DBRS Morningstar (DBRS Limited) downgraded three classes of the Commercial Mortgage Pass-Through Certificates, Series 2011-C1 (the Certificates) issued by UBS-Citigroup Commercial Mortgage Trust, Series 2011-C1, as follows.

Class E to BBB (low) (sf) from BBB (high) (sf)

Class F to CCC (sf) from BB (high) (sf)

Class G to C (sf) from B (high) (sf)

DBRS Morningstar also confirmed the ratings on the following classes:

Class A-3 at AAA (sf)

Class A-AB at AAA (sf)

Class A-S at AAA (sf)

Class B at AAA (sf)

Class X-A at AAA (sf)

Class C at AA (sf)

Class D at A (sf)

In addition, DBRS Morningstar changed the trend on Class E to Negative from Stable. All other trends are Stable with the exception of Class F and Class G, which are assigned ratings that do not carry trends.

Furthermore, DBRS Morningstar discontinued and withdrew the rating on the notional Class X-B as the Applicable Referenced Obligation, Class G, was downgraded to C (sf) due to the projected losses upon the resolution of the specially serviced loans.

The rating downgrades and trend change reflect DBRS Morningstar's outlook for two large loans recently transferred to special servicing in Poughkeepsie Galleria (Prospectus ID#2, 15.4% of the pool) and Marriott Buffalo Niagara (Prospectus ID#9, 5.4% of the pool). Although the transfer to special servicing for both loans appears to be a direct result of the Coronavirus Disease (COVID-19) pandemic and its effects on the overall economy, DBRS Morningstar notes both collateral properties showed cash flow declines prior to the pandemic, trends that had both loans on the DBRS Morningstar Hotlist.

As of the May 2020 remittance, 25 of the original 32 loans remained in the pool with an aggregate balance of $407.4 million, representing a collateral reduction of 39.6% since issuance. In addition, 10 loans, representing 43.2% of the pool, including the six of the 15 largest loans in the pool, are fully defeased. As of the May 2020 remittance, there were seven loans, representing 19.5% of the pool balance, on the servicer's watchlist, six of which were being monitored for performance-related issues. The two previously mentioned loans were the only two loans in special servicing as of the May 2020 remittance. Based on the year-end (YE) 2019 reporting, the weighted-average (WA) debt service coverage ratio (DSCR) and debt yield for the pool was 1.29 times (x) and 11.1%, respectively. In addition to the increased risks in the special servicing transfers for the two loans as noted above, DBRS Morningstar also notes the subject pool is concentrated in hotel and retail properties, which represent 32.1% and 19.9% of the pool, respectively. These concentrations are noteworthy as these property types have been most immediately and most deeply affected by the effects of the economic impacts of the coronavirus pandemic.

The Poughkeepsie Galleria loan is secured by a regional mall located in Poughkeepsie, New York. At issuance, the $154.9 million senior loan (which was split into two pieces across the subject) and the UBS 2012-C1 transaction (not rated by DBRS Morningstar) was supplemented with a $21.0 million mezzanine loan for a whole-loan amount of $175.9 million. The mall is anchored by a collateral JCPenney and Regal Cinemas, as well as three non-collateral stores in Macy's, Target, and Dick's Sporting Goods. The mall anchors also include a non-collateral Sears, but the store was recently announced for closure in February 2020 and is expected to hold store closing sales once the mall fully reopens as coronavirus-related restrictions are lifted. The loan was transferred to the special servicer for imminent default in May 2020 as the borrower requested relief as a result of the coronavirus pandemic. However, as previously noted, the loan was showing signs of significantly increased risks from issuance well before the start of the pandemic and has been on the DBRS Morningstar Hotlist since July 2019. The senior loan most recently reported a YE2019 DSCR of 0.88x, relative to the YE2018 and YE2017 DSCR figures of 1.05x and 1.19x, respectively, primarily due to declining base rents. As of the November 2019 rent roll, occupancy at the subject was reported at 86.3%; however, the average rental rate of the collateral decreased to $15.83 per square foot (psf) from $20.16 psf in September 2018. In addition to these trends, DBRS Morningstar notes the loan sponsor, Pyramid Companies, has been in the news recently for publicly confirming economic difficulty amid the pandemic, with some outlets reporting a bankruptcy filing could be made in the near term. Given the low in-place cash flow, generally weak anchor mix, and tertiary location for the property, DBRS Morningstar believes the likelihood of a loss at the loan's ultimate resolution is high and as part of this review, a loss severity of 42.1% was assumed, based on a substantial haircut to the issuance valuation for the property.

The Marriott Buffalo Niagara loan transferred to special servicing in May 2020, also for imminent monetary default related to the borrower's coronavirus pandemic-related relief request. However, the collateral property had been reporting falling cash flows for several years prior to the start of the pandemic, with the Marriott franchise agreement recently extended for a relatively short three-year period through September 2022, just one year past the scheduled 2021 loan maturity. Based on a March 2020 operating statement provided by the servicer, the property reported a trailing 12 months (T-12) occupancy, average daily rate (ADR), and revenue per available room (RevPAR) of 63.5%, $113.77, and $72.27, respectively. Comparatively, the property reported RevPAR for the T-12 ending March 2018 and T-12 ending June 2017 of $80.29 and $82.79, respectively. The servicer most recently reported a DSCR of 1.32x as of the T-12 September 2019 reporting, well below the DBRS Morningstar Net Cash Flow figure derived at issuance of 2.26x. The borrower has attribute performance declines since issuance due to new supply in the market, and more recently, to the decline in Canadian tourism amid the pandemic. Given the sustained cash flow declines since issuance and the dubious outlook for improvement opportunities in the near to medium term, DBRS Morningstar assumed a significant loss for this loan at resolution as part of this review, with a loss severity of 19.2%, based on a steep haircut to the issuance value for the collateral property.

A description of how DBRS Morningstar considers ESG factors within the DBRS Morningstar analytical framework and its methodologies can be found at: https://www.dbrsmorningstar.com/research/357792.

DBRS Morningstar materially deviated from its principal methodology when determining the rating assigned to Class E as the quantitative results suggest a lower rating. DBRS Morningstar considers a material deviation from a methodology to exist when there may be a substantial likelihood that a reasonable investor or other user of the credit ratings would consider the material deviation to be a significant factor in evaluating the ratings. The material deviations is warranted given uncertain loan level event risk associated with the loans on the servicer's watchlist and in special servicing.

Class X-A is interest-only (IO) certificates that reference a single rated tranche or multiple rated tranches. The IO rating mirrors the lowest-rated applicable reference obligation tranche adjusted upward by one notch if senior in the waterfall.

All ratings are subject to surveillance, which could result in ratings being upgraded, downgraded, placed under review, confirmed, or discontinued by DBRS Morningstar.

DBRS Morningstar provides updated analysis and in-depth commentary in the DBRS Viewpoint platform for the following loans in the transaction:

Prospectus ID#2 - Poughkeepsie Galleria (15.4% of the pool)

Prospectus ID#9 - Marriott Buffalo Niagara (5.4% of the pool)

Prospectus ID#11 - Hospitality Specialist Portfolio - 2 (4.5% of the pool)

Prospectus ID#12 - Hospitality Specialist Portfolio - 1 (4.3% of the pool)

Prospectus ID#18 - Beta Center (3.2% of the pool)

Prospectus ID#20 - Plaza Mall of Georgia Phase II (2.5% of the pool)

For complimentary access to this content, please register for the DBRS Viewpoint platform at www.viewpoint.dbrsmorningstar.com The platform includes issuer and servicer data for most outstanding CMBS transactions (including non-DBRS Morningstar rated), as well as loan-level and transaction-level commentary for most DBRS Morningstar-rated and -monitored transactions.

Notes:

All figures are in U.S. dollars unless otherwise noted.

The principal methodology is the North American CMBS Surveillance Methodology, which can be found on dbrsmorningstar.com under Methodologies & Criteria. For a list of the structured-finance-related methodologies that may be used during the rating process, please see the DBRS Morningstar Global Structured Finance Related Methodologies document, which can be found on dbrsmorningstar.com in the Commentary tab under Regulatory Affairs. Please note that not every related methodology listed under a principal structured finance asset class methodology may be used to rate or monitor an individual structured finance or debt obligation.

For more information regarding rating methodologies and Coronavirus Disease (COVID-19), please see the following DBRS Morningstar press release: https://www.dbrsmorningstar.com/research/357883.

For more information regarding structured finance rating methodologies and Coronavirus Disease (COVID-19), please see the following DBRS Morningstar press release: https://www.dbrsmorningstar.com/research/358308.

For more information regarding the structured finance rating approach and Coronavirus Disease (COVID-19), please see the following DBRS Morningstar press release: https://www.dbrsmorningstar.com/research/359905.

The related regulatory disclosures pursuant to the National Instrument 25-101 Designated Rating Organizations are hereby incorporated by reference and can be found by clicking on the link under Related Documents or by contacting us at info@dbrsmorningstar.com.

The rated entity or its related entities did participate in the rating process for this rating action. DBRS Morningstar had access to the accounts and other relevant internal documents of the rated entity or its related entities in connection with this rating action.

Please see the related appendix for additional information regarding the sensitivity of assumptions used in the rating process. Please note a sensitivity analysis is not performed for CMBS bonds rated CCC or lower. The DBRS Morningstar long-term rating scale definition indicates that ratings of CCC or lower are assigned when the bond is highly likely to default or default is imminent, thereby prevailing over a sensitivity analysis.

Generally, the conditions that lead to the assignment of a Negative or Positive trend are generally resolved within a 12-month period. DBRS Morningstar's outlooks and ratings are monitored.

For more information on this credit or on this industry, visit www.dbrsmorningstar.com or contact us at info@dbrsmorningstar.com.

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Ratings

Date Issued	Debt Rated	Action	Rating	Trend	Issued

i

US = USA Issued, NRSRO

CA = Canada Issued, NRSRO

EU = EU Issued, NRSRO

E = EU endorsed

Unsolicited Participating With Access

Unsolicited Participating Without Access

Unsolicited Non-Participating

18-Jun-20	Commercial Mortgage Pass-Through Certificates, Series 2011-C1, Class A-3	Confirmed	AAA (sf)	Stb	CA
18-Jun-20	Commercial Mortgage Pass-Through Certificates, Series 2011-C1, Class A-AB	Confirmed	AAA (sf)	Stb	CA
18-Jun-20	Commercial Mortgage Pass-Through Certificates, Series 2011-C1, Class A-S	Confirmed	AAA (sf)	Stb	CA
18-Jun-20	Commercial Mortgage Pass-Through Certificates, Series 2011-C1, Class B	Confirmed	AAA (sf)	Stb	CA
18-Jun-20	Commercial Mortgage Pass-Through Certificates, Series 2011-C1, Class X-A	Confirmed	AAA (sf)	Stb	CA
18-Jun-20	Commercial Mortgage Pass-Through Certificates, Series 2011-C1, Class C	Confirmed	AA (sf)	Stb	CA
18-Jun-20	Commercial Mortgage Pass-Through Certificates, Series 2011-C1, Class D	Confirmed	A (sf)	Stb	CA
18-Jun-20	Commercial Mortgage Pass-Through Certificates, Series 2011-C1, Class E	Trend Change	BBB (high) (sf)	Neg	CA
18-Jun-20	Commercial Mortgage Pass-Through Certificates, Series 2011-C1, Class E	Downgraded	BBB (low) (sf)	Neg	CA
18-Jun-20	Commercial Mortgage Pass-Through Certificates, Series 2011-C1, Class F	Downgraded	CCC (sf)	--	CA
18-Jun-20	Commercial Mortgage Pass-Through Certificates, Series 2011-C1, Class G	Downgraded	C (sf)	--	CA
18-Jun-20	Commercial Mortgage Pass-Through Certificates, Series 2011-C1, Class X-B	Disc.-W/drwn	Discontinued	--	CA

ALL DBRS RATINGS ARE SUBJECT TO DISCLAIMERS AND CERTAIN LIMITATIONS. PLEASE READ THESE DISCLAIMERS AND LIMITATIONS AND ADDITIONAL INFORMATION REGARDING DBRS RATINGS, INCLUDING DEFINITIONS, POLICIES, RATING SCALES AND METHODOLOGIES.

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