OREANDA-NEWS. Fitch Ratings has affirmed all classes of Wells Fargo Bank, N.A. WFRBS Commercial Mortgage Trust 2011-C3 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 based on the relatively stable performance of the underlying collateral pool since issuance. Fitch reviewed the servicer-provided year-end (YE) 2013 and partial YE 2014 financial performance of the collateral pool in addition to updated rent rolls for the top 15 loans which represent 59.5% of the transaction.

As of the January 2015 distribution date, the pool's aggregate principal balance has been reduced by 6.2% to \$1.36 billion from \$1.45 billion at issuance. Per the servicer reporting, one loan (1.3% of the pool) is defeased. Interest shortfalls are currently affecting class G. Fitch has identified four Fitch Loans of Concern (4.6%), two of which are specially serviced (3.2%).

The largest specially serviced loan, The Commons at Manahawkin Village, is a 326,128 SF shopping center located in Manahawkin, New Jersey. The property historically has had stable financial performance, however the loan has been chronically late on payments since its inception in 2011. The loan has been on the Watchlist since September 2012 and was transferred to special servicing in September 2013. The mezzanine lender has cured 100% of payments when noticed by the special servicer. The mezzanine lender has moved for a UCC foreclosure and the borrower filed for bankruptcy protection in December 2013. A final cash collateral hearing was held and an order was approved on Sept. 15, 2014. According to the special servicer, 'Included in the final order was both a structure where the property will be marketed by a lender approved broker for a sale estimated to close by February of 2015 and provisions preserving current P&I payments through the sale of the asset.' Although updated financials were not provided, the latest net operating income debt service coverage ratio (NOI DSCR) as of year-end 2012 was reported at 1.54x. The most recent appraisal is in excess of the debt. The second specially serviced loan, Campus Habitat 15, is secured by a 481-unit multifamily project located in Laramie, Wyoming. The loan was transferred to special servicing in August 2013 due to monetary default and the borrower filed for Chapter 11 bankruptcy protection in December 2013. Upon the bankruptcy filing, the court entered an Order of Dismissal in June 2014 as a settlement between the parties has been reportedly reached. Approval has been received and a settlement agreement was executed by all parties. The loan is expected to be returned to the master servicer upon the loan being corrected.

RATING SENSITIVITIES

The Rating Outlooks remain Stable for all classes. Additional information on rating sensitivity is available in the report 'WFRBS Commercial Mortgage Trust 2011-C3', dated September 6, 2011.

Fitch affirms the following classes:

--\$12.7 million class A-1 at 'AAAsf'; Outlook Stable;
--\$313.1 million class A-2 at 'AAAsf'; Outlook Stable;
--\$123.5 million class A-3 at 'AAAsf'; Outlook Stable;
--\$102 million class A-3FL at 'AAAsf'; Outlook Stable;
--\$557 million class A-4 at 'AAAsf'; Outlook Stable;
--\$1.11 billion* class X-A at 'AAAsf'; Outlook Stable;
--\$41.6 million class B at 'AAsf'; Outlook Stable;
--\$47 million class C at 'Asf'; Outlook Stable;
--\$79.5 million class D at 'BBB-sf'; Outlook Stable;
--\$21.7 million class E at 'BBsf'; Outlook Stable;
--\$19.9 million class F at 'Bsf'; Outlook Stable.