Fitch Affirms CFCRE Commercial Mortgage Trust 2011-C2

NEW YORK--()--Fitch Ratings has affirmed 11 classes of Cantor Commercial Real Estate (CFCRE) Commercial Mortgage Trust 2011-C2 commercial mortgage pass-through certificates. A detailed list of rating actions follows at the end of this release.

Fitch's affirmations are based on the stable performance of the underlying collateral pool and limited changes since issuance. There have been no delinquencies since issuance; one loan is in special servicing (1.5% of the pool).

One loan that is in special servicing transferred in July 2012 due to a technical default related to a transfer of ownership. After the transfer, the servicer became aware that the loan sponsor and guarantor was being investigated for an alleged $220 million Ponzi scheme. As of year-end 2011, the property was performing in-line with issuance underwriting.

The fifth largest loan, Great America Place (4.1%) has experienced a significant decline in occupancy from 95% at issuance to 80% as of September 2012. However, the NOI and debt service coverage ratio (DSCR) has remained relatively in-line with issuance due to significant rent bumps to large tenants at the property.

As of the November 2012 distribution date, the pool's aggregate principal balance has been paid down by 1.1% to $765.5 million from $774.1 million at issuance.

Fitch affirms the following classes as indicated:

--$43.7 million class A-1 at 'AAAsf'; Outlook Stable;

--$341.4 million class A-2 at 'AAAsf'; Outlook Stable;

--$34.1 million class A-3 at 'AAAsf'; Outlook Stable;

--$114 million class A-4 at 'AAAsf'; Outlook Stable;

--$611.7 million class X-A at 'AAAsf'; Outlook Stable;

--$78.4 million class A-J at 'AAAsf'; Outlook Stable;

--$28 million class B at 'AAsf'; Outlook Stable;

--$31.9 million class C at 'Asf'; Outlook Stable;

--$18.4 million class D at 'BBB+sf'; Outlook Stable;

--$28 million class E at 'BBB-sf'; Outlook Stable;

--$10.6 million class F at 'BBsf'; Outlook Stable;

--$9.7 million class G at 'Bsf'; Outlook Stable.

Fitch does not rate the class NR or interest-only class X-B certificates.

Additional information is available at 'www.fitchratings.com'. The ratings above were solicited by, or on behalf of, the issuer, and therefore, Fitch has been compensated for the provision of the ratings.

Applicable Criteria and Related Research:

--'Global Structured Finance Rating Criteria' (June 6, 2012);

--'Surveillance Methodology for U.S. Fixed-Rate CMBS Transactions' (Dec. 21, 2011).

Applicable Criteria and Related Research:

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=679923

Surveillance Methodology for U.S. Fixed-Rate CMBS Transactions

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=662869

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Contacts

Fitch Ratings
Primary Analyst
Scarlett Shao, +1-212-908-9169
Associate Director
Fitch, Inc.
One State Street Plaza
New York, NY 10004
or
Committee Chairperson
Mary MacNeill, +1-212-908-0785
Managing Director
or
Media Relations
Sandro Scenga, New York, +1-212-908-0278
sandro.scenga@fitchratings.com

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Contacts

Fitch Ratings
Primary Analyst
Scarlett Shao, +1-212-908-9169
Associate Director
Fitch, Inc.
One State Street Plaza
New York, NY 10004
or
Committee Chairperson
Mary MacNeill, +1-212-908-0785
Managing Director
or
Media Relations
Sandro Scenga, New York, +1-212-908-0278
sandro.scenga@fitchratings.com