DBRS Limited (DBRS Morningstar) confirmed the ratings on the Commercial Mortgage Pass-Through Certificates, Series 2011-C4 issued by JP Morgan Chase Commercial Mortgage Securities Trust 2011-C4 as follows.

Class A-4 at AAA (sf)

Class A-SB at AAA (sf)

Class X-A at AAA (sf)

Class B at AAA (sf)

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 November 2020 remittance. Thirteen of the original 42 loans remain in the pool, representing a collateral reduction of 76.9% since issuance. Two loans, representing 1.8% of the current pool balance, are fully defeased. Based on the YE2019 financials, the pool reported a weighted-average debt service coverage ratio (DSCR) of 2.26 times (x), compared with the issuer's DSCR of 1.60x.

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 Jersey City, New Jersey. The collateral for the loan is a 782,000 square foot (sf) portion of the 1.15 million sf regional mall, owned by a joint venture between Melvin Simon & Associates and the LeFrak family, who also developed the Newport Master Planned Community where the property is located. The loan was transferred to special servicing in July 2020 when a Coronavirus Disease (COVID-19) relief request was made by the borrower. A loan modification was granted in September 2020 that allowed for the deferral of principal, replacement, and Tenant Improvement/Leasing Commission reserve payments from May 2020 through to July 2020. Repayment of the deferred amounts is to be made between August 2020 and the loan's maturity date in May 2021.

Prior to the transfer to special servicing, performance had been quite stable, with the trailing twelve months as of March 2020 DSCR of 2.03x, in line with the YE2019 and YE2018 DSCRs of 2.08x and 2.05x, respectively. Although the strong DSCR figures are encouraging, DBRS Morningstar does note risks in the anchor mix, which includes Macy's (23.6% of total net rentable area (NRA), expiring January 2028), Sears (19.8% of total NRA, expiring October 2027 and which is subject to a ground lease), JCPenney (18.5% of total NRA, expiring January 2050), Kohl's (14.9% of total NRA, expiring January 2028), and an 11-screen AMC Theatres (4.9% of total NRA, expiring January 2026). All of these tenants have reported difficulties both before and during the pandemic, including JCPenney's bankruptcy filing and Macy's announcement that 125 stores would be closed in the next few years. The loan remains current and the borrower appears to be proactively working with the servicer to resolve the pandemic-driven issues, but the factors outlined above suggest there are increased risks for this loan from issuance and, as such, DBRS Morningstar applied an increased probability of default penalty to increase the expected loss in the analysis for this review.

According to the November 2020 remittance, two loans are on the servicer's watchlist, representing 6.9% of the current pool balance. Cooper Tire (Prospectus ID#18, 4.2% of the pool) is being monitored for the single tenant's nonrenewal and Enterprise Place (Prospectus ID#26, 2.8% of the pool) is being monitored for persistent occupancy issues and a low DSCR. In both cases, DBRS Morningstar applied a probability of default penalty to increase the expected loss in the analysis for this review. For additional DBRS Morningstar commentary and servicer-reported data on these loans, please see www.viewpoint.dbrsmorningstar.com, for which information has been provided below.

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 - Cooper Tire (4.2% of the pool)

Prospectus ID#26 - Enterprise Place (2.8% 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 (March 6, 2020), 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.

DBRS Limited

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Toronto, ON M5H 3M7 Canada

Tel. +1 416 593-5577

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

01-Dec-20	Commercial Mortgage Pass-Through Certificates, Series 2011-C4, Class A-4	Confirmed	AAA (sf)	Stb	CA
01-Dec-20	Commercial Mortgage Pass-Through Certificates, Series 2011-C4, Class A-SB	Confirmed	AAA (sf)	Stb	CA
01-Dec-20	Commercial Mortgage Pass-Through Certificates, Series 2011-C4, Class B	Confirmed	AAA (sf)	Stb	CA
01-Dec-20	Commercial Mortgage Pass-Through Certificates, Series 2011-C4, Class X-A	Confirmed	AAA (sf)	Stb	CA
01-Dec-20	Commercial Mortgage Pass-Through Certificates, Series 2011-C4, Class C	Confirmed	AA (low) (sf)	Stb	CA
01-Dec-20	Commercial Mortgage Pass-Through Certificates, Series 2011-C4, Class D	Confirmed	A (sf)	Stb	CA
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, Class H	Trend Change	B (sf)	Neg	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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