Fitch Affirms Banc of America Re-REMIC Trust 2011-STRP

NEW YORK--()--Fitch Ratings has affirmed Banc of America Large Loan, Inc. Re-REMIC Trust 2011-STRP, commercial mortgage certificate-backed certificates, as follows:

--$6,356,354 class A-3 at 'AAAsf'; Outlook Stable;

--$10,400,805 class A-4 at 'AAAsf'; Outlook Stable;

--$1,324,726 class A-8 at 'AAAsf'; Outlook Stable.

Fitch does not rate the interest-only class X. Class A-1, A-2, A-5, A-6, A-7, A-9, and A-10 have paid in full.

KEY RATING DRIVERS

The affirmations reflect sufficient credit enhancement relative to Fitch modeled losses. This transaction is a re-securitization of the ownership interest in three commercial mortgage-backed certificates which total $18,081,884. The original transaction was collateralized by classes from 10 transactions, seven of which have since paid in full. Of the three remaining underlying transactions, Fitch does not rate one of them; the transaction was analyzed according to Fitch's surveillance criteria. As a resecuritization, the class will receive cash flows from the underlying class bonds and the rating is based on the underlying security.

The following commercial mortgage-backed securities are collateral for the re-REMIC securities:

--GS Mortgage Securities Corp. II, 2006-GG8: A 38% interest in the class A-3 in the amount of $6,356,354. The class A-3 was affirmed Feb. 12, 2014 at 'AAAsf'; Outlook Stable. The underlying class A-3 has approximately 36.0% credit enhancement. This transaction serves as collateral for the class A-3.

--Wachovia Bank Commercial Mortgage Trust 2007-C34: An 11% interest in the class A-2 in the amount of $10,400,805. The class A-2 is not rated by Fitch. The underlying class A-2 has approximately 32.5% credit enhancement. This transaction serves as collateral for the class A-4.

--Banc of America Commercial Mortgage 2007-2: A 2% interest in the class A-2 in the amount of $1,324,726. The class A-2 was affirmed Feb. 12, 2014 at 'AAAsf'; Outlook Stable. The underlying class A-2 has approximately 42.1% credit enhancement. This transaction serves as collateral for the class A-8.

The trustee fee will be paid monthly from available interest proceeds. Any extraordinary trust fund expenses incurred by the trustee will be paid first out of the extraordinary expense reserve account, second, if necessary, from available interest.

Fitch reviewed the underlying collateral and performed loan level stressed analysis as described in 'U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria' dated Dec. 11, 2013.

RATING SENSITIVITY

The Rating Outlooks are expected to remain Stable due to increasing credit enhancement of the underlying super senior certificates.

Additional information is available at 'www.fitchratings.com'.

Applicable Criteria and Related Research:

--'Global Structured Finance Rating Criteria' (May 24, 2013);

--'U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria' (Dec. 11, 2013).

Applicable Criteria and Related Research:

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=708661

U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=724961

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=821174

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Contacts

Fitch Ratings
Primary Analyst
Darren Liss, +1-212-908-0753
Director
Fitch Ratings, Inc.
One State Street
New York, NY 10004
or
Committee Chairperson
Mary MacNeill, +1-212-908-0785
Managing Director
or
Media Relations
Elizabeth Fogerty, +1-212-908-0526 (New York)
elizabeth.fogerty@fitchratings.com

Sharing

Contacts

Fitch Ratings
Primary Analyst
Darren Liss, +1-212-908-0753
Director
Fitch Ratings, Inc.
One State Street
New York, NY 10004
or
Committee Chairperson
Mary MacNeill, +1-212-908-0785
Managing Director
or
Media Relations
Elizabeth Fogerty, +1-212-908-0526 (New York)
elizabeth.fogerty@fitchratings.com