Fitch Affirms Wireless Capital Partners LLC Series 2013-1 and 2013-2

Fitch Ratings has affirmed Wireless Capital Partners LLC secured wireless site contract revenue notes series 2013-1 and 2013-2 as follows:

--$95,000,000 class 2013-1A at 'Asf'; Outlook Stable;

--$31,000,000 class 2013-1B at 'BB-sf'; Outlook Stable;

--$18,000,000 class 2013-2A at 'Asf'; Outlook Stable;

--$6,000,000 class 2013-2B at 'BB-sf'; Outlook Stable.

KEY RATING DRIVERS

The affirmations are due to stable performance and continued cash flow growth since issuance. The Stable Outlooks reflect the limited prospect for upgrades given the provision to issue additional notes.

RATING SENSITIVITIES

The classes are expected to remain stable based on continued cash flow growth due to annual rent escalations and automatic renewal clauses resulting in higher debt service coverage ratios (DSCR) since issuance. The ratings have been capped at 'A' due to the specialized nature of the collateral and the potential for changes in technology to affect long-term demand for wireless tower space.

The certificates represent beneficial ownership interest in the trust, primary assets of which are 885 wireless sites securing one fixed-rate loan. As of the February 2015 distribution date, the aggregate principal balance of the notes remains unchanged at $150 million since issuance.

The transaction is structured with scheduled monthly principal payments that will amortize down the principal balance 10% by the anticipated repayment date (ARD) in year seven, reducing the refinance risk. The scheduled monthly principal payments will be paid sequentially beginning in the third year from closing until the note's ARD.

The ownership interest in the wireless sites consists of lease purchase sites, easements and fee interests in land, rooftops or other structures on which site space is allocated for placement of tower and wireless communication equipment. Thus, unlike typical cell tower securitizations in which the towers serve as collateral, the collateral for this securitization generally consists of lease purchase sites, easements and the revenue stream from the payments the owner of the tower and/or tenants of the site pay to Wireless Capital Partners.

As part of its review, Fitch analyzed the collateral data and site information provided by the issuer, Wireless Capital Partners. As of February 2015, aggregate net cash flow increased 2.8% to $18 million since the issuance of the 2013-2 notes. The Fitch stressed DSCR increased from 1.23x at issuance to 1.26x as a result of the increase in net cash flow. Telephony/broadband tenants represented 96.6% of the annualized run rate revenue (ARRR).

As of the February 2015 remittance date, the site acquisition account had a zero balance after the acquisition of additional collateral during the acquisition period. The increase in revenue from the acquired sites exceeds the forecasted revenue underwritten at issuance as the revenue at issuance was stressed to the most conservative parameters to meet the pool composition tests outlined in the transaction documents.

Additional information on Fitch's criteria for analyzing U.S. Wireless Tower Transactions is available in the Nov. 19, 2014 report, 'Criteria for Analyzing U.S. Wireless Tower Transactions,' which is available at 'www.fitchratings.com' under the following headers:

Structured Finance >> CMBS >> Criteria Reports

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

Applicable Criteria and Related Research:

--'Global Structured Finance Rating Criteria' (Aug. 4, 2014);

--'Criteria for Analyzing U.S. Wireless Tower Transactions' (Nov. 19, 2014);

--'Criteria for Analyzing Large Loans in U.S. Commercial Mortgage Transactions' (Sept. 19, 2014).

Applicable Criteria and Related Research:

Criteria for Analyzing U.S. Wireless Tower Transactions

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=810908

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=754389

Criteria for Analyzing Large Loans in U.S. Commercial Mortgage Transactions

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=772328

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=980521

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