Fitch Ratings has affirmed 10 classes of Wells Fargo Bank, N.A. (WFRBS) 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

The affirmations are the result of stable performance of the underlying collateral since issuance. Fitch has designated one loan (0.8%) as a Fitch Loan of Concern, which includes one specially serviced loan (0.8%).

As of the December 2013 distribution date, the pool's aggregate principal balance has been reduced by 3.4% to $1.26 billion from $1.3 billion at issuance. Per the servicer reporting, one loan (0.5% of the pool) is defeased. Interest shortfalls are currently affecting class G due to special servicing fees.

The specially serviced loan (0.80% of the pool) is secured by two office buildings with an aggregate 85,910 square feet (sf) of space located in Reston, VA. The property experienced significant rollover in 2012 when three tenants comprising of 40.5% of the net rentable area (NRA) vacated. The special servicer reports the occupancy was 55% as of September 2013, which declined from 84% as of year-end 2011. Additionally, the debt service coverage ratio (DSCR) has declined to 0.85 times (x) as of second-quarter 2013 from 1.88x as of year-end 2011. This loan remains current as of the December 2013 remittance date and the borrower is in discussion with the special servicer.

The largest loan (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 to close. After Cirque du Soleil's last show in January 2013, the borrower has reported booking over 85 replacement event dates at the theater for 2013. In addition, the borrower's goal is to book over 220 rental days in the theater for 2014 and expects improved performance going forward. The servicer-reported occupancy and DSCR as of June 2013 was 88.1% and 1.14x, respectively.

RATING SENSITIVITY

Rating Outlooks on classes A-1 through F remain Stable due to stable performance. No 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:

--$33.5 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;

--$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

--$1,032 billion* class X-A at 'AAA; Outlook Stable.

*Notional amount and interest-only.

Fitch does not rate the class G and X-B certificates.

Additional information on Fitch's criteria for analyzing U.S. CMBS transactions is available in the Dec. 11, 2013 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' (May 24, 2013);

--'U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria' (Dec. 11, 2013).

Applicable Criteria and Related Research:

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=708661

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

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=724961

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=813994

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Fitch Ratings
Primary Analyst
Sean Gibbs, +1-212-908-0311
Associate Director
Fitch Ratings, Inc.
One State Street Plaza
New York, NY 10004
or
Committee Chairperson
Mary MacNeill, +1-212-908-0785
Managing Director
or
Media Relations, New York
Sandro Scenga, +1-212-908-0278
sandro.scenga@fitchratings.com