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Rating Action:

Moody's affirms seven classes, confirms one class, and downgrades three classes of WFRBS 2011-C4

24 Jun 2020

Approximately $956 million of structured securities affected

New York, June 24, 2020 -- Moody's Investors Service, ("Moody's") has affirmed the ratings on seven classes, confirmed the rating on one class, and downgraded the ratings on three classes in WFRBS Commercial Mortgage Trust 2011-C4, Commercial Mortgage Pass-Through Certificates, Series 2011-C4, as follows:

Cl. A-4, Affirmed Aaa (sf); previously on Feb 12, 2020 Affirmed Aaa (sf)

Cl. A-FX, Affirmed Aaa (sf); previously on Feb 12, 2020 Affirmed Aaa (sf)

Cl. A-FL, Affirmed Aaa (sf); previously on Feb 12, 2020 Affirmed Aaa (sf)

Cl. B, Affirmed Aa2 (sf); previously on Feb 12, 2020 Affirmed Aa2 (sf)

Cl. C, Affirmed A2 (sf); previously on Feb 12, 2020 Affirmed A2 (sf)

Cl. D, Affirmed Baa1 (sf); previously on Feb 12, 2020 Affirmed Baa1 (sf)

Cl. E, Downgraded to B1 (sf); previously on Apr 17, 2020 Ba2 (sf) Placed Under Review for Possible Downgrade

Cl. F, Downgraded to Caa1 (sf); previously on Apr 17, 2020 B3 (sf) Placed Under Review for Possible Downgrade

Cl. G, Downgraded to Ca (sf); previously on Apr 17, 2020 Caa3 (sf) Placed Under Review for Possible Downgrade

Cl. X-A*, Affirmed Aaa (sf); previously on Feb 12, 2020 Affirmed Aaa (sf)

Cl. X-B*, Confirmed at Caa1 (sf); previously on Apr 17, 2020 Caa1 (sf) Placed Under Review for Possible Downgrade

* Reflects interest-only classes

RATINGS RATIONALE

The ratings on six P&I classes were affirmed due the pool's share of defeasance and the transaction's key metrics, including Moody's loan-to-value (LTV) ratio, Moody's stressed debt service coverage ratio (DSCR) and the transaction's Herfindahl Index (Herf), being within acceptable ranges.

The ratings on three P&I classes, Class E, Class F and Class G, were downgraded due to anticipated losses from specially serviced and troubled loans, as well as the decline in performance of the largest loan, Fox River Mall (13.9% of the pool). Additionally, the Fox River Mall loan faces upcoming refinance risk within the next 12 months and regional malls may face increased refinance risk due to the current retail environment.

The rating on one interest only (IO) class, Class X-A, was affirmed based on the credit quality of its referenced classes.

The rating on one interest only (IO) class, Class X-B, was confirmed based on the credit quality of its referenced classes.

The actions conclude the review for downgrade initiated on April 17, 2020.

Our analysis has considered the effect of the coronavirus outbreak on the US economy as well as the effects that the announced government measures, put in place to contain the virus, will have on the performance of commercial real estate. Stress on commercial real estate properties will be most directly stemming from declines in hotel occupancies (particularly related to conference or other group attendance) and declines in foot traffic and sales for non-essential items at retail properties.

The contraction in economic activity in the second quarter will be severe and the overall recovery in the second half of the year will be gradual. However, there are significant downside risks to our forecasts in the event that the pandemic is not contained and lockdowns have to be reinstated. As a result, the degree of uncertainty around our forecasts is unusually high. We regard the coronavirus outbreak as a social risk under our ESG framework, given the substantial implications for public health and safety.

Moody's rating action reflects a base expected loss of 4.1% of the current pooled balance, compared to 5.1% at Moody's last review. The decline in base expected loss is a result of recent loan liquidation contributing to a $15.6 million loss. Moody's base expected loss plus realized losses is now 3.8% of the original pooled balance, compared to 3.4% at the last review. Moody's provides a current list of base expected losses for conduit and fusion CMBS transactions on moodys.com at http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF215255.

FACTORS THAT WOULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS:

The performance expectations for a given variable indicate Moody's forward-looking view of the likely range of performance over the medium term. Performance that falls outside the given range can indicate that the collateral's credit quality is stronger or weaker than Moody's had previously expected.

Factors that could lead to an upgrade of the ratings include a significant amount of loan paydowns or amortization, an increase in the pool's share of defeasance or an improvement in pool performance.

Factors that could lead to a downgrade of the ratings include a decline in the performance of the pool, loan concentration, an increase in realized and expected losses from specially serviced and troubled loans or interest shortfalls.

METHODOLOGY UNDERLYING THE RATING ACTION

The methodologies used in rating all classes except interest-only classes were "Approach to Rating US and Canadian Conduit/Fusion CMBS" published in May 2020 and available at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBS_1226187 and "Moody's Approach to Rating Large Loan and Single Asset/Single Borrower CMBS" published in May 2020 and available at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBS_1227875. The methodologies used in rating interest-only classes were "Approach to Rating US and Canadian Conduit/Fusion CMBS" published in May 2020 and available at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBS_1226187, "Moody's Approach to Rating Large Loan and Single Asset/Single Borrower CMBS" published in May 2020 and available at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBS_1227875, and "Moody's Approach to Rating Structured Finance Interest-Only (IO) Securities" published in February 2019 and available at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBS_1111179. Please see the list of ratings at the top of this announcement to identify which classes are interest-only (indicated by the *). Alternatively, please see the Rating Methodologies page on www.moodys.com for a copy of these methodologies.

DEAL PERFORMANCE

As of the June 15, 2020 distribution date, the transaction's aggregate certificate balance has decreased by 34% to $982 million from $1.48 billion at securitization. The certificates are collateralized by 54 mortgage loans ranging in size from less than 1% to 14.1% of the pool, with the top ten loans (excluding defeasance) constituting 41.5% of the pool. Twenty-one loans, constituting 42% of the pool, have defeased and are secured by US government securities.

Moody's uses a variation of Herf to measure the diversity of loan sizes, where a higher number represents greater diversity. Loan concentration has an important bearing on potential rating volatility, including the risk of multiple notch downgrades under adverse circumstances. The credit neutral Herf score is 40. The pool has a Herf of 11, compared to 12 at Moody's last review.

Three loans, constituting 2.4% of the pool, are on the master servicer's watchlist. The watchlist includes loans that meet certain portfolio review guidelines established as part of the CRE Finance Council (CREFC) monthly reporting package. As part of Moody's ongoing monitoring of a transaction, the agency reviews the watchlist to assess which loans have material issues that could affect performance.

One loan has been liquidated from the pool, resulting in an aggregate realized loss of $15.6 million (for a loss severity of 100%). Two loans, constituting 3.4% of the pool, are currently in special servicing.

The largest specially serviced loan is the Eastgate Mall ($24.4 million -- 2.5% of the pool), which is secured by a 545,000 square foot (SF) portion of a 1.09 million SF regional mall. The property is located in Glen Este, Ohio, a suburb of Cincinnati, located twenty miles east of Cincinnati's central business district. CBL & Associates Properties, Inc. ("CBL") is the sponsor and also manages the property. The property is currently anchored by Dillard's, J.C. Penney and Kohl's, all of which are non-collateral. The property has several large vacant spaces including an anchor space previously occupied by Sears (141,000 SF) and a the former Toys R' Us space (42,000 SF). As of March 2020, the property was 90% leased, compared to 88% as of September 2019. The property's net operating income (NOI) has declined annually since 2016 as a result of declining rental revenue. The loan has amortized 28% since securitization, however, the reported 2018 NOI was 7% lower than in 2011. The loan transferred to special servicing in April 2020 due to monetary default as a result of the Covid-19 pandemic and is last paid through its March 2020 payment date. The loan has a maturity date in May 2021 and CBL recently announced they are working with the servicer to return the property to the lender. Moody's anticipates a significant loss on this loan.

The second largest specially serviced loan is the Park Place Student Housing Loan ($9.0 million -- 0.9% of the pool), which is secured by a 252 room student housing complex located in Fredonia, New York, approximately 50 miles south of Buffalo, New York. The property is situated adjacent to the State University of New York at Fredonia campus. The loan transferred to special servicing for imminent monetary default in November 2014. The borrower did not report financials in 2017 or 2018 but has remained current on debt service payments through May 2020. The property's 2019 financials suggest the property was 48% occupied.

Moody's has also assumed a high default probability for one poorly performing loan secured by a mixed use property and representing less than 0.5% of the pool.

Moody's received full year 2018 operating results for 100% of the pool, and full or partial year 2019 operating results for 94% of the pool (excluding specially serviced and defeased loans). Moody's weighted average conduit LTV is 91%, compared to 86% at Moody's last review. Moody's conduit component excludes loans with structured credit assessments, defeased and CTL loans, and specially serviced and troubled loans. Moody's net cash flow (NCF) reflects a weighted average haircut of 19.0% to the most recently available net operating income (NOI). Moody's value reflects a weighted average capitalization rate of 10.6%.

Moody's actual and stressed conduit DSCRs are 1.56X and 1.36X, respectively, compared to 1.62X and 1.40X at the last review. Moody's actual DSCR is based on Moody's NCF and the loan's actual debt service. Moody's stressed DSCR is based on Moody's NCF and a 9.25% stress rate the agency applied to the loan balance.

The top three conduit loans represent 24.4% of the pool balance. The largest loan is the Fox River Mall Loan ($138.6 million -- 14.1% of the pool), which is secured by a 649,000 SF portion of a 1.2 million SF super-regional mall in Appleton, Wisconsin. The mall is currently anchored by Macy's, JC Penney, Target, and Scheel's. Scheel's is the only anchor that is part of the collateral. The mall has two vacant anchors; Younkers, which closed in May 2018, and Sears, which closed in March 2019. Several tenants have vacated the property over the past two years, however, H&M and Lululemon opened new spaces in 2019. The in-line space (including temporary tenants) was 90% leased as of March 2020, unchanged from September 2019 and compared to 92% leased as of September 2018. As of March 2020, the total mall was 75% leased. The property's NOI generally improved since securitization through 2018, however, the property's 2019 revenue dropped approximately 9% year over year causing a decline in NOI. The loan has amortized 14% since securitization and matures in November 2021. While the property currently benefits from a high in-place NOI DSCR of 1.82X, the combination of vacant anchors and recent declines in revenue may lead to increased refinance risks at its upcoming maturity date. The property benefits from a large trade area with its closest competition located approximately 30 miles away and is sponsored by Brookfield Properties. Moody's LTV and stressed DSCR are 130% and 1.12X, respectively, compared to 124% and 1.11X at the prior review.

The second largest loan is the Cole Retail Portfolio Loan ($60.5 million -- 6.2% of the pool), which is secured by 13 single-tenant properties and one anchored multi-tenanted property located across 11 states. Tenants include CVS, Carmax, Tractor Supply and Advanced Auto. As of December 2019, the portfolio was 100% leased, compared to 99% leased as of December 2018. The loan is interest only for its entire term and Moody's LTV and stressed DSCR are 95% and 1.04X, respectively.

The third largest loan is the Food 4 Less Portfolio Loan ($40.3 million -- 4.1% of the pool), which is secured by four Food 4 Less anchored retail centers and 1 stand-alone Food 4 Less grocery store located in Los Angeles County, California. As of September 2019, the portfolio was 99% leased, compared to 98% leased in November 2018. The loan has amortized 14% since securitization and Moody's LTV and stressed DSCR are 78% and 1.25X, respectively, compared to 79% and 1.23X at the last review.

REGULATORY DISCLOSURES

For further specification of Moody's key rating assumptions and sensitivity analysis, see the sections Methodology Assumptions and Sensitivity to Assumptions in the disclosure form. Moody's Rating Symbols and Definitions can be found at: https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_79004.

The analysis includes an assessment of collateral characteristics and performance to determine the expected collateral loss or a range of expected collateral losses or cash flows to the rated instruments. As a second step, Moody's estimates expected collateral losses or cash flows using a quantitative tool that takes into account credit enhancement, loss allocation and other structural features, to derive the expected loss for each rated instrument.

Moody's did not use any stress scenario simulations in its analysis.

For ratings issued on a program, series, category/class of debt or security this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series, category/class of debt, security or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the credit rating action on the support provider and in relation to each particular credit rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this credit rating action, and whose ratings may change as a result of this credit rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.

The ratings have been disclosed to the rated entity or its designated agent(s) and issued with no amendment resulting from that disclosure.

These ratings are solicited. Please refer to Moody's Policy for Designating and Assigning Unsolicited Credit Ratings available on its website www.moodys.com.

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

Moody's general principles for assessing environmental, social and governance (ESG) risks in our credit analysis can be found at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1133569.

At least one ESG consideration was material to the credit rating action(s) announced and described above.

The Global Scale Credit Rating on this Credit Rating Announcement was issued by one of Moody's affiliates outside the EU and is endorsed by Moody's Deutschland GmbH, An der Welle 5, Frankfurt am Main 60322, Germany, in accordance with Art.4 paragraph 3 of the Regulation (EC) No 1060/2009 on Credit Rating Agencies. Further information on the EU endorsement status and on the Moody's office that issued the credit rating is available on www.moodys.com.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.

Rhett Terrell
Analyst
Structured Finance Group
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653

Matthew Halpern
VP - Senior Credit Officer
Structured Finance Group
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653

Releasing Office:
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653

No Related Data.
© 2020 Moody's Corporation, Moody's Investors Service, Inc., Moody's Analytics, Inc. and/or their licensors and affiliates (collectively, "MOODY'S"). All rights reserved.

CREDIT RATINGS ISSUED BY MOODY'S INVESTORS SERVICE, INC. AND/OR ITS CREDIT RATINGS AFFILIATES ARE MOODY'S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODY'S (COLLECTIVELY, "PUBLICATIONS") MAY INCLUDE SUCH  CURRENT OPINIONS. MOODY'S INVESTORS SERVICE DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE MOODY'S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY'S INVESTORS SERVICE CREDIT RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS, NON-CREDIT ASSESSMENTS ("ASSESSMENTS"), AND  OTHER OPINIONS INCLUDED IN MOODY'S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY'S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY'S ANALYTICS, INC. AND/OR ITS AFFILIATES. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND  PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND  PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY'S ISSUES ITS CREDIT RATINGS, ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES  ITS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.

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To the extent permitted by law, MOODY'S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud, willful misconduct or any other type of liability that, for the avoidance of doubt, by law cannot be excluded) on the part of, or any contingency within or beyond the control of, MOODY'S or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with the information contained herein or the use of or inability to use any such information.

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Moody's Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody's Corporation ("MCO"), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody's Investors Service, Inc. have, prior to assignment of any credit rating, agreed to pay to Moody's Investors Service, Inc. for credit ratings opinions and services rendered by it fees ranging from $1,000 to approximately $2,700,000. MCO and Moody's investors Service also maintain policies and procedures to address the independence of Moody's Investors Service credit ratings and credit rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold credit ratings from Moody's Investors Service and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading "Investor Relations — Corporate Governance — Director and Shareholder Affiliation Policy."

Additional terms for Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY'S affiliate, Moody's Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody's Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). This document is intended to be provided only to "wholesale clients" within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, you represent to MOODY'S that you are, or are accessing the document as a representative of, a "wholesale client" and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to "retail clients" within the meaning of section 761G of the Corporations Act 2001. MOODY'S credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors.

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MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any credit rating, agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY125,000 to approximately JPY250,000,000.

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

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