The Bon-Ton Stores, Inc. (BONTQ)

WFRBS Commercial Mortgage Trust 2011-C3 -- Moody's affirms three classes and downgrades one class of WFRBS 2011-C3

The methodologies used in rating interest-only classes were "Large Loan and Single Asset/Single Borrower Commercial Mortgage-Backed Securitizations Methodology" published in November 2021 and available at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBS_1250766 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. The property's net operating income (NOI) has declined since 2012 and the year-end 2019 NOI was approximately 28% lower than in 2012 , and the year-end 2020 NOI was approximately 55% lower than in 2012.