitness and other major tenants include Barnes & Noble, Jo-Ann Stores and PetSmart. The loan transferred to special servicing in May 2020 due to imminent monetary default and is last paid through the March 2020 payment date. After a temporary closures as a result of the coronavirus pandemic, the property re-opened on May 25 and is currently in phase III of a four phase re-opening plan. The special servicer is dual tracking the negotiation of a short-term modification/forbearance with a secondary strategy of foreclosure/receivership.

The third largest specially serviced loan is the HGI Shreveport & HI Natchez portfolio ($12.1 million -- 1.7% of the pool), which is secured by a limited service hotel located in Natchez, Mississippi, and a full service hotel located in Shreveport, Louisiana. The loan transferred to special servicing in February 2020 due to payment default. The aggregate property performnace had decliend since 2016 as a result of lower RevPAR and higher operating expenses. The loan is due for the December 2019 payment. Receivers were appointed at both of the properties and the special servicer is proceeding with foreclosure.

The remaining specially serviced loan is secured by a hotel property located in Victorville, California. The borrower requested relief due to business disruptions as result of the pandemic.

Moody's has also assumed a high default probability for two poorly performing loans secured by an office building in Houston, Texas and a retail center in Tampa, Florida. The Houston office property has suffered from declining occupancy and cash flow since securitization and the DSCR was below 0.50X as of December 2019. The Tampa retail center has been impacted by the loss of a tenant which occupied 32% of the NRA and causing a decline in both occupancy and loan DSCR since securitization. Moody's has estimated an aggregate loss of $39 million from the specially serviced and troubled loans (a 42% expected loss based on average).

Moody's received full year 2019 operating results for 100% of the pool, and full year 2020 operating results for 71% of the pool (excluding specially serviced and defeased loans). Moody's weighted average conduit LTV is 100%, compared to 94% at Moody's last review. Moody's conduit component excludes loans with structured credit assessments, defeased and CTL loans, and specially serviced and troubled loans. Moody's net cash flow (NCF) reflects a weighted average haircut of 21% to the most recently available net operating income (NOI). Moody's value reflects a weighted average capitalization rate of 9.6%.

Moody's actual and stressed conduit DSCRs are 1.39X and 1.07X, respectively, compared to 1.46X and 1.13X at the last review. Moody's actual DSCR is based on Moody's NCF and the loan's actual debt service. Moody's stressed DSCR is based on Moody's NCF and a 9.25% stress rate the agency applied to the loan balance.

The loan with a structured credit assessment is the Fairview Center Loan ($15.0 million -- 2.1% of the pool), which is secured by an anchored shopping center in Goleta, California, approximately nine miles northwest of Santa Barbara, California. At securitization the property was 99% occupied and was anchored by Vons, Orchard Supply, Rite Aid and Bed Bath & Beyond. Although Orchard Supply Hardware (45,206 SF, 20% of NRA) had a lease expiration in 2025, they vacated in 2018 and paid a termination fee equal to the rents due through the term of the lease. ACE Hardware subsequently assumed the Orchard Supply lease and the property was 98% leased as of December 2019. Moody's structured credit assessment and stressed DSCR are aa1 (sca.pd) and 1.95X, respectively.

The top three conduit loans represent 21% of the pool balance. The largest loan is the 125 Third Avenue Loan ($60 million -- 8.3% of the pool), which is secured by a 91-unit, 16-story, mixed-use building in New York, New York. The property is situated on the northeast corner of Third Avenue and East 14th Street within the East Village neighborhood of Manhattan in close proximity to New York University (NYU). The property consists of 104,424 SF of multifamily space, 7,056 SF of ground floor retail space and 8,960 SF of other non-revenue generating space. The tenants at the property include NYU, which master leases 100% of the multifamily space for student housing, and Duane Reade, which occupies the ground floor retail space. Both tenants have lease expirations in 2025. As of December 2019, the property was 100% leased, the same as at the last review. The loan is interest-only for its entire term and Moody's LTV and stressed DSCR are 101% and 0.83X, respectively, the same as at the last review.

The second largest loan is the 400 Broome Street Loan ($50.0 million -- 6.9% of the pool), which is secured by the fee simple interest in the 107-unit, 11-story, mixed-use building located in New York, New York. The property consists of 148,400 SF of student housing space, 10,600 SF of ground floor retail space, 5,336 SF of office space and 3,000 SF of garage space. The tenants at the 400 Broome Street property include NYU which master leases 100.0% of the multifamily space through 2025. As of March 2020, the property was 90% occupied, unchanged since 2016. Property performance declined slightly in 2019 as a result of lower rental revenues. The loan is interest-only for its entire term and Moody's LTV and stressed DSCR are 110% and 0.86X, respectively, compared to 108% and 0.85X at the last review.

The third largest loan is the SkySong Center Loan ($45 million -- 6.2% of the pool), which is secured by a leasehold interest in two, four-story Class A suburban office buildings, located in Scottsdale, Arizona. The properties are located within the SkySong Innovation Park, a 1.2 million SF mixed-use development that features mixed use, office, research, retail, hotel/conference center, and apartment developments. The improvements are situated on land owned by the City of Scottsdale. The two collateral buildings are each subject to a ground sublease that expires in 2087. Ground rent payments remain fixed at $138,954 until 2024 when it steps up to $299,288 and then remains fixed until maturity in 2087. The collateral was 92% leased as of March 2020, compared to 89% in December 2019, 77% in 2017 and 97% at securitization. The property faces near term rollover from the second largest tenant, Ticketmaster, which represents 13% of the property and has a lease expiration in January 2021. The loan had an initial 5-year interest only period and has now amortized 2.6% from securitization. Moody's LTV and stressed DSCR are 97% and 1.06X, respectively, compared to 96% and 1.10X at the last review.

REGULATORY DISCLOSURES

For further specification of Moody's key rating assumptions and sensitivity analysis, see the sections Methodology Assumptions and Sensitivity to Assumptions in the disclosure form. Moody's Rating Symbols and Definitions can be found at: https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_79004.

The analysis includes an assessment of collateral characteristics and performance to determine the expected collateral loss or a range of expected collateral losses or cash flows to the rated instruments. As a second step, Moody's estimates expected collateral losses or cash flows using a quantitative tool that takes into account credit enhancement, loss allocation and other structural features, to derive the expected loss for each rated instrument.

Moody's did not use any stress scenario simulations in its analysis.

For ratings issued on a program, series, category/class of debt or security this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series, category/class of debt, security or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the credit rating action on the support provider and in relation to each particular credit rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this credit rating action, and whose ratings may change as a result of this credit rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.

The ratings have been disclosed to the rated entity or its designated agent(s) and issued with no amendment resulting from that disclosure.

These ratings are solicited. Please refer to Moody's Policy for Designating and Assigning Unsolicited Credit Ratings available on its website www.moodys.com.

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

Moody's general principles for assessing environmental, social and governance (ESG) risks in our credit analysis can be found at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1133569.

At least one ESG consideration was material to the credit rating action(s) announced and described above.

The Global Scale Credit Rating on this Credit Rating Announcement was issued by one of Moody's affiliates outside the EU and is endorsed by Moody's Deutschland GmbH, An der Welle 5, Frankfurt am Main 60322, Germany, in accordance with Art.4 paragraph 3 of the Regulation (EC) No 1060/2009 on Credit Rating Agencies. Further information on the EU endorsement status and on the Moody's office that issued the credit rating is available on www.moodys.com.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.

Fred Kasimov
Associate Lead Analyst
Structured Finance Group
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653

Matthew Halpern
VP - Senior Credit Officer
Structured Finance Group
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653

Releasing Office:
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653

No Related Data.
© 2020 Moody's Corporation, Moody's Investors Service, Inc., Moody's Analytics, Inc. and/or their licensors and affiliates (collectively, "MOODY'S"). All rights reserved.

CREDIT RATINGS ISSUED BY MOODY'S INVESTORS SERVICE, INC. AND/OR ITS CREDIT RATINGS AFFILIATES ARE MOODY'S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODY'S (COLLECTIVELY, "PUBLICATIONS") MAY INCLUDE SUCH  CURRENT OPINIONS. MOODY'S INVESTORS SERVICE DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE MOODY'S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY'S INVESTORS SERVICE CREDIT RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS, NON-CREDIT ASSESSMENTS ("ASSESSMENTS"), AND  OTHER OPINIONS INCLUDED IN MOODY'S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY'S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY'S ANALYTICS, INC. AND/OR ITS AFFILIATES. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND  PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND  PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY'S ISSUES ITS CREDIT RATINGS, ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES  ITS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.

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Moody's Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody's Corporation ("MCO"), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody's Investors Service, Inc. have, prior to assignment of any credit rating, agreed to pay to Moody's Investors Service, Inc. for credit ratings opinions and services rendered by it fees ranging from $1,000 to approximately $2,700,000. MCO and Moody's investors Service also maintain policies and procedures to address the independence of Moody's Investors Service credit ratings and credit rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold credit ratings from Moody's Investors Service and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading "Investor Relations — Corporate Governance — Director and Shareholder Affiliation Policy."

Additional terms for Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY'S affiliate, Moody's Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody's Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). This document is intended to be provided only to "wholesale clients" within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, you represent to MOODY'S that you are, or are accessing the document as a representative of, a "wholesale client" and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to "retail clients" within the meaning of section 761G of the Corporations Act 2001. MOODY'S credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors.

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MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

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