KBRA Places the Ratings of Six Classes of WFRBS 2013-C14 on Watch Downgrade

KBRA places the ratings of six classes of WFRBS 2013-C14, a CMBS conduit transaction, on Watch Downgrade.

The Watch placements are based on an increase in interest shortfalls and in the concentration of specially serviced assets and K-LOCs. Currently, interest shortfalls are affecting up to and including the Class B certificates. KBRA also considered the likelihood of interest shortfalls continuing and reaching higher in the capital structure during the resolution of the specially serviced assets.

As of the May 2025 remittance period, there are four specially serviced assets (66.9% of the pool balance), of which two (9.5%) are in foreclosure and one (24.0%) is matured non-performing. KBRA identified each of the five remaining assets in the transaction as K-LOCs (100%).

KBRA will continue to monitor the transaction and the underlying loans’ performance and will seek to resolve or update the Watch Downgrade status within 90 days.

Details concerning the classes with ratings placed on Watch are as follows:

To access ratings and relevant documents, click here.

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