Market Overview

Fitch Affirms WF-RBS Commercial Mortgage Trust 2011-C2

NEW YORK--(BUSINESS WIRE)--

Fitch Ratings has affirmed 10 classes of Wells Fargo Bank, N.A. WF-RBS Commercial Mortgage Trust 2011-C2, commercial mortgage pass-through certificates. A detailed list of rating actions follows at the end of this press release.

KEY RATING DRIVERS

Affirmations are due to stable pool performance since issuance. There have been no delinquent or specially serviced loans since issuance. Fitch has designated two loans (7.3%) as Fitch Loans of Concern.

As of the December 2012 distribution date, the pool's aggregate principal balance has been reduced by 2% to $1.27 billion from $1.3 billion at issuance. No loans have defeased since issuance.

The largest Fitch loan of concern (6.5% of the pool) is the 1412 Broadway loan, a 415,619 square foot (sf) office building in New York City. Overall, YE 2011 net operating income (NOI) decreased by 38.2% from issuer NOI underwritten at issuance. As a result, the year end 2011 DSCR was 1.03x compared to 1.66x at issuance. The decline in performance is due to an increase in expenses. However, according to the rent roll dated Sept. 25, 2012 occupancy has increased to 95% from 90% as of YE 2011 and the DSCR has improved slightly to 1.07x as of 3Q'2012.

Fitch affirms the following classes as indicated:

--$51.8 million class A-1 at 'AAAsf'; Outlook Stable;

--$383.4 million class A-2 at 'AAAsf'; Outlook Stable;

--$122.4 million class A-3 at 'AAAsf'; Outlook Stable;

--$493.2 million class A-4 at 'AAAsf'; Outlook Stable;

--IO class X-A at 'AAAsf'; Outlook Stable;

--$39 million class B at 'AAsf'; Outlook Stable;

--$43.9 million class C at 'Asf'; Outlook Stable;

--$68.2 million class D at 'BBB-sf'; Outlook Stable;

--$21.1 million class E at 'BBsf'; Outlook Stable;

--$14.6 million class F at 'Bsf'; Outlook Stable.

Fitch does not rate classes G and X-B.

Additional information on Fitch's criteria for analyzing U.S. CMBS transactions is available in the Dec. 18, 2012 report, 'U.S. Fixed-Rate Multiborrower CMBS and Re-REMIC Criteria', which is available at 'www.fitchratings.com' under the following headers:

Structured Finance >> CMBS >> Criteria Reports

Additional information is available at 'www.fitchratings.com'. The ratings above were solicited by, or on behalf of, the issuer, and therefore, Fitch has been compensated for the provision of the ratings.

Applicable Criteria and Related Research:

--'Global Structured Finance Rating Criteria' (June 6, 2012);

--'U.S. Fixed-Rate CMBS Multiborrower and Re-REMIC Criteria' (Dec. 18, 2012).

Applicable Criteria and Related Research:

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=679923

U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=696969

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE.

Fitch Ratings
Primary Analyst
Martin Nunnally, +1-212-908-0871
Associate Director
Fitch, Inc.
One State Street Plaza
New York, NY 10004
or
Committee Chairperson
Mary MacNeill, +1-212-908-0785
Managing Director
or
Media Relations:
Sandro Scenga, New York, +1-212-908-0278
sandro.scenga@fitchratings.com

 

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