Fitch Affirms CSMC 2009-RR1

CHICAGO--(BUSINESS WIRE)-- Fitch Ratings has affirmed two classes of Credit Suisse First Boston Mortgage Securities Corp., CSMC series 2009-RR1. A detailed list of rating actions follows at the end of this press release.

KEY RATING DRIVERS

The underlying class A-3 of CSMC 2007-C1 was affirmed by Fitch at 'AAAsf', Outlook Stable on Jan. 12, 2016.

This transaction is a resecuritization of the ownership interest in a single commercial mortgage-backed certificate, Credit Suisse Commercial Mortgage Trust, series 2007-C1 (CSMC 2007-C1) class A-3. Principal and interest form the underlying commercial mortgage-backed certificate are applied to the A-3A, A-3B, and A-3C certificates in sequential order, while losses are applied in reverse sequential order. As a resecuritization, the class will receive cash flows from the underlying class A-3 bonds and the rating is based on the underlying security.

For additional information on the underlying security please see 'Fitch Downgrades One Distressed Class of CSMC 2007-C1' (Jan. 12, 2016), which is available at 'www.fitchratings.com'.

RATING SENSITIVITIES

CSMC 2007-C1 is currently backed by a pool of 169 multifamily and commercial loans with an aggregate remaining principal balance of $2.13 billion. The class A-3 certificates in the underlying transaction had 30.18% credit enhancement as of the December 2015 remittance date. In addition, the underlying A-3 bond is currently receiving principal paydown as the most senior class in the transaction. The Stable Outlook on the Re-REMIC classes A-3A and A-3B reflects that no rating changes are anticipated as the classes have implied credit enhancement in excess of 40% and 50%, respectively. The structural support of the underlying transaction is sufficient to maintain the current rating should loss expectations increase for the specially serviced loans.

Any extraordinary expenses incurred by the Trustee up to the first $200,000 will reimbursed to the Trustee by the depositor. In the event extraordinary expenses exceed $200,000, reimbursements will be paid first from available interest and then reimbursed from principal if available interest is not sufficient. Principal reimbursements affect the waterfall in reverse sequential order, beginning with the unrated A-3C.

DUE DILIGENCE USAGE

No third-party due diligence was provided or reviewed in relation to this rating action.

Fitch affirms the following classes:

--$79,954,376 class A-3A at 'AAAsf'; Outlook Stable;

--$22,900,000 class A-3B at 'AAAsf'; Outlook Stable.

Fitch does not rate the $22.6 million class A-3C.

Additional information is available at www.fitchratings.com.

Applicable Criteria

Global Structured Finance Rating Criteria (pub. 06 Jul 2015)https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=867952

U.S. and Canadian Fixed-Rate Multiborrower CMBS Surveillance and U.S. Re-REMIC Criteria (pub. 13 Nov 2015)https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=873395

Additional Disclosures

Dodd-Frank Rating Information Disclosure Formhttps://www.fitchratings.com/creditdesk/press_releases/content/ridf_frame.cfm?pr_id=997812

Solicitation Statushttps://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=997812

Endorsement Policyhttps://www.fitchratings.com/jsp/creditdesk/PolicyRegulation.faces?context=2&detail=31

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

View source version on businesswire.com: http://www.businesswire.com/news/home/20160113005954/en/

Fitch Ratings
Primary Analyst:
Jay Bullie, +1-312-368-2079
Associate Director
Fitch Ratings, Inc.
70 W. Madison Street
Chicago, IL 60602
or
Committee Chairperson:
Britt Johnson, +1-312-606-2341
Senior Director
or
Media Relations:
Sandro Scenga, +1-212-908-0278
New York
[email protected]

Source: Fitch Ratings

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