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Rating Action:

Moody's affirms sixteen classes of Morgan Stanley Bank of America Merrill Lynch 2013-C9

29 Jun 2022

Approximately $856 million of structured securities affected

New York, June 29, 2022 -- Moody's Investors Service, ("Moody's")  has affirmed the ratings on sixteen classes in Morgan Stanley Bank of America Merrill Lynch Trust 2013-C9, Commercial Mortgage Pass-Through Certificates Series 2013-C9 as follows:

Cl. A-AB, Affirmed Aaa (sf); previously on Jul 31, 2020 Affirmed Aaa (sf)

Cl. A-3, Affirmed Aaa (sf); previously on Jul 31, 2020 Affirmed Aaa (sf)

Cl. A-3FL, Affirmed Aaa (sf); previously on Jul 31, 2020 Affirmed Aaa (sf)

Cl. A-3FX, Affirmed Aaa (sf); previously on Jul 31, 2020 Affirmed Aaa (sf)

Cl. A-4, Affirmed Aaa (sf); previously on Jul 31, 2020 Affirmed Aaa (sf)

Cl. A-S, Affirmed Aaa (sf); previously on Jul 31, 2020 Affirmed Aaa (sf)

Cl. B, Affirmed Aa3 (sf); previously on Jul 31, 2020 Affirmed Aa3 (sf)

Cl. C, Affirmed A3 (sf); previously on Jul 31, 2020 Affirmed A3 (sf)

Cl. D, Affirmed Ba1 (sf); previously on Jul 31, 2020 Downgraded to Ba1 (sf)

Cl. E, Affirmed Ba3 (sf); previously on Jul 31, 2020 Downgraded to Ba3 (sf)

Cl. F, Affirmed B2 (sf); previously on Jul 31, 2020 Downgraded to B2 (sf)

Cl. G, Affirmed B3 (sf); previously on Jul 31, 2020 Downgraded to B3 (sf)

Cl. H, Affirmed Caa3 (sf); previously on Jul 31, 2020 Downgraded to Caa3 (sf)

Cl. PST**, Affirmed Aa3 (sf); previously on Jul 31, 2020 Affirmed Aa3 (sf)

Cl. X-A*, Affirmed Aaa (sf); previously on Jul 31, 2020 Affirmed Aaa (sf)

Cl. X-B*, Affirmed A2 (sf); previously on Jul 31, 2020 Affirmed A2 (sf)

*  Reflects Interest-Only Classes

** Reflects Exchangeable Classes

RATINGS RATIONALE

The ratings on the thirteen P&I classes were affirmed because the credit support and because 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 ratings on the two IO classes, Cl. X-A and Cl. X-B, were affirmed based on the credit quality of the referenced classes.

The rating on the exchangeable class, Cl. PST, was affirmed due to the credit quality of the referenced exchangeable classes.

Moody's rating action reflects a base expected loss of 5.9% of the current pooled balance, compared to 5.7% at Moody's last review. Moody's base expected loss plus realized losses is now 4.1% of the original pooled balance, compared to 4.2% 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. Additionally, significant changes in the 5-year rolling average of 10-year US Treasury rates will impact the magnitude of the interest rate adjustment and may lead to future rating actions.

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 methodologies used in rating all classes except exchangeable classes and interest-only classes were "US and Canadian Conduit/Fusion Commercial Mortgage-Backed Securitizations Methodology" published in November 2021 and available at https://ratings.moodys.com/api/rmc-documents/74473 and "Large Loan and Single Asset/Single Borrower Commercial Mortgage-Backed Securitizations Methodology" published May 2022 and available at https://ratings.moodys.com/api/rmc-documents/388873. The methodology used in rating the exchangeable class was "Moody's Approach to Rating Repackaged Securities" published in June 2020 and available at https://ratings.moodys.com/api/rmc-documents/68357. The methodologies used in rating interest-only classes were "US and Canadian Conduit/Fusion Commercial Mortgage-Backed Securitizations Methodology" published in November 2021 and available at https://ratings.moodys.com/api/rmc-documents/74473, "Large Loan and Single Asset/Single Borrower Commercial Mortgage-Backed Securitizations Methodology" published May 2022  and available at https://ratings.moodys.com/api/rmc-documents/388873 and "Moody's Approach to Rating Structured Finance Interest-Only (IO) Securities" published in February 2019 and available at https://ratings.moodys.com/api/rmc-documents/59126. 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 https://ratings.moodys.com for a copy of these methodologies.

DEAL PERFORMANCE

As of the June 15, 2022 distribution date, the transaction's aggregate certificate balance has decreased by 30% to $893.2 million from $1.28 billion at securitization. The certificates are collateralized by 53 mortgage loans ranging in size from less than 1% to 18.5% of the pool, with the top ten loans (excluding defeasance) constituting 46.7% of the pool. Thirteen loans, constituting 32.1% 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 10, compared to 12 as at Moody's last review.

As of the June 2022 remittance report, loans representing 81.5% were current or within their grace period on their debt service payments and 18.5% were in foreclosure.

Nine loans, constituting 15% of the pool, are on the master servicer's watchlist, of which two loans, representing 3.6% of the pool, indicate the borrower has received loan modifications 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.

No loans have been liquidated from the pool and one loan, the Milford Plaza Fee ($165 million -- 18.5% of the pool), is currently in special servicing. The specially serviced loan represents a pari passu portion of a $275 first mortgage loan. The loan is secured by the ground interest underlying the Row Hotel, a 1,331 key full service hotel located on 8th avenue in New York City. The ground lease commenced in 2013 and runs through 2112, and has annual CPI increases. The loan transferred to the special servicer in June 2020 due to payment default on the ground rent due to the significant decline in performance of the non-collateral improvements. The loan was last paid through April 2020. Special servicer commentary indicates they are dual tracking foreclosure with workout discussions and the borrower has proposed sale and loan assumption/modification to a third party that would include collapsing the ground lease and allowing the new owner to directly control the hotel. Moody's analysis considered the value of the non-collateral improvements that the leased fee interest underlies when assessing the risk of the loan, as the subject loan is senior to any debt on the improvements. Due to the delinquent status and decline in performance of the non-collateral hotel property, Moody's has assumed a small loss on this loan.

The credit risk of loans is determined primarily by two factors: 1) Moody's assessment of the probability of default, which is largely driven by each loan's DSCR, and 2) Moody's assessment of the severity of loss upon a default, which is largely driven by each loan's loan-to-value ratio, referred to as the Moody's LTV or MLTV.  As described in the CMBS methodology used to rate this transaction, we make various adjustments to the MLTV. We adjust the MLTV for each loan using a value that reflects capitalization (cap) rates that are between our sustainable cap rates and market cap rates. We also use an adjusted loan balance that reflects each loan's amortization profile. The MLTV reported in this publication reflects the MLTV before the adjustments described in the methodology.

Moody's received full year 2020 operating results for 97% of the pool, and full or partial year 2021 operating results for 100% of the pool (excluding specially serviced and defeased loans). Moody's weighted average conduit LTV is 98%, compared to 108% 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 17.7% to the most recently available net operating income (NOI), excluding hotel properties that had significantly depressed NOI in 2020/2021. Moody's value reflects a weighted average capitalization rate of 9.8%.

Moody's actual and stressed conduit DSCRs are 1.64X and 1.20X, respectively, compared to 1.62X and 0.97X 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 top three conduit loans represent 15% of the pool balance. The largest loan is the Dartmouth Mall Loan ($54.5 million - 6.1% of the pool), which is secured by a 530,800 square foot (SF) component of a 671,000 SF regional mall located in Dartmouth, MA. The mall is anchored by a non-collateral Macy's, and the collateral is anchored by JC Penny's and an AMC theatre. A 108,000 SF Sear's store at the property closed in 2019, but was partially backfilled by Burlington. The property is considered a "Core Mall" by the sponsor, PREIT. As of year-end 2021, the property was 93% occupied, compared to 98% at year-end 2020. The property's 2021 NOI increased 11% over the prior year due to higher revenues and the 2021 NOI is over 20% higher than underwritten levels. The loan has amortized more than 18% since securitization and matures in April 2023. Moody's LTV and stressed DSCR are 119% and 1.02X, respectively, compared to 136% and 0.89X at the last review.

The second largest loan is the Aprhorp Retail Condominium Loan ($54.2 million - 6.1% of the pool), which is secured by the 12,850 SF ground floor retail portion interest of the Apthorp, a 12 story condo building that is historically landmarked by New York City. The collateral sits along Broadway between 79th and 78th streets. The largest tenant is a Chase Bank Branch, occupying 56% of property NRA through 2029. Occupancy has fluctuated in recent years, with a low of 63% at year-end 2020. Two new tenants signed leases during 2021, bringing occupancy to 75%. The loan has amortized 16% since securitization and Moody's LTV and stressed DSCR are 123% and 0.75X, respectively, compared to 122% and 0.71X at the last review.

The third largest loan is the Lodge as Sonoma Renaissance Resort and Spa Loan ($25.2 million - 2.8% of the pool), which is secured by a 182 key resort hotel located in Sonoma, CA, 35 miles north of San Francisco. The hotel is located near numerous wineries in the Sonoma and Napa Regions. The property's performance was significantly impacted by the pandemic in 2020 and the property's revenue were insufficient to cover its operating expense. However, the property's performance rebounded significantly in 2021 and the 2021 NOI DSCR was 2.74X. The loan has amortized approximately 18% since securitization and Moody's LTV and stressed DSCR are 57% and 2.05X, respectively, compared to 60% and 1.95X 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 on https://ratings.moodys.com/rating-definitions.

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 issuer/deal page for the respective issuer on https://ratings.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 https://ratings.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://ratings.moodys.com/documents/PBC_1288235.

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 https://ratings.moodys.com.

The Global Scale Credit Rating on this Credit Rating Announcement was issued by one of Moody's affiliates outside the UK and is endorsed by Moody's Investors Service Limited, One Canada Square, Canary Wharf, London E14 5FA under the law applicable to credit rating agencies in the UK. Further information on the UK endorsement status and on the Moody's office that issued the credit rating is available on https://ratings.moodys.com.

Please see https://ratings.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 issuer/deal page on https://ratings.moodys.com for additional regulatory disclosures for each credit rating.

Kyle Austin Gray
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.
© 2022 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

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