Fitch Affirms COMM 2011-FL1 Commercial Mortgage Pass-Thru Certificates

NEW YORK--(BUSINESS WIRE)-- Fitch Ratings has affirmed all rated classes of Deutsche Bank's COMM 2011-FL1 floating-rate commercial mortgage pass-through certificates. A detailed list of rating actions follows at the end of this press release.

The affirmations are due to stable performance of the underlying collateral since issuance. As of the September 2012 distribution date, the transaction's aggregate principal balance has been reduced by 13% to $538.7 million from $619 million at issuance. Currently there are no delinquent or specially serviced loans. One of the pool's original seven floating rate loans, The Barton Creek Resort & Spa, has paid in full since issuance.

Fitch affirms the following classes:

--$303.7 million class A at 'AAAsf'; Outlook Stable;

--$55.6 million class B at 'AAsf'; Outlook Stable;

--$59.6 million class C at 'Asf'; Outlook Stable;

--$37.3 million class D at 'BBBsf'; Outlook Stable;

--$5.96 million class NH1 at 'BBsf'; Outlook Stable.

Fitch does not rate classes E, F, non-pooled class ESG1 and interest-only class X.

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);

--'Criteria for Analyzing Large Loans in U.S. Commercial Mortgage Transactions' (Sept. 21, 2012).

Applicable Criteria and Related Research:

Global Structured Finance Rating Criteria

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

Criteria for Analyzing Large Loans in U.S. Commercial Mortgage Transactions

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=688831

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Fitch Ratings
Sandro Scenga, [phone]
Media Relations, New York
[e-mail]
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Primary Analyst:
Jeffrey Diliberto, [phone]
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Committee Chairperson:
Mary MacNeill, [phone]
Managing Director

Source: Fitch Ratings