Class A-4 at
Class A-SB at
Class X-A at
Class B at
Class C at AA (low) (sf)
Class D at A (sf)
Class E at BBB (high) (sf)
Class F at BBB (low) (sf)
Class G at BB (low) (sf)
Class H at B (sf)
DBRS Morningstar changed the trend on Class H to Negative from Stable. This trend change is reflective of the increased risk to the lowest-rated class because the largest loan in the pool has been transferred to special servicing, as detailed below. The trend on all other classes is Stable. In addition, DBRS Morningstar removed the Interest in Arrears designation from Classes F, G, and H.
In general, the pool has performed as expected at issuance, despite the high concentration of loans secured by retail properties (73.6%) in the remaining pool as of the
One loan is in special servicing: The Newport Centre loan (Prospectus ID#1, representing 51.0% of the pool) is secured by a regional mall in
Prior to the transfer to special servicing, performance had been quite stable, with the trailing twelve months as of
According to the
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.
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#1 - Newport Centre (51.0% of the pool)
Prospectus ID#18 -
Prospectus ID#26 -
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
The principal methodology is the North American CMBS Surveillance Methodology (
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.
Tel. +1 416 593-5577
Ratings
Date Issued Debt Rated Action Rating Trend Issued
i
US =
CA = Canada Issued, NRSRO
EU = EU Issued, NRSRO
E = EU endorsed
Unsolicited Participating With Access
Unsolicited Participating Without Access
Unsolicited Non-Participating
01-Dec-20 Commercial Mortgage Pass-Through Certificates, Series 2011-C4, Class A-4 ConfirmedAAA (sf) Stb CA
01-Dec-20 Commercial Mortgage Pass-Through Certificates, Series 2011-C4, Class A-SB ConfirmedAAA (sf) Stb CA
01-Dec-20 Commercial Mortgage Pass-Through Certificates, Series 2011-C4, Class B ConfirmedAAA (sf) Stb CA
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01-Dec-20 Commercial Mortgage Pass-Through Certificates, Series 2011-C4, Class E Confirmed BBB (high) (sf) Stb CA
01-Dec-20 Commercial Mortgage Pass-Through Certificates, Series 2011-C4, Class F Confirmed BBB (low) (sf) Stb CA
01-Dec-20 Commercial Mortgage Pass-Through Certificates, Series 2011-C4, Class G Confirmed BB (low) (sf) Stb CA
01-Dec-20 Commercial Mortgage Pass-Through Certificates, Series 2011-C4, ClassH Tren d Change B (sf) Neg CA
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