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

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