OREANDA-NEWS. Fitch Ratings has affirmed 13 classes of Wells Fargo Bank, N.A. (WFRBS) commercial mortgage pass-through certificates series 2011-C4. A detailed list of rating actions follows at the end of this press release.

KEY RATING DRIVERS

The affirmations reflect stable performance of the underlying collateral pool. Fitch modeled losses of 2.8% of the remaining pool; expected losses on the original pool balance total 2.6%. The pool has experienced no realized losses to date. Fitch has designated two loans (2%) as Fitch Loans of Concern, which includes one specially serviced asset (0.7%).

As of the April 2015 distribution date, the pool's aggregate principal balance has been reduced by 5.8% to \$1.39 billion from \$1.48 billion at issuance. Per the servicer reporting, one loan (0.3% of the pool) is defeased. Interest shortfalls are currently affecting class H.

The largest contributor to expected losses is secured by a 423,556 square foot (sf) (235,656 sf is collateral) shopping mall located in Wausau, WI (1.3% of the pool). The mall is anchored by Younkers, Sears and JC Penney, which is the only anchor that is part of the collateral. JC Penney's vacated in May 2014, and lease payments ceased upon the August 2014 expiration. The loan's sponsor, CBL & Associates Properties, Inc., is attempting to secure a replacement tenant. While the loan remains current and a replacement tenant may be found, Fitch's stressed analysis assumed the anchor space remained vacant.

The next largest contributor to expected losses is the specially-serviced loan (0.7%). It is secured by a 252-unit student housing property located in Fredonia, NY. The loan transferred in November 2014 due to imminent default. While the borrower continues to fund payments, discussions are ongoing with the servicer.

The largest loan in the pool (11%) is secured by a 1.2 million sf (648,728 sf is collateral) regional mall located in Appleton, WI. The mall, which is the second largest in WI, is anchored by JC Penney, Sears, Target, Macy's, Younkers and Scheel's. Scheel's is the only anchor that is part of the collateral. The servicer-reported debt service coverage ratio (DSCR) was 2.14x as year-end (YE) 2014 compared to 2.11x as of YE 2013 and 1.91x at issuance. As of YE 2014, occupancy was 94% compared to 96% for YE 2013 and 92% at issuance.

RATING SENSITIVITIES

Rating Outlooks on classes A1 through G remain Stable due to increasing credit enhancement, continued paydown, and overall stable collateral performance. Fitch does not foresee positive or negative ratings migration unless a material economic or asset level event changes the underlying transaction's portfolio-level metrics.

Fitch affirms the following classes:

--\$7 million class A-1 at 'AAAsf', Outlook Stable;
--\$201.4 million class A-2 at 'AAAsf', Outlook Stable;
--\$164.9 million class A-3 at 'AAAsf', Outlook Stable;
--\$90 million class A-FL at 'AAAsf', Outlook Stable;
--\$0 class A-FX at 'AAAsf', Outlook Stable;
--\$681.4 million class A-4 at 'AAAsf', Outlook Stable;
--Interest-only class X-A at 'AAAsf', Outlook Stable;
--\$42.6 million class B at 'AAsf', Outlook Stable;
--\$42.6 million class C at 'A+sf', Outlook Stable;
--\$33.3 million class D at 'A-sf', Outlook Stable;
--\$51.8 million class E at 'BBB-sf', Outlook Stable;
--\$20.4 million class F at 'BBsf', Outlook Stable;
--\$18.5 million class G at 'Bsf', Outlook Stable.