Fitch Affirms WFRBS 2011-C2

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

KEY RATING DRIVERS

The affirmations are the result of stable performance of the underlying collateral since issuance. There is one loan in special servicing (0.8%) which Fitch has designated as a Loan of Concern.

As of the November 2014 distribution date, the pool's aggregate principal balance has been reduced by 4.8% to $1.24 billion from $1.3 billion at issuance. Per the servicer reporting, seven loans (13.2% of the pool) are defeased. Interest shortfalls are currently affecting class G.

The specially serviced loan (0.8% of the pool) is secured by two office buildings with an aggregate of 85,910 square feet (sf) located in Reston, VA. The property experienced significant rollover in 2012 when three tenants comprising 40.5% of the net rentable area (NRA) vacated. The special servicer reported the approval of recent leases that will increase occupancy to 76% from 55%, once the build-out is completed. Additionally, the special servicer expects the debt service coverage ratio (DSCR) to increase to 0.87x with the new leases in place. This loan remains current as of the November 2014 remittance date and the borrower is still in negotiations with the special servicer.

The largest loan in the pool (12.9% of the pool), Hollywood & Highland, is secured by a 458,686 sf retail and entertainment center located Los Angeles, CA. The property is anchored by Dolby Theater (formerly known as the Kodak Theater) and includes a grand ballroom, restaurants, night clubs and a bowling alley. The property's performance declined in 2012 after the Cirque du Soleil show closed following its failure to generate significant cash flows. Although a 10-year lease agreement was signed in the fall of 2011 with Cirque du Soleil, no termination fee was required for show closure. After Cirque du Soleil's last show in January 2013, the borrower has reported booking 120 replacement event dates at the theater for 2013 and 190 in 2014. In addition, the borrower's goal is to book over 252 rental days in the theater for 2015. The servicer-reported occupancy and DSCR as of year-end 2013 was 86.4% and 1.81x, respectively.

RATING SENSITIVITY

Rating Outlooks on classes A-1 through F remain Stable due to stable performance. No near-term rating actions are anticipated assuming the current performance trends continue. Initial Key Rating Drivers and Rating Sensitivity are further described in the New Issue report 'WF-RBS Commercial Mortgage Trust 2011-C2' published on Feb. 8, 2011.

Fitch affirms the following classes as indicated:

--$15.5 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;

--$1,014 billion* 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 the class G and X-B certificates.

*Notional amount and interest-only.

Additional information on Fitch's criteria for analyzing U.S. CMBS transactions is available in the Dec. 10, 2014 report, 'U.S. Fixed-Rate Multiborrower CMBS Surveillance 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'.

Applicable Criteria and Related Research:

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

--'U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria' (Dec. 10, 2014).

Applicable Criteria and Related Research:

Global Structured Finance Rating Criteria

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

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

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=812608

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=957076

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